Navigating Historical Home Sales During Divorce in Minneapolis-St. Paul
Selling a home during a divorce is never easy, and when the property in question is a historic home, the process can become even more complex. Historic homes in Minneapolis and St. Paul carries unique challenges and benefits that require careful consideration. From navigating preservation requirements, etc. This guide will help you understand the intricacies of selling a historic home during divorce in the Twin Cities.
Challenges of Selling Historic Homes During Divorce
Preservation Regulations: Many historic homes are subject to preservation laws and guidelines that restrict alterations. These rules are in place to maintain the home’s historical integrity, but they can limit potential updates that might increase market value.
Truth-In-Housing Report Requirements: Both Minneapolis and St. Paul require a Truth-In-Housing (TIH) Report prior to listing any home. This report evaluates the property’s safety and compliance with housing standards. Sellers will need to address any required repairs, which can add time and expense to the process.
Specialized Maintenance Costs: Historic homes often come with higher maintenance and repair costs due to the need for specialized materials and craftsmanship. For divorcing couples, these costs can become a contentious issue.
Niche’ Buyer Pool: Not every buyer is looking for a historic home. These properties appeal to a specific audience, which may result in a longer selling timeline compared to more conventional homes.
Benefits of Selling Historic Homes During Divorce
Unique Market Appeal: Historic homes often feature architectural details and craftsmanship that modern properties lack. These unique features can command a premium price if marketed effectively.
Potential for Tax Incentives: Some buyers may be eligible for tax credits or grants for preserving a historic home, which can be an attractive selling point.
Strong Community Interest: Minneapolis and St. Paul have a deep appreciation for historic properties, with communities that value preservation and character. This local interest can be leveraged to attract passionate buyers.
Tips for Selling a Historic Home During Divorce
Obtain the Truth-In-Housing Report Early: Schedule the TIH inspection prior to listing the home on the market. Address any necessary repairs promptly to avoid delays once the home is on the market.
Highlight Historical Features: Work with a professional stager or photographer to showcase the home’s unique elements, such as original woodwork, stained glass windows, or vintage hardware.
Market to Niche’ Buyers: Your real estate professional can use marketing strategies to reach buyers interested in historic homes.
Consult Preservation Experts: If your home is subject to preservation guidelines, consult with local preservation organizations or experts to ensure compliance and maximize appeal.
Work with a Certified Divorce Real Estate Expert (CDRE®): A local CDRE® such as Shannon Lindstrom with RE/MAX Results understands the emotional and financial complexities of selling a home during divorce. They can guide both parties through the process with professionalism and neutrality.
Preservation Considerations
When selling a historic home, it’s essential to honor its heritage. Buyers interested in these properties often value preservation and authenticity. Consider providing documentation of the home’s history, including original blueprints, photographs, or stories from previous owners. This added layer of storytelling can enhance the home’s appeal.
Selling a historic home during divorce in Minneapolis-St. Paul requires balancing practical considerations with the property’s unique charm and preservation needs. By understanding the challenges and leveraging the benefits, you can navigate the process successfully. Working with a Certified Divorce Real Estate Expert ensures that all parties are supported throughout the sale, paving the way for a smooth transition.
If you or someone that you know has real estate questions or wishes to discuss how I can help, please contact Shannon Lindstrom, Realtor with RE/MAX Results and a MN Certified Divorce Real Estate Expert (CDRE®) serving the Twin Cities/MN at 612-616-9714 or visit www.ShannonLindstromRealtor.com today.
Shannon Lindstrom, Realtor®, CDRE®, CREDS, GREEN, MILRES, MRP, VCA
RE/MAX Results
7373 Kirkwood Court No, Ste. 300
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
www.MinnesotaMilitaryVeteranRealEstateAgent.com
www.MNDivorceRealEstateExpert.com
