When you set out to buy a high-end Sioux Falls home, you’ll find a wide variety of properties to look at, from urban dwellings that offer easy access to entertainment and amenities to million-dollar listings that deliver plenty of land and stunning, natural views. You’ll also have to decide whether you’re interested in new construction or if you prefer the charm of an older home.
You might even be interested in historic homes that are registered with the State Historic Preservation Office. How can you tell if this particular breed of older home is right for you? What are the potential pros and cons of buying a historic Sioux Falls home?
PROS:
Unique Property
If you find that many modern homes seem a little, well, cookie-cutter, lacking the charm and detail of older construction, then a unique, historic home might be just what you’re looking for. Whether you love the embellishments of Victorian structures or the abundant wooden features found in craftsman-style homes, you’ll get outstanding character when you choose a historic property.
Points of Interest for Buyers
You’re not alone in your love of the lost art of architecture. There are plenty of buyers seeking the same unique and appealing properties. Since your home is a major investment, it behooves you to learn all you can about the history of your property and neighborhood so that you have a list of selling points to interest history-loving buyers down the road.
High ROI on Homes in Historic Districts
If you want to maximize the benefits of owning a historic home, your best bet is to look for properties in historic districts. While a home that has been designated as historic may or may not show significant ROI on its own, historic districts in general have proven to deliver increasing values, significantly exceeding home values in nearby areas, making these Sioux Falls properties an excellent investment opportunity.
CONS:
Renovation Restrictions
One of the biggest potential downsides of purchasing a historic home is that you may have to agree to certain restrictions when it comes to renovations. Naturally, you want to preserve the historic appeal that first drew you to the property, but you might also want modern upgrades that increase convenience. Just make sure you understand and agree to all restrictions going in.
Outdated and Potentially Hazardous Components
There’s no getting around the fact that older homes feature old components, which could leave you dealing with outdated plumbing, electrical, and other systems. You’ll definitely want to find out when these items were installed or upgraded so you know what you’re getting into and you can negotiate a fair price based on needed upgrades. You should also ask if there are hazardous components like asbestos and lead paint that may need to be removed by professionals.
Expensive Refurbishing Costs
If a window breaks in your historic home, you can’t just call a standard supplier to replace it, and you’ll probably face restrictions on modern upgrades. This leaves you with the onus of finding a specialist that can repair or replace the window with authentic parts, and this could prove difficult and expensive.
There are certainly pros and cons involved in owning a historic home, but when you take the time to understand and minimize potential problems, you can enjoy the greatest benefits of choosing a historic Sioux Falls home to live in.
