The idea of buying a new home does not always mean a €new€ home. Sometimes it means you have your heart set on an old historic home for sale. Or, it may mean you have your eye on a home that is located in a historic district. Many homebuyers love the idea of owning such a property. After all, it definitely will not be your average place next door, with the cookie-cutter appeal of the place your neighbor owns.

There are restoration guidelines to which owners of historic homes must adhere to maintain the integrity of their homes. Following is some important information for prospective homeowners looking to buy.

Historic home designation
To receive the designation as a historic home, it must meet certain criteria established by the National Register of Historic Places. The structure has to be €architecturally significant,€ typify a specific architectural style or time period or be associated with a famous figure from the past. When a given neighborhood is deemed historic, homes in the area are also given that designation.

Advantages of a historic home purchase
The visual appeal, architectural beauty, and longevity are attractive features to many buyers. However, they are not the only advantages of making the purchase.

Tax credits and lower interest rate loans, offered by many state and local governments, for restoration projects are one of the incentives that homeowners find beneficial. Homeowners must quality for the tax reductions, but they provide benefits that traditional homeowners cannot receive.

Advice for homebuyers
If you are determined to purchase old historic homes for sale, you need to be aware of and attend to some things before signing a contract.
€ A home inspection is a must! Hire someone qualified to inspect historic homes or a structural engineer.
€ Get price estimates from contractors for all repair/restoration work.
€ Ensure you get certificates of occupancy certifying the house is a safe dwelling. It should be free of asbestos, lead and other hazardous materials.
€ Be prepared to abandon the purchase if it appears it will be a money-pit. An emotional attachment can mean you end up paying much more than you intended.
€ Find out what the limitations will be for remodeling and expansion. Become familiar with the regulations for remodeling and restoring these homes in your area.

Repair and Restoration Restrictions
Historic home renovations and repairs require special permits. Regardless of your desires, you are required to maintain the architectural and structural integrity of the home. You should be aware that your plans would be highly scrutinized to preserve the homes valued features. Below are costs and restrictions to be aware of as you proceed.
€ Additions - Homeowners are usually not allowed to make additions to these homes.
€ Windows, shutters and roofs - These features of the home exemplify the architectural integrity. It is a requirement for them to be replaced in-kind. You should be prepared for the additional costs you may have to incur for these repairs.
€ Taxes - Check to make sure there are no added local taxes for residing in a historic neighborhood.
€ Energy costs - If the home was previously occupied, check on the billing costs for heating and cooling. The expenses may be higher than you anticipate.

It is important that you approach the purchase of a historic home with realistic expectations. You must explore all your options and do your research to find a keeper. Anticipate some additional costs for repairs€"but also some tax credits. And finally, get ready to enjoy your new historic home purchase.

To find out more about old historic homes for sale, visit http://www.thekinneycompany.com/ today.