Historic Homes in Coral Gables: How to Buy and Restore a Piece of History
Coral Gables, known for its Mediterranean-style architecture and lush streets, is home to some of South Florida's most historic properties. Buying a historic home in this charming city offers the opportunity to own a unique piece of architectural history, but it also comes with responsibilities and guidelines that potential buyers should know. If you’re considering investing in a historic property, here’s a guide to navigating the process, from purchasing to restoration.
Why Buy a Historic Home in Coral Gables?
1. Unique Character:
Historic homes in Coral Gables offer a distinctive charm that modern constructions simply can’t replicate. From Spanish tile roofs to intricate wrought-iron details and lush courtyards, these homes provide a sense of timeless elegance and craftsmanship.
2. Investment Potential:
Historic homes tend to appreciate well over time, particularly in areas like Coral Gables where such properties are highly sought after. Investing in a historic home can be both financially rewarding and personally fulfilling as you restore and maintain a piece of local history.
3. Preservation and Legacy:
By owning a historic home, you contribute to preserving the rich architectural and cultural heritage of Coral Gables. You’re not just purchasing a home, but becoming a steward of its history, ensuring it continues to stand for future generations.
Zoning Laws and Historic Designations
Before purchasing a historic home, it’s important to understand the zoning laws and guidelines specific to Coral Gables. Many historic homes fall under the city’s Historic Preservation Board’s purview, meaning that any renovations or restorations must meet specific criteria to maintain the home’s historical integrity.
1. Design Review Process:
The Coral Gables Historic Preservation Board oversees all modifications to designated historic homes. Before you can alter the exterior of the home, you must submit detailed plans for approval. This ensures that the home’s character is preserved, maintaining its contribution to the city’s historical landscape.
2. Zoning Restrictions:
Properties in historic districts may be subject to zoning restrictions that limit changes to the home’s footprint or exterior appearance. These rules help protect the uniform look and feel of historic neighborhoods, preserving the aesthetic appeal of the area.
3. Tax Incentives:
The good news is that owning a historic home in Coral Gables can come with financial perks. The city offers tax incentives for restoring historic properties, helping to offset some of the costs associated with renovation. Additionally, you may be eligible for state or federal grants aimed at preserving historic properties.
Restoring a Historic Home: What to Know
1. Research the Home’s History:
Before starting any restoration work, take the time to research your home’s architectural history. Knowing the original style and features will help guide your restoration efforts, ensuring that you stay true to the home’s original design.
2. Work with Professionals Experienced in Historic Restoration:
Restoring a historic home is not the same as updating a modern property. It’s essential to work with contractors and architects who have experience with historic preservation. They’ll understand the specific challenges involved and will be familiar with the materials and techniques needed to maintain the home’s integrity.
3. Preserve Original Features:
One of the most important aspects of restoring a historic home is preserving as many of the original features as possible. This could include everything from the original wood floors and windows to intricate moldings and fireplaces. Keeping these elements intact helps maintain the home's authenticity and adds value.
4. Budget for Unexpected Costs:
Restoring a historic home can often uncover hidden issues, such as structural damage or outdated wiring. Be prepared for unexpected expenses, and build some flexibility into your budget. While restoration can be costly, the value it adds—both monetarily and historically—is well worth the investment.
Benefits of Owning and Restoring a Historic Home
Beyond the personal satisfaction of restoring a historic home, there are practical benefits as well.
1. Community Pride:
Living in a historic home in Coral Gables connects you to the city’s legacy. You become part of a community that values its past and works to preserve its character. Coral Gables is known for its civic pride, and owning a piece of its history places you at the heart of that legacy.
2. Long-Term Value:
While historic homes may require more upkeep, they often hold their value better than modern homes. Their uniqueness, charm, and connection to the past make them highly desirable, even in fluctuating markets.
3. Preservation Tax Benefits:
Coral Gables and the state of Florida offer financial incentives for homeowners who undertake approved restorations. From property tax breaks to grants, these programs help alleviate the costs associated with maintaining a historic home.
Purchasing and restoring a historic home in Coral Gables is more than just an investment—it’s a chance to own a piece of history. With careful planning, adherence to local preservation guidelines, and a passion for restoration, you can bring a piece of Coral Gables’ past into the future, enjoying both the aesthetic and financial rewards of owning such a unique property.
