The historic properties fund of New York City provides low-interest loans and also project management assistance for owners of historic residential, religious, non-profit, and commercial properties within the city, with a focus on low to moderate-income neighborhoods.
Since its inception in 1982, the fund has assisted more than 260 buildings. It is the largest private revolving fund for a loan of the country dedicated solely to historic preservation.
The professional staff and other consulting architects of the conservancy work with each loan recipient to navigate the complex process of restoration of an older structure.
The sprawling estate in Southampton, a historical piece of American architecture, has recently undergone refurbishment by a designer named Steven Gambrel, and it is now looking for a new owner who can carry on its legacy. This property has been listed by Tim Davis and a few other estate agents.
The estate was designed in 1915 by architect Grosvenor Atterbury, and the name refers to the specimen trees that will line the property. The gardens were originally designed by Frederick Law Olmsted, who is the landscape architect behind the Central Park of New York City.
If you are planning to buy any such building of historical importance then the following are a few things you must be aware of.
- Collect supplemental information meant for your mortgage
Anyone who wants to buy a house will need a mortgage to obtain finance for the purchase. Typically, the lending institution will require the following:
- Information about your financial situation
- Copies of the house appraisal
- A qualified house inspection.
- Anticipate extra fees
When you buy a house, you will encounter a slew of additional fees and costs. These include legal fees meant for the closing of the property, cost for inspection, and filing fees.
- Consider how the location can impact your lending options
A few historic homes, particularly in urban locations are in areas where financial institutions may charge higher rates of interest or simply do not do as much business.
- Be ready for any other potential financial arrangements
The lender may escrow some portion of the loan and pay directly to the contractors if:
- If you qualify for any Veterans Administration loan
- If the inspection finds any major repair/replacement problems
- If you want the repair money also as part of your mortgage
- Investigate whether the property is insurable
Often historic houses may require methods and materials that are obsolete, so faithfully to rebuild them if damaged will almost always cost much more than repairing any newer house.
- Get the house appraised
Any professional appraiser will use a 4-step process to decide the historic value of the house:
- The reason for conducting appraisal
- Collect and examine various information from multiple sources
- The appraiser estimates the property value if it were only vacant land
- The appraiser will then apply anyone or also more of the above 3 approaches to value.
- Consider your taxes
Historic homes are typically subject to the same property tax as new homes. However, you may be eligible for a few federal tax credits for historic rehabilitation.