Legacy Homes are truly beautiful. There is something so special about having a home passed down from generation to generation. These homes carry so much history and the walls have seen a thousand stories. To be entrusted with this legacy is such an honor and is something to be valued. If you have been entrusted with a legacy home, you should feel proud of yourself!
So, what exactly is a legacy home? A legacy home is one that is passed down to you from someone else. This could be a newer home, or an original homestead from way back when. Legacy homes often carry significance to a family and are a transition of a major asset. These are not to be confused with Legacy Homes, a home-building company.
While being the recipient of a legacy home can be an exciting moment, they always come with strings attached. Here are the emotional, physical, and financial considerations you need to make before you become the next person to care for a legacy home:
- Emotional: Buying a home from a stranger is one thing. Buying a home from a loved one is a whole different process. While you may be promised a seamless transition, this is an emotional process. Our recommendation is to still involve a real estate professional and lawyers as is standard to keep things as clear-headed as usual and to help set professional, healthy boundaries. You need to validate all the emotions that come with this (the transition of the past owners, the feelings of others who weren't granted this home, and the significance of this piece of history) while also protecting yourself, your own family unity, and your future.
- Physical: In many cases, a legacy home comes with much more pressure and need than a typical home would when it comes to maintaining the property. Are you physically able to care for this home and preserve the legacy that comes with it? When it comes to physical property boundaries, are you willing to have other family members and people feel as if your 'new' home is their 'family' home still? This is especially important to consider when the home in question is historic. Old homes, while beautiful and incredibly special, require a lot of tender love and care.
- Financial: While being granted a beautiful legacy home is such a gift, it is still a massive financial move. Whether you will be paying for the home or simply taking over the title, there are financial aspects to take into consideration. A home is a major financial asset and something many people rely on to be part of their financial freedom in retirement and old age. Is this home going to a blessing or a curse when it comes to your finances? Can you afford to keep up this legacy? Meet with a financial consultant to discuss what you're getting yourself into and to realistically look at if this is a wise financial move for you and your family.
Legacy homes are so special, but make sure they are the right move for you.
(Image Created With Canva)