Real Estate Information Archive

Historic Homes homes are wonderful treasures of our past. Most historic home buffs consider themselves "caretakers" as opposed to owners because their time living in this property is limited in comparison to the age which could be 100, 200 or even 300 years old!  As a past owner and renovator of a beautiful  1785 Federal Colonial, i can give you some insight on whether buying a historic home is right for you. 

Are you concerned about energy efficiency?

Do you have a problem living with mice?

Will you have a difficulty dealing with slanted floors and doors that may not close completely?

Do you mind spending above average funds to properly restore/repair the home?

Answering "no" to these questions means you've passed the first stage of historic home ownership!  While they are beautiful to admire they are quite different living there.  For more information on historic homeownership be sure to contact MJ Agostini, your Connecticut Historic Home Specialist.  

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near Historic Homes lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.