Profile picture for bertha3

where would i look for victorian homes

also what program would give me the funds to renovate the victorian home
  • January 27 2010 - Atlanta
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Answers (1)

Profile picture for Hotlantan
I would look in the following intown Atlanta neighborhoods with the highest concentrations of Victorian homes:

1) Inman Park - This is the most expensive of these areas, and it has the most grand examples of Victorians (mostly Queen Anne style) that you'll find in Atlanta. Most of these have already been restored to their former glory, but you might be able to find something if you're willing to pay a premium to live in this highly desirable area.

2) Grant Park - This neighborhood presents more renovation opportunities and is somewhat more affordable than Inman Park. There is a good mix of grand Victorian mansions and more modest Queen Anne bungalows. Many homes have been renovated and look fabulous, but there are still plenty of options. Plus, you're close to the Zoo, which is fun. :-) 

3) West End - This is the third area with the highest concentration of Victorian homes, and it's the most affordable of all three. It probably also has the most opportunities for historical renovators, although gentrification is definitely already underway. Also, you're just a stone's throw from the epicenter of several African-American colleges and universities (Morehouse, Spelman, Clark Atlanta), so it's a very popular area with plenty of Victorian homes ripe for renovation.

I don't know of any programs that will actually give you money specifically to do historical renovation, but depending on the property, you might qualify for a HUD "rehab" 203(k) loan. There are also tax incentives available for people renovating homes in historic neighborhoods (all of these would qualify). Check out the ones that fall under the National (and Georgia) Register of Historic Places.  I looked into these myself and found that to qualify, the renovations have to bring the value of the home up by 50% or more of the pre-renovation Fair Market Value. That is, if you buy a house for $200K and renovate it so that it appraises for $300K+, you will then be entitled to a 7-year tax rate freeze (based on the lower pre-renovation tax assessment) and then a slow phase-in of tax increases -- surely a blessing in tax-hungry Atlanta!  :-)   This program will also let you take a tax deduction on 20% of your total materials costs for the renovation. Not a bad deal for something you want to do anyway.

Hope this helps!
 
  • March 04 2010
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