My name is Karen and I am from Malta Europe. You might wonder what am I doing in a forum for the US but I think you can share valuable information on the following.
My husband and I would love to purchase a property for our 1st. rental investment. (We are aged 43-44) and can buy cash without the need of a loan. My husband would like to buy 2 apartments and rent them out. On the other hand I have the wish to buy a property which has some history. Please bear in mind we build in stone here not wood. We call them houses of character.
My mum's side of the family has this property which is very old and houses 2 stone ovens which take up half this big old room which once long time ago was a bakery. Went to see it, did some research and I was stunned to descover this part of the building was 1400's possibly earlier in Sicolo Norman style. A Medieval mill room! Which much later may have been added with the stone ovens. As per our architect it is English 1700-1800's
These buildings are protected. So most probably the stone ovens would need to remain, eating up half the room, on top of them there is a space where one could use for lounging more like a loft space so to speak. The remaining 2 rooms which are old but more recent 100 years approx; need to be renovated and an extantion upstairs built to make this property work.
These are an estimation of costs:
Restoration of old & Building of new extention about 150K
Cost of Property about 130K
There is also the chance when dealing with properties so old that if anything is discovered of heritage in the renovation, the works will be stopped, until they are studied.
If you where faced with these if and buts what would you do? I am way attached and mesmerized by this property and its history. Being part of my family heritage gives it an added value to me. I'm afraid of doing the wrong decision.
I thank you for your time reading this.