Perhaps it started when you walked home from school. You would always slow down your pace as you passed the older Victorian home with its gabled roof and inviting wrap-around porch. Or maybe your fascination with stories of days gone by led you to take day-trips to historic sites on weekends.
Whatever brought you to this point, it was a powerful force in your life. So naturally, your heart is now set on buying your own historic home.
Even if this is not your first home purchase, historic homes can have their own specific challenges for the first-time historic home buyer. Know what to expect in advance and your home-buying process will be smoother and more satisfying
How To Define a Historic Home
A “historic home” must meet three criteria:
- It must be of a certain age, generally 50 years or older
- It must be in close to original condition, with defining architectural features still intact
- It must have historical architectural significance or be associated with an important historic event
Is It Registered?
Many owners of an older home want it to be registered with The National Register of Historic Places. If the property you are interested in is not registered, conduct some research and ensure it meets the registration criteria.
The National Register of Historic Places is part of the National Park Service. You can learn about The National Register of Historic Places at: http://www.nps.gov/nr/.
Local historical designations may also be available, but can pose serious restrictions on the home owner.
Find the Right Home Inspector
Once you find your home, it’s critical that you get a qualified home inspector. Older homes are much more complicated to inspect, and it takes a certain expertise to do this inspection job properly.
Many inspectors who specialize in historic homes are members of the Historic Building Inspectors Association. This association demands that all member inspectors are well qualified to evaluate and report on structural and mechanical aspects in historic buildings. Their members understand historic preservation standards and practices.
You can read more about this group and find a registered home inspector at: http://www.inspectistoric.org.
Pay Attention to the Electrical System
Older homes can be a genuine joy—unless they’re in need of costly updates.
One area that many older homes need updating in is with their electrical system. Don’t be surprised if the inspector informs you that you need to replace all the old wiring or that the fuse box cannot accommodate all your modern necessities, such as computers and televisions.
To fix this problem, you’ll need to hire a licensed electrician who understands how to integrate older and newer electric systems. Of course, he also must be an expert on your town’s local electrical codes.
When making an offer to purchase, you should consider known electrical deficiencies.
Be Prepared to Walk Away
Many local historic home associations enforce strict restrictions on the type of upgrades homeowners can make to their registered homes.
Generally, homeowners can make repairs to elements of the home, but they cannot add or replace structures. So, it’s highly unlikely that they will allow adding a back porch or additional square footage.
If items like windows or roofs need repair, you will need to replace them with similar building materials.
Anticipate all repair expenses, and make sure you will afford them. And if you hate a structural element of the house, beware—you may need to live with it.
Get Estimates on Contracting Work
Most likely, if the home has not had a new owner in some time, there will be upgrades you will initially need to make to meet certain building codes. Or, there may be other updates you will want to make immediately, such as fixing a leak in the slate roof.
Get price estimates from contractors experienced with historic homes. Make sure you are aware of these costs before you make your offer or end your attorney review period.
Fixing a slate roof on a historic home is much more costly than fixing an asphalt shingle roof on a modern home. Avoid surprises.
For a Moment, Think About Reselling
Wait a minute . . . you’re just buying your home! Why am I talking about reselling?
The fact is, historic homes may be more difficult to sell. Unless you live in an area that people flock to because of the historic homes, you may find that your home is less in demand. This can mean it will take you longer to sell the house, or risk a steep price reduction if you need to sell in a hurry.
Home resale value is always something you should give some thought to when purchasing. Generally, a home is the largest purchase an individual or couple will ever make. It’s important to consider all aspects of your home purchase.
Historic homes are incredible to own, but most people don’t want to get involved with the extra cost and care. Owning a historic home is truly a labor of love.
Now for Some Great News . . .
If you qualify, your state and/or local governments, as well as the federal government, may offer tax incentives to help you preserve or restore your historic home. These incentives may take the form of tax credits or lower interest loans, and are certainly worthwhile for you to check out.
Now that you’re aware of things to consider when purchasing a historic home, it’s time to go ahead with the fun part! Viewing a historic home, as a potential buyer, is a great experience. It’s almost like studying a piece of history and deciding if you want to be part of it.