If you want an historic property, there are plenty to choose from in the Chicago luxury market. The thing to remember is that purchasing an historic home has some particular considerations that you need to take into account. If you have your heart set on something beautiful from a former age, talk to your realtor about the following aspects of the home.
Homes in Chicago, obviously, need to have good heating systems due to the Great Lakes climate. In some historic homes, you’ll find that the heating systems may not be up to par with what you would expect. There are different ways to address this.
If energy efficiency means a great deal to you, you may want to consider looking at historic homes that have had upgrades to their utilities over the years. The trade-off may be that the home loses some of its historic appeal. For instance, modern windows may detract from the historic look but they may cut down considerably on your heating bills, particularly in a large, estate type property.
Depending upon the neighborhood you move into, there may be restrictions on what you can do to your home. Make sure you’re clear on this before you get your heart set on something. Your realtor will be able to furnish you with any information that applies to this and will make certain that you’re aware of any difficulties you might have if you really want to overhaul the house upon moving in.
If you purchase an historic home, it may cost you quite a bit of money to have improvements done. There are people out there who can make repairs on your home while keeping its historical flavor, but this will generally come at a price. If you see a home with historical value to it that needs a lot of work done on it to get it back to the luxury state it deserves, understand that the work may cost quite a bit. Your realtor should be able to help you find someone to give you an estimate on what the home would need.
Where historic luxury properties are concerned, the inspection is vital. Because these homes have been around for much longer, there’s a much greater chance that there could be something seriously wrong with them. When you have an inspection done, make certain that your realtor chooses somebody in whom you have confidence. Realtors will typically know good inspectors with whom they work on a regular basis and these individuals may prove to be valuable resources.
Buying a piece of Chicago history can be tempting, particularly at the luxury end of the market. Remember that there are some serious considerations that go into purchasing such a home, however, and you’ll want to discuss any particular home at length with your realtor. There may be factors that make it a great buy or there may be factors that make it into something that you will have to invest a great deal of money in.
Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate for over 10 years. Call/Email Me today at 312-296-9300, or visit my website at DowntownChicagoRealEstate.com