Buying a Historic Home

Perhaps you have been searching for several months or even years, and now you have found the perfect home. Your dream comes with elaborately detailed scrollwork, a hand-carved newel post, or stately white columns. It is also listed as a contributing resource to a historic district on the National Register of Historic Places. What does that mean? What things should you consider before determining that this house is for you?

Part of Something Larger

Pacific Union senior sales agent Tom Zannelli of San Francisco indicates that a listing on the National Register is a particular, upscale amenity that attracts a specific group of homebuyers. Others may fall into this possibility during a house hunt. Tom and Lynn Wood, architects and principals of Timeline Architecture, consciously chose to live in their neighborhood of redeveloped military housing at Fort Ethan Allen in Essex, VT. Both the surroundings and the house encouraged residential re-use, while the space offered uncommon design, craftsmanship, and materials. “It was a chance to be part of something larger and unique,” said Lynn.

Return on the Investment

A National Register citation confirms a home’s historic significance, but the real worth may be realized in the stability and strength of the property’s value. A 2000 study of South Carolina home sales showed that homes in Columbia’s historic districts sold 26 percent faster than the overall market; while historic Beauport owners saw a whopping 21 percent greater sale price. In Rome, GA, properties in designated historic neighborhoods increased in value 10 percent more than similar properties without historic designation between 1980 and 1996. Studies in Texas, New York, and Pennsylvania corroborate the positive effect an historic district designation has on property values, with overall increases between 5 percent and 20 percent. The stability of property value appears to extend to owner tenure as well: There is a reportedly lower owner turnover within historic districts than in neighborhoods lacking that distinction.

Playing By the Code

National Register inclusion is an acknowledgment of a property’s importance to its community, state, or the nation. Some homebuyers may be anxious about this designation from the National Park Service, fearing infringement of their property rights. These concerns are unfounded, as long as the work receives no federal money, and requires no federal license or permit. Owners are under no obligation to restore their property, or to open their doors to the public.