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Home renovation/repairs
The allure of an older house can offer the right buyer a tangible connection to the past and a sense of character that newer homes often lack. According to a recent study presented to local realtors, 44% of Milwaukee listings are a century old. Only six other cities boast a larger percentage. Whether it’s a Victorian mansion or a Craftsman bungalow, well-built, well-maintained homes have steadily increased in value over the years and are always in demand. When bidding on an historic property in, let’s say, Wauwatosa, the cash buyer usually wins.
Compiling a list of costs into a spread sheet will indicate what a potential buyer can afford. After the price of the home, costs to make repairs and bring the property to the current code will be factored in. Modern HVAC, electrical wiring and plumbing might be necessary. It’s possible that missing shingles and resultant leaks call for a new roof. After compiling all the expenses, a list of mandatories will determine the steps of achieving the goal of restoration. Before closing on the property, the lenders will appraise the home’s market value to ensure it aligns with the loan amount. This protects the lenders’ investment before closing. While waiting for that last hurdle, you may want to research the history of the property.
Vintage photographs, newspapers, maps, city directories and names of previous owners can often be found at the Central Library’s Frank P. Zeidler Room, the Milwaukee County Historical Society, UWM’s Archives Department and the Register of Probate and Register of Deeds departments at the County Courthouse. Now comes the fun part. Did someone die in the house? Is it considered haunted? In 1908 the Milwaukee Journal cited a peculiar house near 12th and Wells Street in which a servant girl committed suicide. Night after night something banged on pots and pans until the noise became unbearable. The owners, a doctor and his wife eventually abandoned the home.
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Gothic Imagination
Writer Allison Jornlin, creator of the city’s first haunted history tour, said the imposing Gothic architecture of many Victorian-style houses have a way of arousing the imagination. “But there’s one near the corner of Farwell Avenue and Brady Street,” she said. “It was built in 1883 and I can tell you it’s the real deal.” Nearly 100 years later, the occupants of the home spotted a man in turn-of-the-century clothes walking down a hallway. Another day they witnessed a woman dressed in old-fashioned attire emerge from a third-floor closet.
Ornate Victorian homes characterized by Gothic influences and intricately designed elements came about during the reign of Queen Victoria. Many of these historic homes were razed, but there still are a few treasures that come up for sale every so often. At the beginning of the 20th century, the first Craftsman bungalows were introduced with simple open layouts, indoor-outdoor living, and functional floor plans. Some bungalows came from kits that could be bought from Sears, Roebuck.
It can be a big step and the reasons to buy an older home should be thoroughly examined before signing the note. In other words, don’t fall in love with the house until the willingness to invest in maintenance and potential renovations is within your comfort level. If not, don’t be afraid to walk away and look for another home to buy. Many historic properties have been lovingly maintained and even updated with modern amenities while preserving their original charm.
