Renovating a historic home can seem like a somewhat daunting undertaking. However, a historic renovation can be very worthwhile and rewarding. Whether you’re considering the purchase of a historic building that requires work or you need to make extensive improvements to the home that you and your family already live in, there are several reasons why you can expect to see a good return on your investment.
Historic Homes on the North Shore
The north shore’s scenic beauty, proximity to beautiful beaches, and its fast commute to Boston make its housing very appealing. The area’s rich history is a significant part of why it’s such a desirable place to live. Its history is distinctly visible in the area’s homes. Even newer constructions attempt to emulate the same distinctive style and tradition of homes that were built a century and a half ago, but they lack the same character and authenticity. Historic homes on the North Shore are immensely valuable and preserving them is important to the community and its families. A historic home remodel can raise a property’s value by helping to ensure that the home will stay in good condition for years to come. There will always be a high demand for historical homes in the region’s housing market, and they have considerable value compared to homes in other parts of the state.
Generating New Income
Many homes on the north shore from the 19th century that were built as large estates are simply too large for one family. If you can divide a home to accommodate more than one residential unit, a single-family home can become an investment property. You can sell or rent individual units and generate substantial income. You may need to obtain a zoning variance or get special approval to change your home’s occupancy rating. It’s important to work with a contractor who is experienced in renovating historical homes so that they can easily facilitate the permitting process and create plans that account for a home’s age and capital needs.