Sam Marquit has done a
fantastic job offering his experience and perspective for how to add value to
your historic home. Below is a piece Sam wrote and has allowed me to repost
here. Check out some other stores by Sam at his blog here. Thanks to Meagan Baco at HISTPRES for making the introductions between Sam and myself.
“Purchasing a home or even
just making improvements can be difficult, but investing
in property can be a very rewarding experience. The chance that I have had
to purchase various properties in Long Island has led me to acquire a vast
amount of knowledge in this area and why real estate is such a lucrative
venture. Anyone with a home currently can take part in renovating it to make it
even more valuable, and this is even more advantageous if the house can be
classified as historic.
People have several
opportunities for purchasing a historic home in Buffalo. It doesn’t matter what
type of house people buy, the potential for profit is there. If it is a
historic house, the potential for profit is even greater. To make this a
reality, people need to work hard and proceed with patience. The current
economic climate continues to become weaker and weaker. Because of this, it
becomes more challenging to sell regular homes for a significant profit.
Because I have been in the
real estate investing industry for so long, I am well aware that homes that are
not historic are much harder to sell for a profit than historic homes. The
reason is that regular homes do not have any distinguishing features that are
impressing people at the moment. In addition, some families do not wish to take
the time to improve a historic home, so they are seeking new houses.
It’s not as easy to find a
historic home to purchase, and there are several reasons why this is the case.
Buffalo Historic homes have the distinctive features that are needed to
encourage people to purchase them. Therefore, attaining larger profits is very
plausible. It became clear that regular houses with historic homes nearby
actually had a higher purchase price.
Purchasing a historic home
will give people many monetary benefits. A house that is listed in the National Register of Historic Districts
(NRHD) is a property that can receive certain tax credits and some grants. This
makes investing in a historic home a great option for young investors. As they
make periodic renovations and improvements, they will only cause their
properties’ values to continue to rise. The younger the investor is
who purchases a historic home, the longer time they have to take advantage of
how it aids their finances for the future. With all my experience in the real
estate industry buying and selling homes, I have found this to be the case.
These historic homes are much easier to sell for higher profits, so the profit
margins are much higher.
Investors must not take for
granted that it will be easy to increase their historic homes’ values, but they
certainly can succeed at this endeavor. When people decide to remodel, the
point will be to add new additions that blend in well with the old-fashioned
look of the home. This means that a historic home’s owner will need to
incorporate the original features into anything new that they decide to add.
The historic home is going to need to maintain its antique look as well as
exhibit modern amenities.
One of the most popular rooms
to begin with is the bathroom. New interior design is currently adding older
style decorations to the bathrooms, such as the tiles and the colors these
designers are choosing for the walls. A good tactic for a bathroom that has the
original, antique appliances is to add new wallpaper that is reminiscent of the
past. It can be a formidable prospect remodeling a historic home in Buffalo,
but investors will find that it will pay off when it comes time to sell the
property.
The main point to remember
is that a historic home in Buffalo needs to keep its unique look to remain
historic, and homeowners do this by keeping as much of the original artifacts
intact as possible. The best way to increase a historic home’s value is to do
the renovations in the most inexpensive way possible that makes it hard for
anyone to distinguish between the older parts of the home and what has been
recently added.
This is applicable anywhere;
I’ve done my share of restorations with Long Island Real Estate. Again, there’s tremendous reward in the return – Homes that folks once didn’t
like were now so appealing that the reselling process no longer becomes a
chore.”
Entry Image: Historic home on Humboldt Parkway in the Hamlin Park Historic District