Facebook Pixel

7 Things You Should Know Before Buying Property in a Historic District

By Mike in Downtown San Diego Buying Tips with 0 Comments

Buying a historic property in an area like the Gaslamp Quarter can be an ideal way to get a charming home in a great neighborhood. However, there are some unique challenges that come with buying and owning a property in a historic building. Here are a few things to keep in mind if you’re a potential homebuyer looking at condos, penthouse, or lofts for sale in Gaslamp or another historic district.

1. You May Be Subject to Extra Regulations

Check both the city and state laws for your area to see what sort of regulations are imposed on those with historic homes. These regulations ensure the integrity and historicity of the building is maintained. Depending on where you live, you may not be able to make all the renovations and changes you desire to your home.

2. An Experienced Inspector Is a Must

There are some structural issues that can occur in older homes, so you need to be on the lookout. The average home inspector may not know what to look for. Make sure to hire someone with a background in historical home inspection.

3. You Might Have an Easement

Some properties in historic districts may have an easement in place that regulates what the future owner can do with the property. Check if there is an easement, and make sure it will not oppose any of your plans before you settle on a historic property.

4. Repairs May Cost More

Keep in mind many contractors charge extra for repairs in a historic district because older homes are trickier to work with. Budget wisely to make sure you can afford any surprising costs.

5. There Will Likely Be a Lot of Foot Traffic

Historic districts are generally in the middle of downtown areas, and they attract a lot of attention and crowds. They are often bustling neighborhoods filled with great restaurants, bars, and shops. However, homeowners who like their privacy should be warned that they may end up with tourists snapping pictures of their historical home.

6. You Might End Up Using Extra Utilities

Many homes in historic districts are required to keep their original windows, roofs, and other exterior fixtures. These typically are not energy efficient, so your heating and cooling bills may be pricey. Plan for extra monthly costs when you live in a historic district.

7. There Are Often Great Tax Incentives

Though there are some added difficulties to owning a historic home, there are also some financial benefits that can make your purchase easier. You might be able to get lower interest loans or tax credits if you plan on preserving a historical property, so make sure to look into these ways of saving money before you finalize your purchase.

Whether you’re interested in a condo in the heart of the historic Gaslamp Quarter or are looking at penthouses for sale in Cortez Hill, San Diego has many amazing properties to choose from. Reach out to the reliable agents at 92101 Urban Living to find the ideal property. Give us a call today at 619-649-0368 to begin your search. ')}