First-Time Homebuyers: Buying A Historic Home Here’s What You’ll Need To Know?

Buying a historic home can be a unique and exciting experience. Historic homes are often rich in character and history, but they also come with challenges and considerations that differ from buying a modern home. This blog post will explore what you need to know when purchasing a historic home, including the benefits, challenges, and tips for a successful purchase.

Benefits of Buying a Historic Home

Character and Charm

Historic homes are known for their unique architectural style, craftsmanship, and design elements that cannot be replicated in modern homes. They often have ornate moldings, hardwood floors, and stained glass windows that add to their character and charm.

Example: You purchase a historic home built in the 1800s with original hardwood floors, a grand staircase, and a fireplace with a carved mantel. The house has unique design elements that cannot be found in modern homes.

Historical Significance

Historic homes have a cultural and historical significance that can add value and appeal. They may be associated with famous people or events that shaped the history of the community or the nation.

Example: You purchase a historic home where a famous author wrote their most significant works. The house is a cultural landmark and a source of pride for the community.

Potential Tax Benefits

Historic homes may qualify for tax benefits and incentives, such as reduced property taxes or federal tax credits, for renovations that preserve their historic character.

Example: You purchase a historic home on the National Register of Historic Places. You are eligible for federal tax credits for renovations that preserve the home’s historic character.

Challenges of Buying a Historic Home

Maintenance and Repairs

Historic homes require maintenance and repairs that may be more challenging and costly than modern homes. The materials and techniques used to construct landmark homes may no longer be available, making repairs more complicated.

Example: You purchase a historic home with a slate roof that requires repairs. The cost of repairing the slate roof is higher than replacing a modern roof.

Building Codes and Regulations

Historic homes may be subject to building codes and regulations that differ from modern homes, which can increase the cost and complexity of renovations and repairs.

Example: You purchase a historic home with a non-functioning fireplace. To repair the fireplace, you must comply with building codes and regulations that require the installation of a flue liner and smoke detectors.

Limited Modern Amenities

Historic homes may not have the modern amenities and conveniences found in modern homes, such as central air conditioning, modern plumbing, and electrical systems.

Example: You purchase a historic home with a window air conditioning unit and outdated plumbing. Upgrading the home’s systems to modern standards can be costly and may impact the home’s historic character.

Tips for a Successful Purchase

Research the Home’s History

Before purchasing a historic home, research the home’s history and significance. This can provide insight into the home’s architecture, design, and previous owners.

Example: You purchase a historic home a prominent community member once owned. You research the home’s history and discover it was a social and cultural event hub.

Hire a Home Inspector with Historic Home Experience

When purchasing a historic home, hiring a home inspector with experience in historic homes is essential. The inspector can identify potential issues and recommend repairs and renovations that preserve the home’s historic character.

Example: You hire a home inspector with experience in historic homes to inspect a property you are considering purchasing. The inspector identifies potential issues with the home’s electrical system and recommends upgrades that preserve the home’s historic character.