Whether you’re a history buff, you favor the uniqueness of older homes or both, buying a historic home is a goal that many have in mind for their next home purchase. There can be something both intriguing about living somewhere with a past, as well something fulfilling about breathing new life into an older property. Buying a historic home can be exciting, but you should also be aware of all that it can entail before making the decision to do so.
What is deemed a “historic” home?
A true historic home is defined by the National Register of Historic Places as being at least 50 years old, or “exceptionally important” if younger than 50. It must uphold the integrity of how it looked in the past, and must be “significant,” meaning, associated with historic events or people, or architecturally significant for the time period.
A home can also be historic if it exists in your city’s local historic district, the regulations of which are typically defined by a local historic board or preservation entity.
What should I do before buying a historic home?
- This is something you should do before any home purchase, but make sure to schedule an inspection with a qualified home inspector—preferably one that even specializes in older homes.
- Evaluate what repair work is needed, and get price estimates beforehand to make sure you can afford it.
- Ensure that the historic home meets health and safety standards. For example, you probably don’t want to deal with a home that tests positive for substances like asbestos or lead paint.
- Do your research to see what your local or state laws require in terms of historic home preservation. You may find that some rehabilitative actions are required of you that you are not willing or able to fulfill.
What restrictions are associated with buying a historic home?
There are a few common restrictions to home renovation in historic districts, as well as extra expenses associated with owning a historic home, including the following:
- Additions of square footage including extra stories could be prohibited.
- Aesthetics like windows, paint colors and shutters could be limited to certain types.
- Roof materials could be limited to certain types.
- Utility bills could be higher for a historic home.
- Taxes associated with living in a historic neighborhood could be higher.
- Home insurance could be higher.
It’s important to keep in mind that not all restrictions will be the same from neighborhood to neighborhood; it all depends on your local regulations.
When thinking about buying a historic home, you should also be flexible with the fact that the modern-day amenities you have in mind for your home may or may not be feasible depending on the structure of the home itself—and depending on your efforts to preserve the home’s integrity.
The benefits of owning a historic home can be rewarding, but make sure you are up for the potential challenges that preserving a historic home can present. In some cases, it may be worth it, but in others, it may not.
For more home owner guidance, continue to follow the Ryan Roberts Realtor blog! And for your real estate needs in and around East Alabama, contact Ryan today at 334-750-9872, or email [email protected]!