With the price of homes at an all time high, you may be tempted to buy a fixer upper. Many of them can be had for a steal. But be careful that your anticipated labour of love does not become a crippling money pit.

There are many reasons to consider an older or historical home. One of them is the credits that are available in many cities. Whether in the form of renovation grants or tax credits these incentives are only available for older homes. They may not amount to a very large sum but it is more than you would get with a new home, which is nothing.

When buying an older home, be sure to do your homework. You should have the home inspected for any structural issues. You might also want to have a contractor come in and give you an estimate on the work to be done. And be sure to budget for unexpected surprises such as asbestos, lead paint and mold. The more you prepare yourself at the beginning, the less surprises you will have once you are in the house.

In the case of an historical home, there are additional steps you must take over and above the ones mentioned earlier. Before you start work on an old home, contact your local historic preservation office. They will provide you with standards for rehabilitating historic buildings. Be sure to hire a contractor with experience working on older homes. You want your project to be a restoration but merely a renovation.

You should always add ab
out 20% to the estimate you receive from your contractor. With older homes, you never know what you will find once you start opening walls. Hidden problems can surface at any time and it pays to be prepared for the un-budgeted expenses.

Do not be afraid to get quotes for custom work. You may be surprised with the results. More often than not, the cost of custom work is about the same or cheaper than if you were to buy something off the shelves at a major box store.

With historical homes, your focus should be on preservation. Rather than ripping down distinctive elements - which you probably cannot do under the standards for rehabilitation - focus on restoring them to their former glory. This does not mean that you should only use period specific materials. Just make sure that what you select will complement your property’s character.

A common mistake made with older or historical homes has to do with paint. To prevent your home from feeling like a museum, be flexible with your color palette and do not strictly use colors that would have been appropriate when the house was first built. Your aim should be to enhance the architectural beauty of your home but you should still feel comfortable living there.

As with any major project, preparation is key. Remember to do your homework and to allow for unexpected surprises. They will happen. You simply must use extra care with an older home to ensure that your are prepared for a slightly more demanding renovation. But the benefits will far outweigh the challenges!