What is one way you can express your love for historic houses? Live in one. After all, old historic houses boast unique details, intricate architecture, craftsmanship, and a sense of charm. However, finding a historic home can be daunting if you are unfamiliar with the real estate market and certain preservation procedures. Before you make a big purchase, it is important to be well-informed. Let’s start with how and where to find a historic dream home.
What is a historic home?
First, you must decide what kind of historical home you want to purchase. Historic homes are usually deemed cultural and physical examples of the community, state, or even the entire nation. Do not confuse a dated home for a historical one. The National Register of Historic Places examines a property based on significance, age, and integrity. Properties can include residential homes that meet these typical criteria:
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Age. The property is at least fifty years old.
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Integrity. The property retains a significant degree of its original character.
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Significance. The property is connected to historical events, people, or developments. They may also be related to other buildings by a common theme, such as an architectural movement.
Outline what you want and how much you can afford
Before you begin your historic home search, you will want to consider what you want in a historic home and how much your budget allows. How much home can you afford? Setting a realistic vision of your future historic home and what that means for your finances and lifestyle can save you a lot of time, money, and stress in the future. Create a list of elements you want your home to have, such as the number of bedrooms and bathrooms, home square footage, a great location, and more.
There is a responsibility in owning a historic home, as it often comes with a bit more maintenance and upkeep than other properties. Becoming a historic homeowner should be something you are passionate about and not a newfound hobby. Remember, this is also a house you will live in, not simply a side project.
Check out real estate ads and websites
In addition to your local newspaper and town sources, check out national and regional publications that boast ads for historic houses. Because you are looking for a specific type of home, you may need to widen your overall search radius. Speak to others who own historic homes and ask how they found their property. You should also look online to find San Diego historic homes, such as the National Trust for Historic Preservation, where you can search for listings. When searching for a historic home, you should also consider working with a real estate agent, as they may know of available properties that meet your criteria.
Receiving a mortgage loan for a historic home
It is critical you talk to your bank or mortgage lender before embarking on the journey of purchasing a historic home. Conventional mortgages on historic homes may call for extra loan guarantees, meaning another person, such as a family member or friend, will become liable for a part of the mortgage if you default.
There are many grants and loans available to pay for a portion of renovation costs, like the Title 1 Property Improvement Plan and the Limited 203(K) Plan, should you need them. The National Trust for Historic Preservation also offers a tax credit program to homeowners who rehabilitate historic buildings.
Get in touch with your State Historic Preservation Office (SHPO)
It’s possible your State Historic Preservation Office can provide you with a local historic property list you can give your real estate agent. The office can also share any pertinent information of specific homes, such as their history, style, and appearance. They should also be able to give you state-specific assistance information on how to help pay for your home.
Understand the work that goes into a historic home
There are some amazing benefits to owning a historic home, such as becoming a part of a community, owning a unique piece of property, and receiving a high return on investment — but this doesn’t mean it’s not a work in progress. If you purchase a historic home, you should go into the process knowing it will require some time and effort. Often, historic homes come with more complicated renovations and stricter regulations. Make sure you read all preservation regulations before you purchase your home. Additionally, budget the cost of renovations and repairs when you get your first inspection.
Examine the environment
Location is everything. Even if you love a historic home, you may not love the neighborhood it’s in. Consider its proximity to desirable amenities, such as schools, churches, public transportation, grocery stores, doctor's offices, shopping malls, parks, and playgrounds. Take a stroll or drive around the neighborhood and explore the area’s attractions. Does the neighborhood have well-maintained sidewalks? Are nearby homes well-kept and presentable? If you have children, you should look into what district and school zone you would be in. Your location will also determine how long your work commute is — something that can make or break your interest in a historic home.
Find a knowledgeable real estate agent
Purchasing a historic home is a complex process that you should carefully consider. When searching for San Diego historic homes for sale, it’s imperative you work with a realtor familiar with buying and selling historic real estate. Are you looking to purchase in the greater San Diego area? If so, contact luxury real estate professional Celeste Dunn to help narrow down your search. With her expertise and knowledge of San Diego’s historic real estate, she will be a great resource for you through every step of the process, from touring homes and negotiating with buyers to answering questions and securing a seamless and stress-free closing. Contact her today to get started on finding your historic home!
