There is something special about owning a piece of history, and there is no shortage of homes in Las Vegas with a rich story to tell. Before deciding to make buying a historic home in Las Vegas seriously, it’s crucial to weigh the positives and negatives.
What Makes a Home “Historic”
- Over 50 years old
- Significant to a historical event
- Connected to the life of a historical figure
- Distinctive construction
- Represents the period in which it was built
Positives of buying a historic home
Aesthetics and Prestige
Historic homes turn heads. They often feature intricate woodwork, a classic slate roof, stained glass, and wood floors. They radiate a timeless charm that’s harder to find in newer homes.
Tax Benefits on Renovations
Embarking upon renovations on a historic property typically requires deep pockets, but if the home is certified to meet the Secretary’s Standards for Rehabilitation, you can benefit from a 20% tax break on all renovations.
Well-Established Neighborhood
Most historic homes are located in neighborhoods that have been around for decades, which means you’ll experience less noise, less traffic, and immaculately groomed, tree-lined streets.
Higher ROI
Historic homes’ property values statistically increase more than in any other real estate market. Therefore, if you ever want to sell in the future, you are sure to be satisfied with the future’s accepted asking price for historic Las Vegas homes.
Downsides of Purchasing a Historic Home
Restrictions on Renovations
There are strict rules as to what you can and cannot do to historic properties. For example, stripping woodwork or adding a modern deck isn’t allowed. You don’t have much leeway when it comes to making big changes to the exterior’s aesthetics. Having said that, if this bothers you and you prefer to overhaul the original look of the home, you probably shouldn’t be in the market for a historic home.
Hazardous Building Materials
Some dangerous materials weren’t blacklisted back in the day, so they were used to construct historic homes. Asbestos in walls and lead plumbing pipes can be replaced, but it can be a laborious and expensive process.
Electrical and Plumbing Overhauls
Old homes weren’t equipped to handle the increased wattage that comes with modern appliances, and a lot of them didn’t have proper plumbing. Sometimes, you will get lucky and can install modern appliances systems without removing the old systems. However, a major overhaul may be needed.
Renovation Costs
Refurbishing a historic home is expensive. You may also need to consider hiring an architect to help bring your historic home back to life while respecting its heritage, so be prepared to dish out some funds.
In Conclusion
If you’ve decided to move forward with the purchasing of a historic home, some of the best neighborhoods to find timeless historic homes in Las Vegas include Scotch 80’s, Rancho Bel Air, and Rancho Circle.
Feel free to give Marisa Bilkiss a call at 702-410-6555 if you need help buying your next home or if you have questions about Las Vegas real estate in general!