Crucial Things To Know Before Investing In A Historic Property

Investing in a historic property is a venture filled with both charm and complexity. Historic homes offer a unique allure with their timeless architecture and storied pasts. However, purchasing and renovating a historic property requires a deep understanding of various aspects beyond the typical real estate investment. This article will guide you through nine crucial things you need to know before diving into this rewarding yet challenging endeavor. Understanding the historic designation Before making any investment, it is essential to understand what type of home will suit you best. Is it a new house, or maybe an older, historic property? A property is typically designated as historic based on its age, historical significance, and integrity of location, design, materials, and artistry. Owning a historic property often means complying with local, state, or federal preservation regulations. These regulations are designed to protect the architectural and historical integrity of the property, which can significantly impact the changes you are allowed to make. Familiarizing yourself with these regulations and the specific designation your property holds is crucial in avoiding future legal and financial complications. Researching the property’s history One of the most exciting aspects of investing in a historic property is uncovering its past. Researching the property's history can provide insight into its architectural style, previous owners, and historical significance. With this in mind, it is advisable to visit local archives, historical societies, and libraries to gather as much information as possible. This research is not only interesting but also essential for ensuring the historical accuracy of any restorations or renovations you undertake. Knowledge of the property’s history can also enhance its value and appeal to potential buyers if you decide to sell in the future. Assessing structural integrity Historic properties often come with their own set of structural challenges. It is imperative to assess the building’s structural integrity thoroughly. Key areas to inspect include the foundation, roof, plumbing, and electrical systems. Hiring a specialist who understands historic buildings is highly recommended. In contrast, modern homes might not require such specific expertise. The specialist can identify potential issues that a regular inspector might overlook, ensuring you arefully aware of the renovation and maintenance requirements. Investing in a detailed structural assessment can save you from unexpected costs and preserve the safety and longevity of the property. Navigating zoning laws and regulations Zoning laws and regulations can significantly impact your plans for a historic property. These laws can dictate what types of renovations and additions are permissible. Not to mention, you may need to obtain specific permits before starting any work. Understanding the local zoning laws will help you plan your renovations in compliance with legal requirements. This knowledge will also help you avoid fines and legal battles. Furthermore, your investment will remain sound and protected. Staying compliant while preserving the character of the property is a delicate balance but essential for maintaining its historical integrity. Evaluating renovation costs before investing in a historic property Renovating a historic property can be more expensive than working on a modern building. There are often hidden costs specific to historic properties, such as the need for specialized materials and craftsmen. Another key point is that restoring historical elements frequently requires more time and money. Budget for these expenses and have a clear understanding of the scope of work needed. Consulting with contractors with experience with historic properties can provide more accurate estimates and help you avoid common pitfalls. Balancing renovation costs with the potential return on investment is crucial for making a sound financial decision. Securing financing for historic properties Financing a historic property can be more complex than securing a mortgage for a newer home. However, there are specific financing options available that cater to historic property investments. Similarly, grants and tax incentives can help offset some of the costs associated with renovating and preserving a historic property. Researching these financial aids and presenting a solid financial plan to lenders can improve your chances of securing the necessary funds. Be prepared to demonstrate how you plan to maintain and enhance the property's historical significance, as this can be a key factor in obtaining financing. Preserving historical integrity One of the main attractions of historic properties is their unique architectural features. Of course, preserving these original features is essential for maintaining the property’s historical value. Techniques for restoring historical elements include using period-appropriate materials and methods. Modern updates like electrical and plumbing systems should blend seamlessly with historical aesthetics to maintain the property’s charm and authenticity. Consulting with preservation experts can ensure that your renovations respect the property’s history while meeting modern living standards. Understanding market trends and potential ROI Analyzing market trends is crucial for any real estate investment, and historic properties are no exception. Understanding the current demand for historic homes in your area can help you gauge potential returns on your investment. In short, historic properties can offer significant returns due to their unique appeal and limited availability. By thoroughly researching market trends, you can make informed decisions that enhance the property’s value and appeal, potentially leading to a lucrative investment. Managing the moving process Moving into a historic property, especially from another state, requires meticulous planning and care. These homes often contain delicate architectural features and period-appropriate furnishings that need to be transported with precision. For instance, moving long distances, such as from Florida to Louisiana, makes enlisting professional movers essential. So, let interstate movers help you out to ensure your valuable items are handled with the utmost care. Professional movers have the expertise to pack and transport delicate items safely, allowing you to focus on settling into your new historic home without the stress of managing the logistics yourself. Making your historic property investment a success Investing in a historic property can be an incredibly rewarding experience, both financially and personally. That requires careful consideration of various factors, from understanding legal regulations to managing renovation costs and preserving historical integrity. By thoroughly researching and planning, you can enjoy the unique charm and potential returns of owning a piece of history. Whether you are a seasoned investor or a first-time buyer, these crucial tips will help you navigate the complexities of historic property investment with confidence. *This post was written by a guest author.

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7 Rookie Mistakes To Avoid When You Start Investing In Property

New Orleans offers promising real estate for budding property investors. This market is in the Goldilocks zone. It’s neither too hot nor too cold, but just the right temperature to buy a house at an affordable price and begin raking in revenue sooner rather than later. Still, no real estate investment is a slam dunk. A bad bet can wipe out your resources quickly if you don’t know what you’re doing. Avoid these seven common rookie mistakes. 1. Acting on Bad Advice Those aspiring to take this route almost always use the internet to learn everything about real estate investing. Why not? It’s mostly free education — the only tuition is your time and attention. You only need to pay something to access information unavailable for public consumption. Many YouTube influencers, TikTok content creators, LinkedIn thought leaders and real estate bloggers offer pearls of wisdom. However, most are fake gurus making outrageous claims, such as rendering investing risk-free and making a quick buck with no experience, to scam aspiring investors. You can’t test a piece of advice’s efficacy until you apply it. You can read comments, reviews, testimonials and forums to determine which domain experts are worth their salt, but even these are manipulable. Find a legitimate mentor instead, especially a local licensed real estate agent or broker who has been around the block offering advisory services. Consulting such a professional can teach you the good, the bad and the ugly so you can see real estate for what it is and not through rose-colored glasses. 2. Exploring Few Investing Avenues Property investing isn’t just about renting an apartment or flipping fixer-uppers for profit. Other viable options include subletting your house and buying shares of a real estate investment trust. Deciding the kind of real estate investor you want to be is the key to success. Some investing avenues are less risky and don’t require as much bandwidth as others. Consider all possibilities to find the one that aligns with your goals. 3. Diversifying Too Early Dabbling in various investments may serve you well over the long term. However, focusing on a single kind as you learn the ropes is wise. Each path to real estate investing has a learning curve. You can improve only when you keep doing things repeatedly. Experience teaches you which strategies work and don’t and helps familiarize you with relevant regulations. Master an investment type before setting your sights on something else. 4. Skipping Market Research Real estate is just as about the location as the asset itself. Look at the big picture and avoid scrutinizing prospecting investments with tunnel vision. If you’re not a New Orleanian, do your homework to know the town more deeply and understand what makes its residents tick. Go beyond property price movements. Learn about the city’s history, culture, natural hazards — such as hot weather, hurricanes and flooding — demographic trends, neighborhoods, landmarks, amenities and developments. Understanding the Big Easy’s past, present and future can inform your decisions and help you identify potentially profitable real estate ventures. 5. Neglecting Counterparties' Needs Greenhorn investors may concentrate too much on personal goals and overlook what renters and buyers require. Absentee landlords are prone to this mindset. For example, disregarding indoor air quality when renovating a rental because you’ll be living elsewhere is not advised. While contaminants may not harm your health, they can hurt your pocket since detectable pollutants render your property less livable. Also, New Orleans is infamous for its humidity, and when humidity levels exceed 60% dust mites may become an issue. Easy fixes to enhancing indoor air quality include installing pleated air filters, using eco-friendly paints to minimize volatile organic compound levels and getting a dehumidifier. These fixes make your property lucrative for tenants, help you seal a long-term lease and avoid earning a reputation for having an unhealthy rental. Don’t overdo it, though. For instance, going overboard with decorations and selectively appealing features can backfire on you. 6. Over-Relying on Sweat Equity Trying to do it all to cut costs and pocket more revenue is a rookie move. Experienced investors outsource tasks — such as title searches and home inspections — to qualified professionals to do them correctly and efficiently. Find a healthy balance between getting your hands dirty and seeking assistance. It will help you navigate real estate transactions accordingly and avoid unpleasant surprises, like unknown liens on a property or undisclosed damage. 7. Borrowing Needlessly Real estate investing is typically a capital-intensive endeavor. Most investors use debt strategically to increase their holdings and generate more revenue. While securing financing is advantageous, avoid exercising this luxury when the conditions are unfavorable — like a high-interest environment. If your bank account is green enough, making an all-cash offer can help you acquire assets for less without worrying about servicing a loan. It makes sense when you have adequate dry powder you can use in case new opportunities arise. You can keep doing this until rates drop and the cost of borrowing becomes cheap enough to merit taking out debt. Start Your Real Estate Investing on the Right Note All newbies make blunders — even long-time investors do. While you can’t succeed without failing, make as few mistakes as possible to preserve your resources and get back on your feet more quickly. *Written by Rose Morrison of renovated.com

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Garage Door Security: Upgrades and Smart Solutions

Garage door security often gets the short shrift, but down here in Louisiana, it's not something to mess around with, especially after all that news about crime spiking in the Treme and Marigny neighborhoods around Mardi Gras. You might think your garage is a secure place to stash your crawfish boil supplies, but a surprising number of break-ins happen right through those seemingly solid doors. We are here to change that. This post is your one-stop shop for transforming your garage from a security risk to a fortified zone. We'll cover everything from the basic garage door maintenance checks that keep your door functioning smoothly to the latest high-tech smart security options that put you in complete control. Whether you're comfortable with a DIY project or prefer a professional touch, we'll have solutions to fit your needs and budget. So, let's get started and ensure your garage isn't Louisiana's easiest entry point for would-be troublemakers! Garage Door Security Basics to Keep Your Home Safe Keeping your garage secure is key to a safe home, especially down here in Louisiana, where sneaky break-ins are no joke. Think of your garage door as another front door—leaving it open is like handing thieves the keys to your place! Especially with attached garages, it's a straight shot into your home. It's not just about access, though. We all store valuables in our garages—tools, bikes, you name it. Those are worth protecting, too! Some simple things, like deadbolts and a good overhead door, go a long way. But the biggest thing? Remember to close that door! Adding some extra security, like wedges under the door, takes your defense to the next level. Simple Security Steps That Make a Big Difference Did you know that the number one garage security tip is so simple it's easy to forget? Close that door! Think of it as important as locking your front door at night. Leaving the garage open, even when you think you're just popping inside real quick, is an invitation for trouble. We get busy, things happen, or those remotes get a little glitchy—that's life! Let's talk solutions. An automatic closer that shuts the door for you is a lifesaver. Or how about a motion sensor that gives you a heads-up if you've left it open? Those fancy smart openers aren't just about convenience – they let you check your garage door from anywhere.Now, that door from your garage into your house? That needs to be strong, too! A good deadbolt and peephole are your friends here. There's no point in making it easy for a thief once they're inside the garage. Finally, that garage remote? Treat it like your car keys! Don't leave it layin' around, and definitely don't keep it in your car. A keychain remote is the way to go. Taking Your Garage Security Up a Notch Physical Reinforcements Beefing up your garage door is a smart move, especially with those summer storms we get down here. Stronger materials like steel or aluminum can take a beating. Don't forget about that service door leading into the house—a good deadbolt adds extra peace of mind. If those garage windows make you nervous, security film can toughen 'em up. Not sure how to tackle all this? Plenty of Louisiana pros can get you set up right. Smart Garage Door Openers Those fancy smart openers are convenient, and they add a layer of security, too! You can control that door from anywhere and get alerts when it's open—helpful when you're out and about. Just remember, like anything these days, they come with a few things to consider: the cost, making sure it works with your setup, and keeping those hackers at bay. Extra Smart Solutions Want to make your garage a no-go zone for intruders? Motion sensors, security cameras, and smart lights that turn on when they sense movement—now we're talking! Get an alert on your phone if something seems off, and check those live camera feeds no matter where you are. That'll make 'em think twice! Prioritize Garage Security Remember, your garage isn't just another doorway – it's a potential point of entry for intruders. Simple habits, like consistently closing the door and keeping your remote secure, are essential first steps. For even more security, consider upgrades like automatic door closers or garage door monitors. Even closed garage windows can be vulnerable – explore security film or bars for added protection. But don't stop there! Consider a dedicated garage door lock or reinforcing any weak areas. Integrating your garage with your home security system adds another layer of defense. By taking these steps, you'll significantly deter any attempts to target your garage. Don't wait for a break-in to prioritize your garage security. Take action today and invest in the safety of your family and belongings!

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