Watchout for This When Buying a Historic Home in Michigan

Sep 26

Whether it is a historic home in Indian Village or Boston Edison District within the City of Detroit or an older suburb like Grosse Pointe and Birmingham, you will want to know this before you buy and invest.

I've been helping Michiganders secure mortgages for their dream homes in the beautiful Indian Village and Boston-Edison Historic Districts in Detroit, as well as the charming old suburbs like Grosse Pointe and Birmingham since I started in the mortgage industry seven years ago. Here are some tips for buying a historic gem in these fantastic neighborhoods and pockets of the 313 and beyond!

roquois St Detroit MI 48214 Indian Village 3438 — *A home on Iroquois Street in Indian Village, Detroit secured for buyers by Iris Mortgage. Buyers represented by Nika Jusufi at Nika & Co*

First off, if you're eyeing a home in Indian Village or Boston-Edison, you're in for a real treat. These neighborhoods are steeped in history and architectural beauty. Start by diving into the local historic district regulations. Each neighborhood has its own unique rules and guidelines to protect the character of the area.

Now, let's talk about the houses themselves. Research their history and architectural styles. These neighborhoods are like a museum of Detroit's architectural past, with everything from stunning Tudors to elegant Colonials. Knowing the backstory can deepen your appreciation for the home you're considering.

Finding a real estate agent who knows their way around these historic neighborhoods is a game-changer. Trust me; they're your best ally when it comes to navigating the unique challenges and opportunities these homes offer. My top recommendations are Nika Jusufi (Nika & Co) and Ashley Jolley (Century 21 Curran & Oberski) to help you navigate these monumental purchases.

Iroquois-St-Detroit-MI-48214-Indian-Village-3060 — *A home on Iroquois Street in Indian Village, Detroit secured for buyers by Iris Mortgage. Buyers Represented by Ashley Jolley of Century 21 Curran & Oberski.*

When you're getting serious, get a top-notch home inspector who's familiar with Detroit’s historic properties. These houses may have a few secrets, and you want to know what you're getting into. Lean on your realtor for this important recommendation, it will help you with any negotiations and repairs as well.

Maintenance costs are important to consider. Historic homes often require more TLC than newer ones. Budget for regular upkeep, and keep in mind that maintenance might be pricier than you'd expect. But hey, it's all part of preserving the charm of these neighborhoods.

Here's a little-known secret: check for grants or tax credits that encourage historic property preservation. Detroit offers some fantastic incentives for homeowners who want to keep these treasures alive. Do not forget about Detroit’s NEZ homestead zones.

Now, renovations. Be prepared for permits and reviews, especially in these historic districts. It's a process, but it's all about preserving history. Try recommendations from the Metro Detroit Real Estate Investors Group here for best practices and references:

Think about your lifestyle when considering a historic home. These houses can have unique layouts or features that might need some adaptation. It's all about finding that balance between preserving the past and living in the present.

Energy efficiency is another factor to consider. Old homes might need some updates to keep those utility bills in check. But there's something special about cozying up in a historic house, isn't there?

And speaking of budgets, make sure you've got a realistic one. Renovations in these neighborhoods often require specialized craftsmanship, which can add up.

Lastly, be patient. Owning a historic home in Indian Village, Boston-Edison, or Grosse Pointe is a labor of love. It's a journey filled with surprises, challenges, and rewards. You'll also meet some fantastic people in the local preservation community who share your passion.

So, there you have it, my friend. Buying a historic home in these Detroit neighborhoods and suburbs is a unique adventure, but it's one that can be incredibly rewarding. If you ever need help with the mortgage side of things, you know where to find me. Good luck with your historic home journey!