How to Find and Buy a Historic Home: The Pros and Cons of Owning a Piece of History
Have you ever dreamed of living in a historic home? A home that has witnessed essential events hosted famous people, or showcased a unique architectural style? If so, you are not alone.
Many people are attracted to old houses’ charm, character, and history. But buying and owning a historic house is not for everyone. It comes with many benefits but also many challenges. In this blog post, we will explore the pros and cons of owning a historic house and give you some tips on how to find and buy one.
What is a historic home?
A historic home is a house that has been designated as historically significant by a federal, state, or local authority. Typically, a home needs to be at least 50 years old and meet one of the following criteria:
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- It is associated with a significant historical event or person.
- It embodies a distinctive type, period, or method of construction.
- It represents a masterwork of a renowned architect or builder.
- It has the potential to yield important historical information.
A historic house may be listed on the National Register of Historic Places, which the National Park Service maintains and includes over 95,000 properties. It may also be part of a historic district, a group of buildings with a shared history or style. A landmark district may have rules and regulations for preserving and maintaining its properties.
What are the benefits of owning a historic home?
Owning a historic home can offer many advantages, such as:
- Preserving history and culture. Owning a historic house contributes to conserving your community’s heritage and identity. You also honor the people and stories that shaped the past and influenced the present.
- You are enjoying unique features and details. Historic house often have distinctive elements that modern house lack, such as high ceilings, hardwood floors, fireplaces, stained glass windows, moldings, and more. These features add character and charm to your living space and reflect the craftsmanship and artistry of a bygone era.
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- Appreciating. Historic house tend to retain or increase their value over time, especially if they are well-maintained and located in desirable areas. They also tend to attract buyers who appreciate their history and style and are willing to pay a premium.
- You are receiving tax incentives and grants. Depending on where you live and the status of your historic house, you may be eligible for tax credits, deductions, or exemptions for restoring or improving your property. You may also be able to apply for grants or loans from various organizations that support historic preservation.
What are the challenges of owning a historic home?
Owning a historic home can also pose many difficulties, such as:
- Dealing with maintenance and repairs. Historic house often require more upkeep and care than newer houses, as they may have outdated systems, structural issues, or damage from pests, weather, or age. You may also need to hire specialized contractors or use specific materials and methods to preserve your home’s original features and integrity.
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- You are following rules and regulations. Suppose your historic house is listed on the National Register of Historic Places or part of a historic district. In that case, you may have to comply with specific standards and guidelines for any changes or additions you want to make to your property.
- You may also need approval from a local historic commission or board before starting any work. This can limit your options and creativity and add time and cost to your project.
- You are paying higher costs. Owning a historic house can be more expensive than owning a newer home, as you may face higher costs for insurance, utilities, taxes, and maintenance. You may also need to invest more money and effort to update or renovate your home to suit your needs and preferences while respecting its historic character.
How to find and buy a historic home?
If you are interested in buying a historic home, here are some steps you can take to make the process easier and smoother:
- Do your research. Before you start looking for a historic home, learn as much as possible about the history, style, and condition of the homes you are interested in.
- You can use online resources like the National Register of Historic Places website or visit local libraries, archives, or historical societies to find information and photos. You can also ask current or former owners, neighbors, or experts for their insights and opinions.
- Hire a professional. Finding and buying a historic home can be challenging, so working with a real estate agent who specializes in historic properties and knows the local market and regulations is advisable.
- You may also want to consult with a historic preservation specialist, an architect, or a contractor who can help you evaluate the condition, value, and potential of the homes you are considering.
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- Get a thorough inspection. Before you make an offer on a historic home, ensure you get a comprehensive inspection by a qualified inspector with experience with old houses.
- An inspection can reveal any hidden problems or defects that may affect your home’s safety, functionality, or appearance. It can also help you estimate the costs and time of fixing or restoring your home.
- Negotiate the price and terms. Once you find a historic home you love and can afford, you can make an offer and negotiate the price and terms with the seller. You may get a lower price or better terms if you show that the home needs significant repairs or improvements or if the seller is motivated to sell quickly.
- You may also want to include contingencies in your contract that allow you to back out or renegotiate if the inspection reveals significant issues or you cannot obtain financing or approval for your plans.
Conclusion
Buying a historic house can be a rewarding and fulfilling experience, but it also comes with many responsibilities and challenges. You must be prepared to invest your time, money, and energy to maintain and preserve your house and respect its history and character. You also need to know the rules and regulations that apply to your property and the benefits and incentives you may qualify for. If you are ready to take on the adventure of owning a piece of history, contact us today, and we will help you find and buy your dream historic house.
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