According to a recent survey of first-time homebuyers, over 70% are looking for a fixer upper rather than a new or already refurbished home. Over two thirds of houses throughout America are more than 30 years old and, as one of the original states, Maryland has more than its fair share of older and historic housing stock. An older property is often more economical to purchase and can offer a good return on investment. As well as creating a distinctive and comfortable home, repairing and renovating the structure, internal fixtures and appliances of an older home can also save householders money in the long run.
Maintaining and Repairing An Older Property
According to the US Census Bureau, almost 50% of Baltimore housing stock was built before 1940, giving it one of the greatest shares of older houses than any other large city in America. Aging houses tend to require more maintenance, and, before purchasing an older house, a comprehensive property inspection should be carried out. As well as reporting on the basic structure of the property, inspectors should look at the internal plumbing, wiring and any appliances included in the sale. Reliable appliances create a comfortable home and, whether homeowners are upgrading their current property or taking on a new project, they can save money by repairing existing home appliances rather than replacing them completely.
Refurbishing a Home of Historic Importance
The National Register of Historic Places defines a historic home as one that is not only at least 50 years old but that also carries some historical significance. There are many homes in Maryland that meet these criteria, retaining their original structure and architectural features. When taking on a historic property, these features should be preserved, and there may be restrictions in place as to how much the property can be changed due to its historical importance. While taking on the refurbishment of a historic house can be costly, The Maryland Historical Trust will issue a homeowner historic tax credit for up to a fifth of the amount spent on eligible restoration work.
As more home buyers are looking for a fixer upper that they can renovate in their own style, they have plenty of older and historic properties to choose from in Maryland. Buyers are able to save money by carrying out repairs to their property and its contents, in order to create a comfortable and practical home to suit their needs.