On the face of it, there are a lot of complications when it comes to buying historic properties in Richmond, Virginia. Simply put, while you bought the home, the restrictions placed upon you are not what most homeowners expect. Yet these issues shouldn’t keep you from falling in love with the historic homes Richmond has to offer.
Things to Consider when Buying Historic Properties
In today’s housing market, homes are being scaled back, lawns are disappearing, and many new homes are barely more than condos. A historic home, however, comes with lots of space, usually wide amount of yard space on top of having fully a fully mature landscape with older trees. For someone with a large family or need of space, a historic home has what you need in a home for sale.
Be Careful Remodeling an Historic House
Usually you cannot change much in a historic home. However that doesn’t mean you can’t upgrade the electrical wiring, install new energy-saving appliances, and HVAC system. Indeed there are usually tax breaks to help you do this! However also realize large houses do eat up more in property taxes as well as utilities. Be sure to research this before buying!
The Rules, Credits and Taxes
Talk carefully with your Realtor if you are interested in historic properties in Richmond, Virginia. They can walk you through what you can/can’t do to the property. They can also help you find out if there are any tax credits for buying a historic home and whether or not there are any special tax levies common in historic neighborhoods.
For more information about real estate in Richmond, please contact us at Ellen Clark Team.