When thinking about buying a home and reading the real estate listings of your home buying dreams, do the words charming, character, and historic pique your interest? If yes, would you consider buying a historic home? How about a historic home on the National Register of Historic Places?
You definitely need a can-do attitude and expectations (and budget) for a hands-on home maintenance lifestyle before buying a historic home. To see past the expense of repairs for the cracks in the original plaster walls and updating the original plumbing, potential owners have to buy into the fact they’re preserving history and maintaining a small piece of American tradition for future generations—particularly if the property is listed on the National Register of Historic Places.
The National Park Service maintains the National Register of Historic Places. It describes its caretaking job as the following,
“The National Register is the official Federal list of districts, sites, buildings, structures, and objects significant in American history, architecture, archeology, engineering, and culture. National Register properties have significance to the history of their community, state, or the nation.”
Caring for one of these precious buildings is an honor and intense responsibility. Still think you’re cut out for historic home living? The pros and cons of a historic home purchase seem to be evenly split, but you should certainly know your reno/rehab personality before digging in.
The 5 Best Reasons to Buy a Historic Home
If you’re a fan of home rehab and decorating shows, you know that part of the appeal is watching the owners suffer through the agony of unanticipated costs, but at the end of every episode, they always have giant smiles on their faces and declare it was worth the extra money and effort.
Remember these rollercoaster feelings if you're drawn to buying a historic home; you’ll soon understand exactly how the TV homeowners feel during the show.
These are a few reasons home buyers consider purchasing a historic home:
1. They're built well.
The cliché “they just don’t make them like they used to” prevails. The unique, detailed craftsmanship is superior compared to many modern-built homes. Historic home buyers usually cite exceptional architecture and design as two reasons they prefer older homes.
2. Possible financial benefits.
Although you probably won’t find a windfall, there are opportunities for tax relief and grant options from the federal government and state and local entities.
3. Higher property values.
There’s a high likelihood of a substantial return on your investment. Historic districts regularly maintain high property values.
4. The beauty of a historical district.
A local historic board reviews any changes in neighborhood homes or zoning to ensure the integrity of the location. You won’t be surprised by “interesting” updates your neighbors are partial to.
5. They're charming.
Historic districts generally have established and mature landscapes, adding to the charm factor. To maintain the overall look and feel of the house’s timeframe, homeowners often invest in gardens with period plants or designs.
Photo by YinYang from Getty Images Signature via Canva.com
5 Reasons Not to Invest in a Historic Property
Not all historic homes are on the National Register, as it’s a lengthy process, but many historic property problems remain the same regardless of their official pedigree.
1. Restrictions, restrictions, and more restrictions.
Most certified historic properties must maintain the home's period and authenticity. Adding square footage is rarely permitted, and there will be strict local regulations regarding everything from shutter style to roofing materials and the exterior paint color.
2. Higher utility bills.
Energy consumption and utility bills will most likely increase. It takes a lot to heat and cool an old home. Chances are, you’ll also likely need creative solutions for modern energy updates that meet historic home regulations in your area.
3. The cost of maintenance and repairs.
Replacement materials original to the house will be expensive and difficult to find for projects because they’re no longer produced. You’ll also need to research reputable and qualified professionals with experience working with historic homes. A standard contractor likely won’t have the expertise necessary.
4. Homeowners insurance costs.
Homeowners insurance will be costly, if available, for certain types of policies such as replacement cost coverage. With the ever-rising insurance costs, it’s smart to shop around for quotes before committing to a historic home purchase.
5. Outdated plumbing and wiring.
Old homes go hand in hand with plumbing and electrical problems. Have you ever heard of the dreaded knob-and-tube wiring? It's a common and costly update that historic homeowners often unearth during renovations.
After learning more about buying a historic home, is your heart still set on preserving history for future generations? Good for you! It's a privilege to keep American history alive, but it takes a special homeowner to endure the buying and renovation process.
Prepare for the journey early by consulting local real estate professionals with experience buying and selling historic homes. They’ll likely have a list of go-to professionals with the skills needed to help you preserve and renovate the property.
If you're looking for an older, even historic, home, did you know you can search by the home's age on MilitaryByOwner? Look at our advanced search features to search for your perfect home!
