Man Saves 122-Year-Old 'One of a Kind' Island Mansion

A man has restored a mansion on Canada's Prince Edward Island after saving it from demolition.

Homebuyers are increasingly looking for ways to make their money stretch amid high inflation, and purchasing a home that hasn't been maintained is an easy way to accomplish that.

Dean MacArthur, the man behind @TheParishProject Instagram and Restoring Notre Dame YouTube account, said he knew he had to buy the house despite its state of disrepair.

MacArthur said he was initially at the church next door to the house but found himself drawn to the 122-year-old home.

"As I walked around the property, I was informed that it was soon to be scheduled for demolition," MacArthur said in a recent video. "I knew in my soul I could not let this happen."

So MacArthur made a bold move. He offered to buy the house on the spot, without seeing its interior or even discussing the decision with his partner.

"I knew this would be a monumental task, but I simply could not let this piece of history be demolished," he said.

Since buying the house, MacArthur has accepted the full extent of work required to get the home back in shape, including replacing the unit's old furnace and recovering the floorboards.

MacArthur said he initially became interested in restoration from a young age, since he grew up in a family of masons.

"The unique character and architecture of these old buildings is just no longer produced in today's world," MacArthur told Newsweek. "As I walked around the building and saw the craftsmanship that was present, I just couldn't let it be demolished."

Despite its state of disrepair, the house was too unique to see torn down.

"You would never see buildings like this built in today's world, as most of the skilled tradesmen that you would need to build such a manse are no longer alive and the few that remain are sparse and hard to find," MacArthur said.

"Finding a piece of history like this and restoring it leaves you with a one of a kind building that will survive centuries in a world where we continually build cookie cutter homes that decay in 50 years."

Home Restoration Trend

Home restoration has become a larger trend across the United States, as it allows homebuyers to take more financial and design control over their houses.

While a traditional home costs a median of $412,000 in the United States, homes in need of restoration are usually far cheaper, despite their size, architecture or history. But homebuyers can also create something truly special through the process, real estate professionals say.

For many, that means being able to preserve unique architectural details while still having modern amenities.

"There's a certain charm and character that comes with restoring a home with history," Joshua Martin, owner of Milwaukee-based Atticus Home Buyers, told Newsweek. "Plus, with the rising costs of living, it can be a more affordable option compared to buying a brand-new home."

That means homebuyers could gain access to a neighborhood that was previously out of their price range, or even a better school district for their children.

"Purchasing a home that needs a restoration can be a daunting task, but for those ready to take on a project, it can have many positive advantages over purchasing a newer home," Cody Horvat, real estate broker at The Scott Group, told Newsweek.

Home restorers also have the chance to leave a unique mark on their home, as opposed to the countless houses that look the same, Horvat said. While new homes tend to have modern amenities, many lack the unique stained-glass windows, built-in bookshelves and fancy doorknobs of their predecessors.

Builders of new homes "follow current trends to have their homes appeal to a specific buyer in mind, but they often end up looking eerily similar and lack any sort of true character," Horvat said. "Restoring an old home maintains the character and charm that has been built into it, and people recognize that the second they walk through the front door."

There's also a significant return on your investment when restoring an old home, with some people able to nearly double the initial cost after the home's restoration.

Taking on a project like the Prince Edward parish house is no easy feat though. It requires significant hard work and initiative, and not everyone may be up to the task.

There's also a heavy upfront investment to complete all the repairs a restored home will need.

"It takes money to get those projects done," real estate agent Chuck Vander Stelt told Newsweek. "Homebuyers considering purchasing a project house should have a strong understanding of what needs done to the home and what that will cost."

Often homebuyers find out there are additional costs or repairs after the sale, and this can draw your restoration costs significantly higher.

"Older properties do come with a hidden price tag," Chris Romany, president of House Solutions USA, told Newsweek. "Even the best home inspectors or contractors can only point out what they can see and have no idea what surprises await inside walls or below floors."

Romany recommends homebuyers get multiple quotes from several contractors to have a better idea of what repairs are needed, as well as add a 20 percent contingency cost into your total budget for the project.

All in all, for many homeowners who take the leap into home restoration, it is worth it.

"It's definitely a labor of love, but the end result is incredibly rewarding," Martin said.