The Pros and Cons of Buying a Historic Home in Maine

I've worked with homebuyers dreaming of custom building their dream home from scratch. On the other hand, I've worked with homebuyers looking for that slice of Maine history, one couple in particular that I'm currently working with is not interested in anything built after 1850, as they are looking for that vintage, historic vibe.

There are several pros and cons of purchasing a historic home here in Maine. Let's dive in with a rundown of some of those that you should know before signing the purchase and sale agreement.

Pros:

1. Timeless Charm

I would assume that this is the number one reason for wanting a historic home in Maine. The unique architectural details like intricate woodwork, antique fixtures, and character that modern homes can’t replicate. If you’re into vintage vibes, these homes are like stepping back in time with a side of New England charm and depending on where you want to live, there are plenty of them here in Maine.

2. Potential Tax Benefits

Depending on the town, you might be eligible for tax credits or grants focused on preserving historic properties. These incentives can help offset the costs of maintenance and renovations, making the financial aspect a bit easier to handle.

3. Unique Investment

Historic homes can be a solid investment. Their uniqueness often makes them stand out in the market, potentially leading to higher resale values if you decide to sell down the line.

Cons:

1. Maintenance and Upgrades

This might be the most important factor that Mainers should consider prior to purchasing a historic home. They often require more upkeep than the newer builds. Think old plumbing, outdated electrical systems, and old drafty windows. Renovations can be costly, and finding contractors who specialize in historic preservation can be a challenge.

2. Strict Regulations

Many historic homes in Maine are subject to local preservation laws, which can limit what you can and can’t do. These regulations are meant to protect the home’s historical value but can be a hassle if you’re planning major renovations or updates.

3. Higher Insurance Costs

Insuring a historic home can be more expensive due to the potential for costly repairs and the need to maintain its historical features. This is something to consider when budgeting for your new old home.

4. Energy Efficiency Issues

Older homes might not be as energy-efficient as newer builds. Again, those drafty windows are a thing in old homes and less effective insulation will lead to higher heating bills, especially during those classic Maine winters.

Buying a historic home in Maine offers a chance to own a piece of the past, but it comes with its own set of challenges. If you’re ready for the unique experience and responsibilities, a historic home could be the perfect fit. Just be prepared for some potential TLC along the way. Happy house hunting!