I am sure my Victorian home in upstate New York has many items (like electric wiring) that aren't up to modern codes. It wasn't an issue when my parents bought it back in 1975, but it may be now. It would probably cost me my life saving (and maybe more) to fix everything. If I was sure I would be staying in it for the rest of my life, I'd get things done as I could afford them, but I'd like to sell it in the next few years. I've been looking around the Internet for info and read someplace that older homes are sometimes exempt from code compliance. Is this true?
weakestlink, What a beautiful old Victorian house! I have to say that I do love older homes with history and I am sure that your home has quite a story to tell.
Unfortunately, older homes can also be a problem when trying to sell them in the present day. Of course, all real estate laws, rules and regulations are specific to the locale so you will need to learn what New York, the state requires; then the local jurisdiction requirements including, but not limited to, county, township, city and whatever is applicable to your location.
Yes, sometimes code compliance is waived when certain situations exist BUT that really isn't applicable to your question regarding a possible SALE in the next few years. When you are talking about a sale, it depends on whether or not the potential buyers have the ability to buy it for cash. If so, you will have more lee-way in dealing with the issues.
If potential buyers need to finance the purchase, then it will be a completely different matter. Most mortgage companies are going to require certain parameters to be met and they have no interest at all in whether or not your house is "historical and/or not subject to code compliance" from the local authorities. In other words, they most likely will NOT loan on a property that doesn't meet THEIR standards regardless of local codes, customs and the like.
I would strongly suggest that you find a local real estate agent (or realtor) that is familar with marketing and selling homes similiar to your lovely Victorian. There must be some as I'm sure your Victorian isn't the only one in the area or is it?
Have to start someplace so that's where I would start if I were you. Congratulations on everything you have done so far with dealing with the several estates and good luck in the future.
It is historic. I have an actual New York State plaque out front!
That's a gorgeous house! Can you post pics of the inside? Do you live there (if that's not too personal to ask/answer)?
When you sell your house, the appraisal of its value in relation to the selling price will determine whether or not a buyer gets the loan. Houses that are not in compliance with current building codes are not rejected for mortgages- if that were the case even modern homes would be ineligible as codes are often modified. I have bought two historic houses- one built in 1793 and one built in 1812 and neither would have passed current codes at the time of the sale. They were, as yours, livable and our restoration included updates to major systems. Most buyers of old properties expect to do updating when they purchase unless they are paying a premium price for a totally updated, restored property. In Maryland, tax credits are available to residents buying and restoring historic properties. You are very lucky to have such a beautiful property.
"Code compliance" is a misnomer here. With very few exceptions, homes are required to be "code compliant" at the time they are built or when specific work is done (i.e. you pull a permit to replace a fuse box with a breaker box, they may require all of the electrical system to be made compliant).
Building codes change daily. If every home were required to be 100% "code complaint" to be sold none would ever get sold - including brand new construction.
If your electrical system is old, it will probably impact the price you can get for the house and/or a buyer's ability to secure a mortgage or property insurance but there are no legal/compliance issues that prohibit you from selling if you can find a buyer.This message has been edited. Last edited by: Jim978,
Lovely! I can just feel the charm of the house.
I have no doubt that the house is lovely. and it also depends on the taste of the buyer. In my opinion, unless you have unlimited amounts of money to restore and fix all the surprises that you are going to find in such an old house. I don't think that me, personally have what it takes to deal with such a property.
NY recently changed some STATE building codes that now require building permits for even replacing windows.
If it were my home, and I couldn't live there I would offer it for sale through amagazine such as "Old House Journal" etc. its a lovely house but needs a ton of work to stay habitable. it would make a lovely B&B.
You can most likely sell it "as is" meaning that the buyer is aware that they will need to do a fair amount of restoration.
I have loved your house since I first saw it, and wished it were closer. I live in an old Upstate NY house, 138 years old..I love the old places in our state.
Life is GOOD!!
Many people that see the interior exclaim about the corner cupboards and the pocket sliding doors. I guess they aren't too common in other homes.
Love the gorgeous old look! If you are looking for professional opinions on this you could also use RESAAS, a platform where only official realtors answer questions. Maybe give that a go here: http://rebla.st/qbxxhkt
Hope it helps!
The house is awesome! It is so big! I think many people nowadays would like to buy it. Older homes have better ambiance. New mass produced homes are just cookie cutter, older homes have uniqueness and personality. Older homes also allow you a chance to get a house much more luxurious than you could otherwise afford. Of course there are lots of things to do here. The house needs renovation work, adding to the cost and effort. I would recommend you to post you advertising with the house description and photos at this website http://localmart.com/ Maybe it will be useful for you and will help you to sell it.
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