From elegant architectural details to the echoes of a bygone era, historic homes offer undeniable charm and character. But owning one comes with unique responsibilities that every prospective buyer should understand before signing on the dotted line. Whether you're captivated by ornate crown moldings or dreaming of restoring a century-old farmhouse, here’s what you need to know before buying a historic property.
What Makes a Home “Historic”?
A home is typically considered historic if it's at least 50 years old and has preserved its original architecture or holds cultural significance. Some homes are officially recognized and listed on the National Register of Historic Places (NRHP) or are located within a local historic district. These designations aren’t just for bragging rights—they can impact how the property is maintained, renovated, and even marketed.
Renovation Restrictions: What’s Allowed and What’s Not
Buying a historic home is a bit like joining an exclusive club—there are rules to follow. Local preservation ordinances often limit changes to the home’s exterior, and in some cases, to interior elements as well. For example, you may need approval from a historic preservation board for updates like repainting, adding solar panels, replacing windows, or expanding square footage.
Think of it like an HOA with deeper roots. It’s essential to research these guidelines before you make an offer or during your contingency period to avoid surprises or costly delays.
What to Watch for During a Home Inspection
Older homes bring their own set of quirks—and potential issues. Be prepared to investigate things like:
- Outdated electrical or plumbing systems
- Inefficient insulation
- Foundation settling or structural concerns
- Lead-based paint or asbestos
Hiring a home inspector who specializes in historic properties can help you spot safety issues and budget for necessary upgrades.
Can You Add Modern Amenities?
Absolutely—within reason. Many internal upgrades, such as HVAC systems, smart thermostats, or energy-efficient lighting, are fair game and often don't require special approval. However, any changes to the exterior will likely need to be reviewed. Be aware that updates can cost more due to the need for specialty materials or craftsmanship, but they’re worth the investment if handled properly.
Look into renovation financing programs that may be available for historic homes to help ease the financial burden.
Are There Financial Incentives?
Good news: preserving history might earn you a financial boost. Many states and cities offer:
- Tax credits
- Grants
- Low-interest loans for restoration work
Homes listed on the NRHP may also be eligible for federal tax benefits. Check with your state historic preservation office or local planning department to explore your options.
Ongoing Maintenance Considerations
Historic homes often require more frequent and specialized upkeep. That could mean sourcing period-appropriate materials like wood siding, lime-based mortar, or slate roofing. Repairs may take longer or cost more due to the need for skilled contractors.
Keeping detailed records of all work is not only good practice—it may be required for compliance and will help with future resale.
Insuring a Historic Home
Because of their age and unique materials, historic homes can be more expensive to insure. Standard policies may not fully cover restoration using historically accurate materials. It’s smart to work with an insurance agent who understands historic properties and compare coverage options to find the right fit.
Final Thoughts
Buying a historic home can be a deeply rewarding experience—one that blends craftsmanship, character, and community pride. But it’s not for the faint of heart. Do your homework, talk with knowledgeable real estate professionals, and don’t be afraid to ask questions.
For more resources on homeownership and real estate, visit facts.realtor or reach out to your local expert at NCJAR.
