HISTORIC ANNAPOLIS/MURRAY HILL
A lot of people love the idea of being able to walk to everything happening in downtown Annapolis. With its lively restaurant, bar, shopping and special events scene, the surrounding neighborhoods around downtown are very popular for people wanting to lead an active life. This means probably living in the historic Annapolis and/or Murray Hill neighborhoods. Eastport near the Eastport bridge is a good option too. Most of the properties in this area are seven figure homes. A lot of the streets remind me of the painted ladies in San Francisco or the grand row houses that line some streets in DC. Want to get into these neighborhoods without the 7-figure price tag? Well, you can. There are several townhouse options, condo buildings, semi-detached homes or historic homes that need some TLC. Are you willing to do the work to restore and renovate an older home in this area? If you are, the investment could be well worth it. Many properties have been purchased in the $400,000-$800,000 range and fixed up, leading to 7-figure home values following renovations. Not only is it a great investment in regards to re-sale value, it will also give you the great combination of a historic house with modern amenities. All within walking distance of everything downtown Annapolis and the Annapolis waterfront have to offer.
What to watch out for…. The city does have historic preservation do’s and don’ts when it comes to the outside of protected properties. Make sure you understand what you can and cannot do when renovating your historic district home before you buy a place in need of rehab. To find out more info, you can visit the website at: http://www.annapolis.gov/…/boards-and-commissions/historic-… or contact us to ask questions (firstname.lastname@example.org). You can also talk to an architect that has experience in historic Annapolis. Not sure which one to call? Send me an email and I can recommend a couple.
Another thing to ask when purchasing a home in historic Annapolis, Murray Hill or Eastport, among many other questions, is… Does it have off-street parking? Believe it or not, many do not. This could mean finding street parking on a Friday evening, which may not be the easiest thing to do (or any evening during the summer months for that matter). An experienced realtor in this area should be able to negotiate for you if you just love a property that doesn’t have off-street parking. They should also be able to recommend other options.
Finally, if you do decide to purchase a historic home in Annapolis, there are several ways to finance your purchase that would also give you the extra cash to complete the rehab work. Have questions about this too? Just give us a call or shoot me an email and we can send you more detailed info direct from lenders that have worked with our clients in the past.
Purchasing a home in the downtown area can be very fulfilling and lead to a terrific lifestyle. Just make sure you are aware of all that comes with buying in historic Annapolis. You don’t want any surprises after your closing!
Greg Beckman, Annapolis Realtor
Keller Williams Select Realtors