If you’re looking for a unique home, you may be considering buying a historic house.

Here are the pros and cons of purchasing a historic home.

Pros

A Home With a Story — If living in a famous person’s old property excites you, a historic home might be perfect.

Unique Architecture — Many people are attracted to unique architecture and many historic homes offer that charm.

Tax Incentives — Some areas offer tax incentives to people who purchase historic homes.

Cons

Repairs — The biggest downside is that historic homes often require a lot of repairs.

Renovations — Even if repairs aren’t required, you still may need to update the home with modern conveniences. 

Insurance costs — Historic homes can bring much higher insurance costs than rates for typical houses.