A Fairfax City, Virginia couple, Mike and Cindie Pappas, paid approximately $300,000 for an 1866 farmhouse in 2003. The couple purchased the house with the intent of restoring it. Fairfax City has an established historic district, which the farmhouse was not located in. In spite of that, the city required that Mike and Cindie preserve the house's log floor joists and mansard roof.
Many homes dubbed as "historic" are often is poor condition and in need of repairs and improvements. Owners of such properties need to be aware that certain area regulations can require the use of original building materials as part of any restoration process; there fore making the process of obtaining supplies and materials more complicated and expensive than an average remodel.
A lot of hassle can be involved with the restoration process. Plans need to be approved by local historic commissions, building permits must be obtained, and state and federal tax credits need to be applied for. All of this can be combined with even greater personal sacrifices; Mike and Cindie Pappas lived in a single room of the farmhouse with 2 children throughout the restoration process which took three years!
The notion of "flipping" a historical home fro a profit is almost impossible, due to the hard fact that the investment required is usually almost as much as the overall market value of the home.
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