The Most Important Things to Consider When Buying a Historic Home
Handsome Properties October 9, 2018
Handsome Properties October 9, 2018
Charleston, South Carolina is a city rich with history and famous for its stunning properties. Buying a historic home in the downtown district is very rewarding, but there are several factors to consider before choosing a home:
The idea of owning a historic home in the heart of Downtown Charleston is an appealing thought to most people, however owning one comes with more upkeep than new construction. When buying a historic home you are buying a lifestyle. You are not only paying for a gorgeous home but for the views, history, and the charm this city has to offer. While many homes in the downtown district have been kept up and updated, some have not and require a little extra care. Plumbing, wiring, the foundation, stairs, and chimney are things that need to be inspected to ensure they are in working and safe condition.
In Charleston, the Board of Architectural Review has been put in place to ensure the preservation and protection of historic structures within the city. They review all home alterations and renovations as well as new construction. So when thinking about purchasing a home, be sure you understand the standards which apply to historic homes and districts in the area. It is also important to ensure contractors who might be working on your home know the rules and regulations and are qualified to deal with historic properties.
Homes in Charleston are eligible for a historic tax credit for owners who wish to rehabilitate their owner-occupied residence. Homes that are listed on the National Register of Historic Places or contribute to a listed National Register Historic District are eligible for a 25% credit of the cost of repairs or renovations. Total project costs must be more than $15,000 in a period of 36 months on rehabilitation expenses.
Downtown Charleston is known for it’s incredible history, amazing sights and architecture, but it is not known for having readily available, or cheap parking. The City of Charleston issues a limited number of residential parking permits on a biannual basis but restricts the number allowed for each property. Finding a home with parking is hard, and when you do it may come at the expense of another amenity. Properties that do have a driveway or even a garage often have smaller yards to accommodate for it.
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