Buying a Historic Home: What You Need To Know
There's something charming about historic homes, there’s no doubt about it! Howard County is home to numerous historic properties, from colonial farmhouses to elegant estates, and some of them are even open to tour as we type this.
If you're considering purchasing a historic home in Howard County, here's everything you need to know before taking the plunge.
A property must typically be at least 50 years old to be considered historic, though age alone doesn't automatically grant this status. To be recognized as historic, a home must meet at least one of four criteria: it's connected to significant historical events, associated with notable individuals, represents architectural characteristics, or has important historical information.
Howard County has over 1,000 architecturally and historically significant properties throughout the county. Many of these properties are also eligible for historic tax credits, which can help offset renovation and preservation costs should you decide to upgrade.
Historic homes offer advantages that attract many buyers. The craftsmanship found in older homes is much different than modern construction standards. Hand-carved moldings, hardwood floors, stonework, and architectural features create a unique charm. Many homeowners find these attributes deeply meaningful, not only history buffs!
Well-maintained historic properties often hold their value exceptionally well and can even appreciate more than comparable modern homes, especially in areas like Howard County where historical preservation is valued and supported by the community.
A professional inspection is key when purchasing a historic home. Inspections can uncover age-related issues, such as outdated and deteriorating materials, sloppy repairs, poorly done DIYs, and overdue maintenance. Historic homes require specialized inspectors who understand older construction methods and can identify potential issues that might not be apparent to inspectors focused on modern homes.
If your potential home is listed on the National Register of Historic Places or is part of a local historic district, there may be restrictions on renovations and modifications. These guidelines are designed to preserve the home's historical integrity, but can limit your ability to make certain changes.
Before purchasing, research what renovations or updates you might need and whether they'll be permitted under preservation guidelines, so you’re not disappointed when certain upgrades cannot be made.
Historic homes often require specialized materials, craftspeople, and maintenance approaches. Regular paint might not be appropriate for original plaster walls, and period-appropriate roofing materials can be more expensive than typical alternatives. It is important to factor these costs into your long-term budget before purchasing a historic home.
Insuring a historic home can be more complex and expensive than insuring a modern property. Some insurers specialize in historic properties and understand their unique needs. Be sure to get insurance quotes before finalizing your purchase to avoid surprises and unexpected costs.
One significant advantage of buying historic homes is the availability of tax credits and incentives. Properties listed on Howard County's Historic Sites Inventory are eligible for historic tax credits, which can help offset renovation costs. If you're planning substantial renovations, you might qualify for federal historic tax credits, too!
Successfully purchasing and maintaining a historic home requires working with professionals who understand the challenges these properties present. This includes real estate agents familiar with historic properties, inspectors with experience in older homes, and insurance agents who specialize in historic properties.
Buying a historic home is about more than just purchasing real estate – you're becoming a part of history! These homes require patience, dedication, and often a larger budget than modern properties, but they offer rewards that go far beyond financial considerations.
Consider your lifestyle, budget, and long-term goals. Are you prepared for the ongoing maintenance requirements? Do you appreciate the unique character these homes offer? If the answer is yes, purchasing a historic home could be the right move for you!
If you're interested in owning a piece of Howard County's history, it's important to work with real estate professionals who understand the unique aspects of historic property transactions. At VSells & Associates, we have extensive experience helping clients find and purchase historic properties throughout Howard County. Our team understands the unique considerations involved in historic home transactions and can guide you through every step of the process, from initial property search to final closing.
Contact Vsells & Associates today to discuss your interest in historic homes and learn about the exceptional properties available in Howard County!
Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.