If you are looking for a new home, office, or other business property, you might want to consider purchasing one of the many beautiful historic homes for sale in Knoxville. Not only will owning a unique historic structure set you apart from the crowd, but you will also be playing an important role in the preservation of your local community. With that in mind let’s talk about the pros and cons of buying one of the historical homes for sale in Knoxville.
What is a Historical Home?
First of all, let’s start by clarifying what qualifies as historical homes for sale in Knoxville. There are many homes that you might think are historical properties, but in reality, the National Park Service is the only one that can determine if a house is historic. There are currently more than 95,000 historic places on the National Register of Historic Places, a federal list maintained by the Nation Park Service. Some states and municipalities may also designate a home, or an entire neighborhood as historic. Although historic homes must usually be over 50 years old to qualify, other criteria need to be met. One of these four criteria must be satisfied for a home to be officially designated historical.
- The home must be connected to significant historic events
- The home must have a connection to a specific, significant individual
- The home is said to be a perfect embodiment of the overall style or architecture
- The house is likely to reveal or has already provided prominent historical data
Why Choose to Buy a Historic Home?
One of the things most people know about historical homes for Sale in Knoxville is that they are going to come with restrictions in terms of what type of renovations and upgrades are going to be permitted. This can turn off some buyers, but there are many advantages that come along with the unique experience of owning a historical home. Let’s take a look at some of the things that motivate buyers to consider historical homes for sale in Knoxville.
1 - Getting to Own a Piece of History
When it comes to purchasing one of the historical homes for sale in Knoxville, one of the most obvious benefits is that you get to own a unique piece of our local history! If you are considering a historic home, then it is likely you have an interest in architecture or history and you may be in search of an old property that you connect with. If you are one of the people attracted to original features and the charm that comes with these one-of-a-kind properties, then you will enjoy the chance to own your own piece of history.
2 - Being Part of a Community Committed to Preservation
If you purchase a property within a historic district, you will be joining a community of like-minded people who are committed to preserving local history. Even if your individual property is not designated as a historical home, if it is located in a historic district, you are still contributing to the common goal of preserving the area.
3 - It Can be a Great Investment
When looking at historical homes for sale in Knoxville, many homeowners have a misconception that the upkeep and renovations will be expensive. This can be true, however, well-maintained historic homes can often offer a greater return on investment when the time comes for you to sell. This means that even with higher maintenance costs, you still stand to make a profit if you resell. There is an increasing demand for properties in desirable historic areas.
4 - Eligibility for Financial Assistance for Renovations
Circling back to those concerns that owning a historic property can be expensive, you may be interested to know that you could be eligible for financial assistance to cover renovation costs. Check with the State Historic Preservation Office to see if there are any grants or loans available to help with renovations on historical homes for sale in Knoxville. You may also be able to apply for the Historic Tax Credit program with the National Trust for Historic Preservation and get some significant tax relief.
What About The Downsides?
Purchasing one of the historical homes for sale in Knoxville can be a rewarding experience, it is important to have a realistic idea of what owning one of these properties will involve. One of the key factors to consider is that there are much stricter regulations that apply to historic homes. If you think homeowners associations can be strict, historic districts are often even more particular about making sure your home remains historically sensitive. Renovations can be more complicated for historic homes as they may need additional permits or specialist contractors. However, if you are passionate about preserving a historical home, this will be a labor of love for you.
If you are interested in purchasing one of the historical homes for sale in Knoxville, Wright Realty is here to offer quality real estate services to help you make that dream a reality.
Wright Realty is a full-service real estate concierge with a wholistic approach to buying and selling property in East Tennessee. We are your trusted advisor and keep open communication throughout your entire buying/selling process. Real Estate done "Wright" means more than just a 'transaction'.
Finding Your Property the "Wright" Way!