Inventory is low, very low… But in a town like Laguna we regularly see historical homes hit the market. Have you been eyeing one? Keep reading!
Buying a historical home in Laguna Beach can be a rewarding but challenging process. Here are 8 steps you can take to help make the process smoother:
- Find a Laguna Beach real estate agent such as Jaleesa Peluso, who understands the unique intricacies of historical properties. Working with a real estate agent who is familiar with selling homes in Laguna Beach, and has experience with historical homes in Laguna Beach can be helpful in navigating the unique challenges and requirements that come with buying a historic property.
- Determine your budget and get pre-approved: Historical homes can vary in price, so it’s important to determine your budget before starting your search. Furthermore, you will want to consider financing options: Financing a Laguna Beach historical home can be more complicated than financing a newer home depending on your situation. It is important to research your loan options even before you start the home search process. Get pre-approved and talk to your lender about the fact that you are considering buying an historical property. Jaleesa Peluso can put you in touch with different Laguna Beach mortgage lenders.
- Make an offer: Once you’ve found a historical home you’re interested in, work with your Laguna Beach real estate agent to make an offer that takes into account any necessary repairs or upgrades. Jaleesa Peluso can help you compare home values and recent sales so you can make in informed decision on price.
- Research the property: Historical homes often come with specific restrictions and requirements, such as preservation guidelines and landmark designation. Researching the property’s history and any potential restrictions can help you make an informed decision about whether the home is right for you.
- Hire an experienced home inspector: Inspecting the home thoroughly can help identify any potential issues, such as outdated wiring or plumbing, that may require costly repairs. Of course, buying an historical home, means you understand that you will be dealing with certain ‘outdated’ features. But it is good to know what you are dealing with! You may also wish to hire a roof inspector, termite/pest report, sewer line video, and other reports specific to the Laguna Beach home you are looking at.
- Research your Mills-Act status and options. The Mills Act is a California state law that provides a financial incentive for property owners who own and preserve historical properties. Under the Mills Act, property owners can receive a reduction in property taxes in exchange for the preservation and maintenance of their historical property. To qualify for the Mills Act, a property must be designated as a historical landmark in Laguna Bach. The property owner must agree to preserve the historical features of the property and to maintain it in accordance with preservation standards. In exchange, the property owner can receive a significant reduction in property taxes.
- Close the deal: If your offer is accepted, you’ll work with a your Laguna Beach real estate agent Jaleesa Peluso, title company, lender and escrow officer to finalize the sale and ensure that all necessary documentation is in order.
- Enjoy and treasure your brand new historical home!
Remember, buying a Laguna Beach historical home requires a lot of research and due diligence, but the rewards of owning a piece of history can be well worth the effort.
This is Jaleesa Peluso, real estate agent with Berkshire Hathaway. Please call/text/whats-app me anytime at +1 (949) 395-0960