How to Save a Historic Home While Living (Technically) Rent-Free
Spending so much time at home during the pandemic has caused many people to rethink how and where they live. It can be difficult to justify the high cost of renting a small apartment in a city when most of the attractive aspects of city life (going to bars, restaurants, museums, drag shows, socializing in general, etc.) are no longer relevant. …
Unfortunately, not everyone has the money – or the opportunity to put in the time and effort needed – to pack, move to the village, and then buy and lovingly rebuild an old home. But if you can put the time and effort into bringing the old home back to its original glory, you might be interested in becoming an apartment building curator.
In a post for The Escape Home newsletter, Daniel Hyams explains what this arrangement includes, including the cost of living on the property, which is often advertised as “free”.
What are resident curator programs?
Primarily offered in eastern states, including Massachusetts, Connecticut, Vermont, Delaware, Virginia and Maryland, the Resident Curator Programs are public-private partnerships aimed at preserving historic homes and buildings that may not receive the funding needed to restore , and would otherwise remain empty. …
“The program works so that resident curators — who can be individuals or commercial and non-profit organizations — receive a long-term lease on a publicly owned historic building in exchange for restoring property and providing maintenance,” writes Hyams .
Is this life “without rent”?
While many people are drawn to the idea of rent-free (or low-rent), Hyman emphasizes that there is a cost to taking part in full-time curator programs. This is also something that varies depending on the location of the property.
For example, homes in Massachusetts are rented for 10 to 50 years, during which time curators who are resident single-family properties typically spend between $ 500,000 and $ 1 million to restore and maintain. Meanwhile, in Virginia, where leases range from 10 to 20 years, resident curators spend between $ 150,000 and $ 400,000, Hyman said .
While permanent curator programs are not feasible for many people, they provide unique opportunities for those interested in preserving historic buildings for future generations.