Minneapolis & St. Paul have witnessed a rapid surge in real estate investments in recent years and the demand for historic homes has been on the rise as well. Historic homes such as Alexander Ramsey House and James J. Hill House are open for tourists, but what do you do if you want to buy such a place and make it your home? We’ve got some tips for you to make historic home purchases easier for you.
Hire an inspector who specializes in historic homes
Historic homes may look fabulous on the outside, but if you’re planning to make it your new home, it’s the inside that you need to focus on. To ensure if a Minneapolis or St. Paul historic home is worth buying or not, you should ideally hire a private inspector who specializes in historic homes. An able inspector can find problems in a specific property such as plumbing issues, foundational wear-and-tear, and outdated electrical systems.
Don’t tinker too much
One of the norms for increasing a property’s value in the real estate market is to renovate. Out with the old and in with the new; this is a philosophy that some experienced buyers think about. However, when it comes to historic homes, this rule doesn’t apply. The value of a historic home is due to the fact that it’s ‘historic’.
So when you invest in a historic home, remember to keep these tips in mind before finalizing your property purchase.
Shannon Lindstrom, Realtor®, AHWD, GREEN, NCS
13784 83rd Way No, Ste. 200
Maple Grove, MN 55369