Photo courtesy ktylerconk, Flickr

One Last Checklist Before You Buy Your Historic Home

It’s a good idea to devote some time to deciding if the property is truly right for you and your family. Are you planning on making extensive changes? These may not only be costly, but could jeopardize the historic status of your home.

1. Is the house truly the right one?

Photo courtesy Jan Tik, Flickr

Finding a house that closely matches your lifestyle can often save time and money in the long run. Understanding a house’s suitability involves determining how the house will be used, and how well it accommodates your living patterns.

For example, people who like to live in rooms filled with paintings and furniture might enjoy the richly ornamented surfaces of a Queen Anne or Second Empire-style home. Those who prefer minimal furnishings might be more drawn to an Art Deco-style house. (Parts One and Two of our architectural style toolkits will come in handy here.)

2. Is it suited to your lifestyle?

Photo courtesy cliff1066™, Flickr

Don’t forget about examining the yard, and consider how you plan to use it. Is there enough room for children to play? Are you planning to put in a pool or tennis courts? How will these or other additions affect the character of the property?

3. Is there enough yard space?

Photo courtesy mikeatqazam, Flickr

Deed restrictions are attached to the property title or deed, and are said to “run with the property” -- that is, they are passed on from owner to owner. Restrictions may dictate how a property can or cannot be subdivided and what types of alterations are permitted.

4. Are there any deed restrictions associated with the property?

Photo courtesy dok1, Flickr

An easement is a form of deed restriction that gives a non-possessory partial interest in the property to a second party, such as a nonprofit. In English, this means the property owner still enjoys all the rights of ownership, while the easement owner usually has the right to access the property (within reason, of course) without seeking specific permission.

Examples include a public pathway easement, an open space easement, façade easement, and historic easement.

5. Are there easements?

Photo courtesy sandyhd, Flickr

We’ve taken you through several important steps when financing the purchase of your historic house. Before signing a contract, make sure you have considered each one, and are prepared to provide the necessary information and documents.

6. Will you be able to finance your purchase?

Photo courtesy Tax Credits, Flickr

While you won’t need to secure and purchase insurance before signing the contract, make sure you are very clear on the additional costs you will incur once you do. Don’t forget to check out National Trust Insurance Services to learn more about insurance for historic houses.

7. Have you calculated the cost of insurance?

Photo courtesy Jan Tik, Flickr

You shouldn’t sign a contract until you’ve gotten the property appraised. An appraisal is important because the mortgage lender will want to make sure the property is worth the amount of money you will be loaned. It’s also an opportunity for you to verify that the purchase price is reasonable.

8. Has the appraised value been determined?

Photo courtesy Scrap Pile, Flickr

In our previous toolkit, we gave you 10 ways to informally inspect potential houses. But a professional house inspection is most often required by your mortgage and insurance companies. It’s a good idea to get professional opinions on your old house’s wiring, plumbing, and other mechanical systems; you’ll also need a termite inspection.

9. Have you conducted a professional house inspection?

Photo courtesy Adam Caudhill, Flickr

You’ll learn about the history around you, and come to understand local, state, and federal regulations that help preserve and enhance historic houses and their communities. But most importantly, you’ll discover how historic preservation contributes to quality of life and why so many people treasure their historic houses.

10. Are you ready to discover all the benefits of owning a historic house?

Photo courtesy Diana Parkhouse, Flickr

Is it the right one? Is it suited to your lifestyle? Is there enough yard space? Are there any deed restrictions? Are there any easements? Will you be able to finance it? Have you calculated the insurance costs? Has the property been appraised? Have you had a professional inspection? Are you ready to discover the benefits of owning a historic house?

The Historic Home Purchase Checklist

Ten on Tuesday features ten preservation tips each week. For more tips, visit blog.PreservationNation.org.