Have you been eyeing a simple and elegant Georgian-style home in Guelph or a dramatic-style Gothic property with pointed arches over doorways and windows? You’re not the only one! Many Millennial and Gen-Z homebuyers =are buying historical properties in large numbers.
Historic home offers a homeowner a chance to live in a piece of history while admiring the character and stories of the beautifully crafted property. But a historic home also comes with its fair share of drawbacks that are not for the faint-hearted.
So, is it a good idea to buy or invest in historic houses for sale in Guelph? Below, we will unveil the pros and cons of owning a historic property to help you make an informed decision.
What Makes a Property Historic?
To qualify as a historic property, it’s not enough for a home to be old. A home must be at least 50 years old and meet the following eligibility criteria to be accepted as a historic property –
- The home must be related to an important historical event.
- The home must be related to a significant individual from history.
- The home must be regarded as a representative example of the distinctive style, skill, or craftsmanship of a specific architect or builder.
- The house has provided or can provide significant historical information.
Pros and Cons of Owning a Historic Home in Guelph
PROS
These Houses Were Made to Stand the Test of Time
Historic homes were often built by skilled craftspeople who took pride in their work. They used time-tested techniques and high-quality materials like solid wood framing, brick or stone exteriors, and slate roofs. These materials are naturally durable and can withstand any elements for centuries with proper maintenance.
This long-term durability of historic properties is something we don’t see in some newly constructed homes for sale in Guelph. Yes, there are reputable builders who prioritize quality materials and skilled labour even if it means slightly higher costs. However, there are some builders who use cheap lumber, thinner sheetrock, or lower-grade roofing materials to save on costs while compromising the home’s long-term durability.
They Have a One-of-a-Kind Character and Charm
Historic homes are loved by everyone for a reason – their beauty and charm are awe-inspiring. So, with a well-maintained historic property, homeowners don’t have to make a conscious effort to amp up its resale value. The value of a historical property increases naturally even when it continues to age because of its one-of-a-kind charm.
Historic houses for sale in Guelph have unique architectural details and skilled craftsmanship, offering a homeowner a one-of-a-kind living experience. Buying a historic property allows a buyer to own a piece of the city’s vibrant architectural heritage, adding a sense of pride to homeownership.
They’re Typically Found in Prized Locations
Historic homes are usually located near or in city centres, where they may have been originally built during periods of urban expansion. Being closer to key areas also means being located conveniently near shops, restaurants, public transit options, and healthcare centres.
Some historic homes in Guelph are also located towards the spectacular countryside. So, homeowners can enjoy the scenic views and tranquil environment in their day-to-day lives.
Investing in Them Yields a Great Return
You may not buy the historic home for sale in Guelph for renovating and selling it for a higher price. However, it’s still important to consider the return on your investment when buying a historic property or any property for that matter.
Historic homes naturally increase in value as they age because of their historical significance and charm, as long as they’re maintained well. Also, a well-planned and strategic renovation can boost its value significantly, more than adding the best ROI home renovations to a newly built property.
CONS –
Although owning a historic property can offer you a host of benefits, it may require more repair and maintenance than you initially planned. So, before buying a historic home, take into consideration these drawbacks –
Renovations in a historic home are subject to close regulation
Being an owner of a historic property means joining a very conscientious homeowners association. Neighbours, historical societies, and government authorities of the city have a say in any upgrades homeowners want to make to their historic property that could impact the character of the neighbourhood and city as a whole. So, even if you own the home, you cannot make any upgrades or renovations you want in your historic house for sale in Guelph.
Giving the house a facelift can be both costly and complicated
If you’re buying a historic property, keep your toolkit and wallet ready. Given that historic properties are more than 50 years old, they’ll be demanding a lot of work. From structural issues and water problems to mould damage, it’s quite possible that the historic home may not have been properly preserved. So, if you decide to go for a historic property, just have your finances ready to properly restore the property.
Also, if a lot of families have lived in the historic home for over the course of 50 years, there may have been a lot of changes made to the house. From bathroom renovations to yard landscaping, there’s a good chance that at least some of the updates may not be to your liking.
You’ll have to pay more for insurance and financing
Since rebuilding and repairing a historic home for sale in Guelph is expensive and complicated, insurers may find historic homes a little unattractive. However, rest assured, there are some insurance companies that specialize in insuring historic homes but you’ll have to pay more for coverage than the traditional insurance.
Buying a Historic Home – It’s Up to You to Call the Shots!
To decide whether or not you should buy a historic home, consider both the good and the not-so-good things. If you are really in for the idea of owning a property with a rich history, and unique charm, go ahead. But if the thought of repairs and high insurance costs seems too much for you, it’s better for you to drop the idea.
However, many people who buy and live in historic homes say the extra worth and cost are worth it. So, if you too feel that the positives outweigh the negatives, then a historic home is probably the right choice for you.
