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Buying a historic home in Phoenix?


Shenandoah Homes light       Here are a few things you should know and consider when buying an older home:

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One of the hottest trends in real estate is the restoration/remodelling of historic home districts near urban cores to live in or resell. Phoenix and Tempe's Historic Districts have a wonderfully textured architectural past as well as a bright future!

If you are thinking about buying a historic home, here are some things to consider:

1. What is a Historic Home? A historic home has some significant historic relevance as reflected in its architecture. The Phoenix Historic Preservation Office has a list of districts that are “historic,” but each neighborhood will often also have their own Association and publish upcoming tours and features of their neighborhood. Phoenix has 36 historic districts alone, and more coming! Tempe's Office of Historic Preservation can also be of help.

2. Why Buy? Historic homes appeal to people for a variety of reasons. Many homeowners like the idea of a historic home because of it's link to the past, some like reinvigorating the urban core and being able to use alternate transportation to work, while others may just like “the look” of architecture from years past. A large contingency of buyers, while certainly admiring the property’s aesthetic qualities, will buy a historic home because of the value that come with restoring it, as well as that unique pride of home ownership that only those living in a historic home can claim. There may also be tax benefits for those who qualify based on their individual restoration project.

3. Where to Buy? There are historic homes in just about every city in Phoenix. This website offers links to Historic Phoenix homes and Historic Tempe homes. qwe can also help you with ranch homes in Chandler and Gilbert. A few of the more popular Phoenix historic home districts are Willo, Roosevelt, Coronado and Encanto-Palmcroft.

4. Do research on the home. Become comfortable with any laws and regulations regarding purchasing a historic home, PLUS any restoration/remodeling you'd like to do, before you decide on a house. Do research on your home. I have a team that can help you. See my links to many historic homes and sales agents available.

5. Making an Offer. The offer should be based on your costs to remodel the home as well as your ability to obtain financing (contact us if you need help arranging financing!), and most importantly, contingent on a satisfactory inspection. These homes are very old, so the inspection is an important element of the buying process. Your offer price may go down significantly after discovering defects in the building, and this can be a place to save a lot of money you can then reinvest in your home's value!

6. Inspection. Don't overlook or go cheap on the inspection! There are inspectors who specialize in historic homes These people might be more costly than a regular inspector, but they are trained to evaluate properties such as the one you are interested in. I will help you find the right inspector who will look at important items such as:

a. The Structure. Have an inspector, or better yet, an engineer, evaluate the structure of the building. If there is a big problem with the foundation or the building itself, you will want to know. Structural problems can cost a significant amount of money to repair.

b. The Roof. The roof is a huge inspection item. A failing roof will cause leaks and will incur much money for repairs in the future. Find out what the condition the roof is in and factor its possible decay/problems into your decision.

c. The Heating/Cooling System. The heating & cooling system in the building will likely be old if the previous owner has not installed a new one. Just because a system is old, however, does not mean it is bad. Have your inspector evaluate the method of heating & cooling, and suggest ways to maintain/improve on it.

d. The Electrical. Have a licensed electrician evaluate all the electrical inside and outside the home. Is the wiring is up to code? Is the panel original or has it been upgraded? Are the outlets grounded with GFI plugs?

Finding problems with any of the above doesn't necessarily mean giving up your dream of buying a piece of the urban dream. From your Reconstruction expert to your Real Estate Agent to your Home Inspector, you do need the advice of professionals before you purchase in order to detect any possible hazards or costly repairs that are pretty common in older homes.

7. Close/Purchase. Take the information you received from us and your inspector and decide if you need to adjust your offer based on costs of repairs/reconstruction based on the new value of the home when complete. Once you agree on the price and details of the deal, have your Real Estate Agent draft the Purchase and Sales Agreement. Often, your lender will look favorably on your reconstruction plans, esp. when submitted by a qualified builder like Shenandoah Homes.

Looking for a Real Estate Agent? We have a great team that specializes in historic homes with the experience to guide & help you through the entire process. My team and I are dedicated to a smooth, rewarding path to the home of your dreams!


For more about additions and other considerations regarding remodeling, go to:
ftp://phoenix.gov/pub/HISTORIC/designgu.pdf

Find out more about the official difference between restoration, reconstruction, preservation and rehabilitation at: http://www.nps.gov/history/hps/tps/Standards/index.htm

 

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