Not all old homes are historic. And not all historic homes are livable. If you are a history buff, wanting to own a piece of the past as your new home, the first step would be to find out if the property you are considering is really historic. Here are a few factors to consider when searching for historic homes for sale:
Age: According to the National Register of Historic Places, a property must be at least 50 years old to be considered historic. Or it should be old enough to have been studied by archaeologists, historians or architectural historians.
Integrity: A historic home must be preserved to represent the time it belongs to. The property must be relatively unchanged in terms of its physical integrity. Any older home that has gone through massive renovations to fit into the changing times has lost its ?historic? status.
Significance: To be a historic home, the property should have some periodic significance. The home should fit into a particular historic style of architecture. It should be connected to people, events and activities that shaped history. It could be a home where a famous local merchant lived or where a former president spent his childhood. It should represent the distinct physical and architectural characteristics of the times, or it should have the potential to add to information about the past.
Why Buy a Historic Home?
A fuzzy, antique and nostalgic feel isn?t all a historic home has to offer. They also give you more bang for your dollar.
?Historic homes have always held their value,? said Max Sempowski, an agent at Keller Williams Realty. Semposki has specialized in buying and selling of historic homes for more than a decade. According to him, while regular home prices dropped 30 to 40 percent in most areas because of a battered economy, prices of historic homes have not dropped more than 10 percent.
Tips on Buying a Historic Home
Do your research. Look up home listings on the National Register of Historic Places and your local historic preservation society or landmark commission. Take a look at historic homes for sale online to get an idea of what is available.
Work with an experienced realtor. Look for realtors experienced in selling historic properties. Hire a reputable company that has an in-house agent specializing in historic homes.
?You need an agent who can provide comps,? Semposki said. ?When people buy older homes, if they don?t have comparable properties, then an appraiser has a difficult time appraising it.?
Preferably look for an agent certified in historic preservation. Ask the agent if he has a network of restoration contractors he can refer you to.
This about resale value. Look for a home that hasn?t been through too many changes and upgrades. ?If the property is totally unmolested, then it?s much easier to restore and it could have a higher chance of selling in the market,? Semposki said.
Advantages of Owning a Historic Home
The coolness factor: Most people who buy an older home do it because they prefer a particular style or are passionate about history.
Tax incentive: If homeowners restore properties in compliance with restoration guidelines, they could get most of their investment back, Semposki said.
?The important thing is to not destroy the feel of the house,? he said.
Many states offer tax credits for work done with preservation of historic homes in mind. In Virginia, for instance, homeowners can get a 12-year tax credit for 25 percent of the total money spent on renovations.
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