Pros and Cons of a historic home? (Chicago, Steward: rental, credit)

[goral]

Has anyone restored an old building? Im looking to buy a property that needs a rehab, the building is 118 years old and I’m planning on restoring it to its original condition. I’ve heard the city offers a grant to those that restore these buildings, but must follow strict guidelines…

[Costa Rica Chica]

I don't have any advice, but that's a beautiful home!

[At1WithNature]

Originally Posted by Costa Rica Chica

I don't have any advice, but that's a beautiful home!

it really is, where is the location of that home? not exact but is it near Sox park?

[surlycue]

I don't know about restoration guidelines but are you planning to live in it yourself or flip it? I would recommend against trying to flip it unless you yourself are a contractor otherwise the place will be a money pit and it will be 15 years before you'll see a return.

[STLCardsBlues1989]

*whistle* What a beaut.

Good luck with your rehab. Cities need rehabbers.

I wish I could help you with your questions. different states I believe have different kinds of historic tax credits.
Federal Historic Preservation Tax Credits
For this credit, you probably won't qualify:

Use the building for an income-producing purpose such as rental-residential, commercial, agricultural, or industrial

Some states have slightly different laws I think.
Missouri's seems similar to Illinois in this sense, though.

A taxpayer’s personal residence would not qualify for the federal credit.

Historic Tax Credits - Missouri State Historic Preservation Office - MoDNR
But a little different here:

The state credits also apply to income-producing property including either commercial or residential rental property. Additionally, a taxpayer’s personal residence can qualify for the state credit if the property is historic and if the minimum investment threshold is met.

http://www.dnr.mo.gov/shpo/TaxCrdts.htm

Might be some info here, though I haven't really perused it much.
http://www.landmarks.org/how_fed_issues.htm

I'm not finding much on Illinois state credits. If Illinois has state credits. I'm not sure.

Try here:
http://www.preservation.ri.gov/pdfs_...redit-2007.pdf
States Currently Considering a New State Historic Tax Credit Program
Illinois

Best of luck!

[NYrules]

That is a beautiful home. I would consider living there... If I had the money that is.

[Anthera]

Landmarks Preservation Council will walk you though the process of getting a tax freeze. If you love old homes, its certainly worth doing.


http://www.landmarks.org/

[Lookout Kid]

Pros:

-Design. They don't make 'em like that anymore!
-Established neighborhoods. Older homes are typically in established neighborhoods with mature trees, walkable streets, and nearby ammenities.
-Construction Quality. Those older grey stones were built to last.
-Accoustics. Wet wall construction provides better acoustical separation than drywall.
-Stewardship. You can feel good about preserving a piece of the fabric of the city.
-Design. It's really the major factor, right?

Cons:
-You don't know what work has been done or when. If you are doing a full rehab, this will be less of an issue. You can replace the electrical and plumbing and then it will perform like new. Additions are another issue, however!
-Maintenance. Older homes can provide unique maintenance challenges. There are many unkowns and maintenance challenges may pop up unexpectedly.
-Storage and room sizes. Older homes typically had fewer closets, smaller closets, and smaller bathrooms. They weren't designed to accomodate all of the "stuff" we have today.
-Automobile friendliness. Depending on your lifestyle, this isn't necessarily a con. But older homes rarely have connected three-car garages!

[goral]

Originally Posted by Costa Rica Chica

I don't have any advice, but that's a beautiful home!

Ohh that's not the property im interested in! Just a little eye candy,what it could be when I'm finished (if I decide to take on the project). I was wondering if anyone knew about perks of rehabbing an old building like the one posted. EG: City of Chicago offers a $15k grant to restore the property...

[Manigault]

I restored an 1898 townhouse like the one pictured. As far as I know, if the house is not in an historic district or on the register of historic sites, you are on your own. The projects will be more difficult than they seem. Do not accept foundation or other sturctural problems -- everything else is worth fixing.

Make a budget, determine your ability to live with confusion and dust and talk to your neighbors about contractors. Talk with the previous owners if you can. Expect surprises! I found a fireplace whose existence I did not know of. Candidly assess your ability to rehab on your own. You can save money but a bad wallpaper job will ruin a room.

Consider adding insulation and upgrading the plumbing -- those will save money and help you enjoy the residence. I can tell you that I stripped wood from the beautiful baseboards and trim I had in one room. After that, I said the heck with it. I can live with painted-over woodwork.