Benefits of Buying a Historic Home

St. Augustine Florida is the oldest continually occupied city in America and is an absolutely beautiful place to live with its sandy beaches, ocean views and history that abounds at every turn. The combination of the mysteries of the past, abundant nightlife and plenty of day time activities make St. Augustine a nice place to visit but a truly extraordinary place to live.

For some, one of the biggest attractions of St. Augustine is the historic homes that abound. Rich in architecture from over 400 years in so many different styles, there is a home with character just waiting for the right person to purchase it and bring it back to living breathing life.

If you are looking for an historic home to buy, there are however, some things you need to know before jumping in with both feet and eyes firmly closed. This article will attempt to open your eyes to what owning such a home may entail.

Although there are several programs to assist with the preservation of historic homes, you need to take a very close look at your finances and how far you are willing to go to bring such a home up to code at least and back to its former glory at best. Be firm with yourself in this. If you are willing to do all but foundation work or full electrical do not fall in love with a home that will need such extensive repairs.

Consider if you will be able to live in the home while some of the repairs are going on as well. It is possible that such a home will require repairs that will render you too uncomfortable to live in the same location. So you will want to figure on the cost of a hotel, motel or other arrangements if that is the case.

Once you have decided on how much you are willing and able to spend, have done the searching and researching involved and found the home of your dreams there are several other things to consider.

Always, this I can not stress enough, always have a professional home inspection done by a person experienced in historic homes prior to making any offer on the home. You need to know exactly what you are getting into and what it is likely to cost. Even an historic home that has been completely remodeled prior to your arrival could still have major issues that must be addressed.

One of the many perks of owning an historic home is a tax credit. Most state offer a fairly decent tax credit to those who own and are restoring an historic home. You will need to look into the guidelines for Florida yourself on this issue.

Another item of interest and importance when you are considering the purchase of an historic home, is FHA Streamlined 203(k) Limited Repair Program. This is a program that will allow you to finance up to an additional $35,000 into your mortgage to help with the cost of repair and improvement for your home. You will need to consult a mortgage specialist to see if your home will qualify however.

The purchase of an historic home is a huge responsibility. Make sure that if you do fall in love with such a home that you are not biting off more than you can chew. That said, owning an historic home can have a great dea

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