A historic home can be a rewarding project for any homeowner. Not only can the renovations themselves be a labor of love, but you’ll own a piece of history that’s often worth preserving. But buying property with historic preservation requirements takes more time and energy than simply purchasing a newer house, and there are additional steps to take that can impact your ability to purchase, refinance or sell your home.

For a home to be considered historic, it must have a connection to important events in American history or embody a specific architectural style. Most municipalities also have historic districts that encompass significant blocks of houses and buildings, such as Beacon Hill in Boston, Jackson Square in San Francisco or the French Quarter in New Orleans. Historic districts may be designated at the state, local or national level, with local designations typically having more restrictive rules for what owners are allowed to do with their homes. See more https://www.acompanythatbuyshouses.com/sell-my-house-fast-flower-mound-tx/

In addition to the aforementioned restrictions on what can be done with your home, many cities and towns have historic preservation ordinances that require that any work you do on your home must meet certain criteria. For example, a home built before 1950 might use materials that are no longer available, so you’ll need to find a contractor who can replicate those old-world techniques in order to maintain the integrity of the structure.

Historic properties are also generally more expensive to buy, own and run than newer homes. This is due to factors like the age of the building, strict home rehabilitation guidelines and higher utility costs. You’ll likely need to get preapproved for a mortgage from your lender to ensure you can afford your dream historic home, and the mortgage approval process could be more complicated than if you were buying a traditional home.

When looking for a historic home, it’s best to work with an experienced real estate agent who can offer guidance on where to look and what to consider. Online listing websites can be helpful as well, with some being able to set construction date filters to show only older homes.

Once you’ve located a home that meets your needs, you should check the National Register of Historic Places (NRHP) or local historic district guidelines to see what restrictions apply. Typically, any home that’s within a historic district will have the most restrictive rules, and it’s best to visit your city or town planning department for more information.

While owning a historic home can be a challenge, it’s often a very rewarding experience, and support exists to help offset the costs of preserving your property. From tax incentives to HO-8 and National Trust insurance policies catered to older homes, there are plenty of opportunities to help you preserve your home’s historic charm. For more homeowner resources, visit Old Republic Title’s Homeowner Resources page. Or, contact a representative to learn how we can protect your rights with our title insurance services.