What to Look for When Buying a Historic House

When it comes to buying a house, you have plenty of options. Between location, architectural style, floor plans, and amenities, you can get as specific as you’d like. But, without a doubt, nothing beats the charm of a historic home. The question is, what do you look for when buying a historic home?

The Allure of Historic Homes

Historic houses have a unique allure that new constructions often lack. They’re more than just buildings; they are portals to the past that offer a tangible connection to the architectural trends, craftsmanship, and ways of life that prevailed when they were built.

Historic houses often exude a charm and character that’s hard to replicate in a newly built property. They carry distinctive features like original woodwork, crown molding, stained glass windows, ornate fireplaces, and antique fixtures that are rarely found in modern constructions. These details contribute to a unique aesthetic appeal, often reflecting an artisanal level of craftsmanship that’s unheard of in today’s market.

Owning a historic house involves preserving a piece of architectural history. It’s about honoring the past and ensuring that the structure continues to tell its story to future generations. This sense of stewardship can be deeply rewarding.

But for all of the allure, there are challenges associated with historic homes, too. When you own a piece of architectural history, it’s not always easy to maintain and keep up to code. There might even be local preservation codes by the historic society in your town that say what you can and can’t do with the property.

Having a plan for what to look for when buying a historic home goes a long way toward setting you up for successful home ownership.

Considerations Before Putting in an Offer on a Historic House

You have to be conscientious and detail-oriented when buying any house – but especially a historic home that was built 50-100 years ago. Here are some key aspects to consider and evaluate as you go through this process:

• Commitment to preservation. Owning a historic house is about more than just purchasing a property. You’re also committing to the preservation of that house. You can think of yourself as the next caretaker of the property in a long line of other caretakers. With that being said, there’s a certain level of commitment that takes place with conducting repairs and investing in preventive maintenance. You can’t let things lapse out of laziness. Original features may need regular/annual care and restoration to preserve the architectural integrity of the property.
• Prepare for restrictions. You aren’t going to be able to do every single thing you want to the home. If the property is officially designated as a historic or heritage site, it may come with restrictions on what alterations can be made. These can apply to both the exterior and interior of the house. Understanding these restrictions is crucial before making a purchase. (For example, you might not be able to paint the siding without going through a long process with the local historical society and filing an application.)
• Know what to look for. The structural integrity of a historic home is something to think about and evaluate. How old is the roof – and what is the condition? (An older roof may require a total replacement, which can be very costly). What about the foundation – is it still holding up? (Sometimes, decades of pressure can lead to excessive settling within the foundation.) Then there are plumbing and electrical systems, which may need to be updated in order to be brought up to current codes.
• Don’t forget the aesthetics. While the exterior is of great concern to architectural preservation committees, you’re the one that has to live in the interior on a daily basis. Keep this in mind as you examine the condition of the interior. In terms of walls, look for signs of water damage, mold, or structural damage. Remember that restoring original features like hardwood floors, plaster walls, or woodwork can be costly.
• Think through the layout. Older homes often have layouts that don’t fit modern lifestyles (like small kitchens, heavily partitioned rooms, and fewer bathrooms). Consider whether the layout will work for you or if it can be altered to meet your needs.

The Financials of Buying a Historic House

Owning a slice of history is exciting, but it can bring some financial challenges and unique complexities into the equation. For one, historic homes usually require more expensive maintenance and renovations. If you’re planning on making changes, you may have to use very specific materials and contractors to get the job done.

Next, there’s insurance to think about. Because of the higher overall risk associated with historic homes, you may face more expensive premiums and policies. Just be aware of this and always shop around for multiple different quotes.

One positive associated with historic homes is the potential tax benefits. In many places, there are actually tax credits and incentives for people who buy and preserve historic homes. Research whether this is true in your area.

When it comes down to the appraisal of the house, things can be a lot more complex than a newly built home that has lots of comparable sales. An appraiser has to understand and value the unique features and historical significance of the home. This requires extremely specialized knowledge and experience. If you have any say in the matter, find an appraiser who specializes in historic homes. They’ll be better equipped to accurately value the property.

Financial aspects are a significant part of the decision to buy a historic home. The costs can be higher than those of a newer property, but the potential rewards – both tangible and intangible – can make the investment worthwhile for those who value the unique charm and character of a historic property.

Buy Your Next House With Green Residential

At Green Residential, we work with Houston area homebuyers who are looking for their next dream home. With decades of experience in the local market, we understand the ins and outs of every neighborhood and property type – including historic homes. We would love to help you find the perfect place for you and your family. Contact us today and we’ll put you in touch with your very own Houston home-buying expert!