Charm is abundant in a historic property. They hold history and character – but with it comes unique maintenance concerns that are not for the faint-hearted. So, is it a good idea to buy a historic home?
Whether you have plans to restore a historic home to its former glory or update a historic home for modern living, there are several concerns around planning permission and structural integrity that can sometimes get in the way.
Here, professional contractors and real estate agents weigh up the pros and cons of buying a historic home to help you make the best property choices.
Is it a good idea to buy a historic home?
Just because historic homes can be a handful doesn't mean that you should avoid them entirely. The age of the property, where it is built, how it was built, and how it has been looked after all play big parts in helping you decide if it is worth buying a house. These are the seven things you should consider before putting in an offer.
The Pros
1. They were built to last
'Even if historic homes get a bit of a bad wrap for owners battling to keep a poorly insulated house warm or deal with moisture issues, you can rest assured that they are made with materials designed to last,' begins Danny Johnson, residential developer and owner of Danny Buys Houses:
‘'They don't build them like they used to' – there's a reason that statement is being made more and more. The building materials and craftsmanship used to build these beautiful houses are very difficult to find these days unless you have an unlimited budget,’ he shares.
2. They have unique character and charm
Historic homes are popular for a reason – they are awe-inspiring. With well-cared-for historic property, you won’t have to make a conscious effort to add value to your home; it will gain it naturally as it continues to age.
‘Historic homes in NYC often boast unparalleled architectural details and craftsmanship, offering buyers a one-of-a-kind living experience. We see a great demand for anything like converted churches or schools,’ shares Madison Sutton, real estate agent at SERHANT. ‘Purchasing a historic home allows buyers to own a piece of NYC's rich cultural and architectural heritage, adding a sense of prestige and pride to homeownership. Unique homes will always be in demand in NYC.’
3. They are often in prized locations
'Historic homes usually also come with a fantastic location,' points out Lindsey Harn, a top real estate agent with Christie's International Real Estate. ‘Older homes tend to be closer to town and more conveniently located to shops, restaurants, etc. So you can enjoy the convenience of an amazing location,’ she explains.
Some older homes are also pleasantly situated in the countryside, allowing for spectacular views and relaxation. In a way, they can be the ultimate wellness homes – there is nothing not to like.
4. They offer a great ROI
Although not everyone buys to sell, it is worth considering the return on your investment when picking a property. Historic homes naturally increase in value as they age – so long as they are looked after well and don't fall into disrepair. Not to mention that a well-carried-out renovation will boost its value immensely – more so than adding the best ROI home improvements to a modern build, suggests Nancy Batchelor, Vice President at Compass.
However, she says that not everyone is cut out to do a remodel, so it needs careful consideration before investing.
The Cons
1. Remodeling is often more expensive
There is more to think about before planning a remodel of a historic home compared to modern builds, not to mention that it is often more expensive as more needs to be replaced, rewired, or worked around.
‘The typical recommendation is to set a budget and then double it,’ warns Danny Johnson, home renovator. ‘Opening walls in these homes tends to uncover lots of surprises. This can be in the form of an old knob and tube wiring that is still hot, lack of insulation, or old termite or water damage.’
What’s more, when renovating an old property, you may have to go custom for many appliances and fittings to help them fit in, reminds Missy Serr, real estate advisor at Engel & Volkers:
‘A direct example of this is my bathroom remodel. Standard bathtubs are 60'', however, my bathroom was only 57'' wide. This required a specially ordered pedestal tub as I wanted to honor my own home's 1920s build date plus my own desire to enjoy bubble baths.’
2. They require constant maintenance
Home maintenance is a must with any house, but it is far more involved in a historic property, especially maintenance tasks to lower energy bills which are typically higher in older homes.
‘Historic homes often require ongoing maintenance and preservation efforts to upkeep their structural integrity and historical character, which can result in higher maintenance costs compared to newer properties,’ says estate agent Madison Sutton. Done properly, however, these tasks will keep the home in top condition for years to come.
3. They lack modern amenities
Depending on the location and age of the property, some historic homes lack modern amenities, estate agent Madison Sutton continues. It will be up to you to decide if the charm and character of the space are worth more than having the biggest and best home upgrades or eco-home improvements.
FAQs
Why are old houses built so well?
Older homes and historic properties are usually more sturdy as they were made with higher quality materials and built more slowly compared to modern builds that are put up quickly and cheaply to accommodate a rapidly growing population and a steep increase in second (or more) homes. This is also why a historic home (when looked after) is likely to last longer than most modern builds despite having stood for far longer.
How old does a house have to be to be considered historic?
As it stands, a building or home is considered historic if it was built before 1945. Any building built in the last 30 years is considered a ‘new build,’ as they are yet to be tested by the rigors of time. A building also usually gains this title thanks to interesting features (such as character features or build techniques) and their location.
'Buying a historic home is not for the faint of heart,’ concludes Missy Derr, real estate advisor. ‘Projects will run over budget. Defects will be hidden. However, if you are patient and careful with your home, your budget, and yourself you will find that the opportunity you have given yourself will reward you.’
