Toronto is full of residential buildings that have some form of heritage value. These historic homes provide a unique opportunity for homeowners to live in a piece of history. If you're considering buying a historic home, here are a few things you should know.
You can find historic buildings anywhere, though there are entire neighbourhoods that are designated “historic”. Historic areas can be a competitive market, so you will want to ensure your finances are in order before you begin looking.
The benefit of owning a historic home is the ability to own a unique piece of history. If you buy a home in a historic neighbourhood, you will be joining a community of homeowners aiming to preserve the character and history of the district, even if it costs them more money and limit certain property rights.
Before buying a historic home there are a few things to consider. It can be hard work, since they are older and often built before modern construction techniques. Regular maintenance will be necessary, and you will spend a lot of free time on upkeep.
You will also pay more for a property located in historic districts. Even if you find a home for a great price, you will likely spend more on renovations and maintenance.
Owning a historic home is not for everyone, but it can bring much satisfaction if you are willing to do the work.
Contact me if you have any questions, or if you are looking to buy or sell a historic home!