Buying a piece of history?
Through our experience, we find that there are some buyers who are steadfast in their home style preference: some value the one-of-a-kind charm of an older home and at the opposite spectrum, those who value everything modern. If your preferences fall in the older home category, you’re in great shape in some of the markets that ring the beltway….from Alexandria and Arlington in Virginia, to Dupont Circle, Logan Circle and Georgetown in DC, to Garrett Park, Kensington and Chevy Chase in Maryland, historic properties are everywhere!
What qualifies as historic? Homes are typically considered historic if they are at least 50 years old, if they have maintained the original architectural integrity or they have cultural significance (as deemed by registry on the National Register of Historic Places or as part of a locally designated historic district).
Understand the restrictions you may have on renovating a historic home. Local preservation ordinances may limit any changes you’d want to make to a home’s exterior, and in some cases, even changes you may want to make to the interior. Some communities require approval from a preservation board–for instance, replacing windows, repainting the facade or adding square footage. It’s pretty rare to see historic homes with solar panels (at least that are visible from the street), so if you lean toward this type of home, you’ll want to be sure to understand the restrictions that may derail or prevent you from making the changes you’d like to make.
Home inspections at an older home: what should I look for? When you are making the investment into buying your own piece of history with an historic home, you want to make sure you know what you are getting into. Older homes may come with age-related issues. These include outdated electrical wiring, an older plumbing system, an aging foundation (as evidenced with cracks or unlevel surfaces), inefficient insulation, and the possibility of lead paint or asbestos. All of these components of your home can be updated, but you’ll want to know how extensive a list you may be facing. We always advise using an inspector who specializes in older and/or historic homes so that any potential issues are identified up front and negotiated with the seller.
Financial incentives for a home restoration: Many areas (cities and states) offer financial incentives like tax credits, grants or low-interest loan programs for restoration work. There are shows on HGTV for this! Properties on the NRHP may even qualify for certain federal tax benefits. You’ll want to contact the Maryland, DC or Virginia state historic preservation office for details.
Ongoing Maintenance: Since historic homes use period-appropriate materials like wood siding (rather than Hardiplank), lime-based mortar, or slate roofing, repairs MAY take longer and be more costly due to the specialized nature of the products used and the contractors who are qualified to use them. If you are looking at an historic home, you’ll want to make sure you have access to as many records of updates and repairs that the seller has.
What about home insurance? Insurance is such a big issue today, not just for homebuyers looking at older homes. Many insurers consider historic homes to be higher risk due to their unique features and the specialized repair requirements. The safest bet is to buy a policy that covers full replacement for restoration with historically appropriate materials. We have relationships with excellent insurance agents, contractors, home inspectors and lenders.
Summary: We always want our clients to feel empowered by the information they have before they embark on buying a home–no matter what the age. If you are thinking about buying an older or historic home, we get it! We love the charm, the craftsmanship and the story that only these homes can tell. But you don’t want you to go into the purchase of an older home wowed by the character only. We’ll get you the information you’ll need to understand any limitations and make your dream of owning one of these special properties a reality.