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10 KEY STEPS AND CONSIDERATIONS WHEN BUYING A HISTORIC HOME www.cincinnatihistorichomes.com @cincyhisthomes
10 KEY STEPS AND CONSIDERATIONS WHEN BUYING A HISTORIC HOME
www.cincinnatihistorichomes.com
@cincyhisthomes
TABLE OF CONTENTS
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1. Is This House Historic…
2. Benefits of Buying a Historic Home…
3. Home Inspections…
4. Repair and Restoration Expense…
5. Meeting Health Standards…
6. Knowing the Rules…
7. Utilities…
8. Common Restrictions…
9. Tax Credits and Grants…
10. Proper Documentation…
11. Asking for Help…
12. The Sanregret Team…
13. Helpful Links…
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Have you fallen in love with a certain area or an actual historic home?
Many people become “enchanted” with the charm and appeal of historical homes. However, the expense and restrictions are another story when it comes to making a purchase. In addition, there can be other hidden problems with the home due to its age—problems that you might not necessarily expect with, say, a newly constructed home.
This book will help walk you through some of the Key Steps to figuring out if a historic home or property is the right choice for you.
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Under the National Historic Preservation Act of 1966, a building must be at least 50 years of age to be considered historic. Although there can be exceptions, this 50-year rule-of-thumb works for historic building acknowledgment not only at the national level, but also at the state and local levels. Places to look to see whether a building is considered historic or not include the National Register of Historic Places, which provides access to individual places and historic districts across the United States, and your State Historic Preservation Office. Local historic preservation organizations (historical societies, etc.) are also excellent resources while something as easy as checking your County Auditor’s website may list the age of a building and can be a good place to start.
Our recommended first step? Make sure the property you are considering is, indeed, a historic property!
CONFIRMATION 4
BENEFITS OF BUYING HISTORIC…
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First, let’s cut to the chase – historic homes are
GORGEOUS! The curb appeal alone is enough to
draw buyers from all walks of life to take a look at
your home. However, are you aware that many states,
counties and city governments offer tax benefits,
credits or incentives for owning and restoring a
historical home? You absolutely must know if any of
these benefits are available in your area and if you
qualify for them. When considering buying a historic
home, this alone can help you choose between two
different houses in the same geographical location
that you may be considering. These benefits certainly
won’t pay for the house, but they may pay for a
substantial percentage of the restoration!
Know what benefits are available for each house you might be considering!
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PROTECT YOURSELF!
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Some of the steps of buying a historical home are not
unlike those of buying a home that is built in more
recent years. Always make sure you protect yourself
in the same manner you would when making any
home purchase. Start by getting a Home Inspection.
However, don’t make the mistake of many who use
whatever inspector is available. Make sure you use an
inspector who has received his certification by your
state and is part of organizations on the state and
national level, such as the American Society of Home
Inspectors. Being part of these organizations keeps the
inspectors accountable and can provide assurance
regarding the quality of their work. Now go one step
further and make sure your inspector specializes in
older homes. Some even might go so far as to get a
structural engineer to inspect the home.
Get a Home Inspection by a certified Inspector.
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BE PREPARED!
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Most historical homes are in need of some kind of
repair or continued restoration. Make sure when
considering the purchase of a historical home you
take into account all of the necessary expenses for
this work to be completed. Know the cost of the
materials and contract work if you are not able to
make the repairs yourself. In addition, make certain
to set aside money for unexpected expenses. This is
wise when purchasing any home, but becomes
absolutely necessary when purchasing a historical
home. There will be expenses that are unexpected
and others that just occur because of the home’s age.
Being prepared reduces stress and continues to allow
you to focus on the joy your home brings you. When
estimating the expense of contractors, make sure to
gather quotes from multiple companies to get a better
sense of expected cost.
Know the expense of repairs and continued restoration.
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One house may also be different
from another depending on size
and other factors. While the testing
fees may be the same, most
certainly the repair work required
will not be. If you are considering
multiple houses, make sure to keep
track of those items for
BE SAFE!
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Make sure you and your spouse have discussed
situations like the presence of asbestos, lead and other
toxins that might be present in a historical home. If it
is something you are concerned about, make sure you
know the steps to have these items tested for and what
the expense may be to you for both the testing and the
repair needed should they be found present.
Test for Health Standards like Lead and Asbestos
each house separately so proper consideration may be
given.
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FOLLOW THE RULES!
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Sometimes local and state level government can
impose certain regulations that must be followed. You
might not be allowed to add on or change the type of
wood used for the flooring. Some local governments
may even have an opinion as to whether you should
be allowed to install updated HVAC elements.
Knowing the state and local regulations will keep you
informed so these mistakes aren’t made. This might
require some research time but will be well worth it.
Know the Rules and Follow Them!
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RESEARCH UTILITIES!
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Utility bills in a historic home can be good, bad or
similar to what you’re used to paying. It is imperative
that you know what the prior 12 months worth of
utilities have cost the current owner and why. A variety
of causes can make your use of electricity different
than theirs so make sure you compare behavior also.
This can be done with a few simple questions like:
How many people lived here full-time? Do you keep
the house extremely warm in the winter and cool in
the summer? Do you host company a lot? Then look at
their utilities and compare cost along with behavior to
make sure that you are aware of what this expense
might look like for you . Know What Your Utilities Will Be!
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COMMON RESTRICTIONS
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Some restrictions are more common than others.
Here are a few of the most commonly found
restrictions that may apply when you are considering
purchasing a historical home:
1.Tax levies applied to historical neighborhoods in
certain local areas
2.Changing square footage of a historical home
3.Changing the exterior appearance of a home, such
as shutters, windows or roofing.
The State Historic Preservation Office is the state
agency that oversees historic preservation efforts in
their state. While the historic property may be listed
on the National Register, it is typically state or local
preservation laws that trigger most restrictions.
Research common restrictions
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GRANT MONEY AND TAX CREDITS
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Look for Tax Credits or Grant Programs
The National Register of Historic Places does not have
grant programs for people who purchase or currently
own a historic home. There are tax credits available
through Heritage Preservation Services which may
provide assistance. In addition, there may be state-run
programs available. Find out by going to these sites:
• Heritage Preservation Service -
http://www.nps.gov/history/hps/tps/tax/index.ht
m
• State Historic Preservation Offices -
http://www.nps.gov/history/nr/shpolist.htm
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HAVE SUPPORTING DOCUMENTATION
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If the historical home you are considering for purchase is
listed on the National Historical Register of Historic Places,
make sure to procure a copy of this documentation for your
own records. According to the nps.gov they are digitizing all
of their records and you can get a copy by simply emailing
the request.
Find out more here: http://www.nps.gov/nr/faq.htm#copy
Obtain Documentation
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ASK FOR HELP
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If all else fails and you are still in need of answers and
guidance during your consideration of purchasing a
historical home, then look for guidance in the local area.
There are more than likely multiple organizations in your
area that are more than happy to help.
Cincinnati Historic Homes and the Sanregret Team—
comprised of Realtors Adam Sangret and Karen Niemel
Garrard—offer unparalleled real estate services to the
Cincinnati and northern Kentucky markets. We specialize in
historic homes, apartment buildings, commercial properties,
and real estate owned properties. Our priority is to serve the
needs of our clients and we pride ourselves on a reputation
of being trustworthy and experts at what we do. Our
business is built on repeat business and client referrals,
which shows a high level of client satisfaction and
confidence in our service. Working with the Sanregret Team
ensures that there is always an agent available to show
property and handle any other questions or concerns that
may arise. We believe that all of our clients deserve
complete satisfaction and no less than the best experience
with every transaction.
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THE SANREGRET TEAM
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Adam Sanregret—Lead Agent—is rated in the top 5% of the
Cincinnati Area Board of Realtors with an average of a closed
transaction every 10 days (2006 to present). He has received 5 Circle
of Excellence Awards to date. Adam is a lifelong resident of
Cincinnati and has been a full time real estate agent for over 8 years.
He is experienced in home restoration and his work has since been
featured on local home tours and in the news. He has also received
an award by the Cincinnati Preservation Association and has even
been called a “serial house restorer” by the Cincinnati Business
Courier. His interest in restoring urban and historic properties has
brought him to his current project, a Queen Anne Victorian located
in the historic Rose Hill Subdivision of North Avondale. In addition
to his real estate business, Adam owns and manages his own
residential rental properties, which has contributed to his unique
experience as a real estate agent.
Karen Garrard—Client Services and Marketing—has a Ph.D. in
Anthropology and over 15 years experience in historic preservation
and archaeology. Now a full-time real estate agent, Karen is also
trained in the designation, regulation, and classification of historic
properties. Originally from Buffalo, New York, also once a “Queen
City”, she is passionate about historic homes and understands the
potential pitfalls and rewards of owning one. Karen is currently
restoring a Victorian of her own located in the Sinton-Gilbert
Historic District of Walnut Hills.
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HELPFUL LINKS
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Cincinnati Preservation Association 342 West Fourth Street, Cincinnati, Ohio 45202 Telephone: (513) 721-4506 Fax: (513) 721-6832 [email protected] Ohio Historic Preservation Office 800 E. 17th Avenue, Columbus, Ohio 43211-2474 Telephone: (614) 298-2000 Fax: (614) 298-2037 [email protected] Ketucky Heritage Council 300 Washington Street, Frankfurt, Kentucky 40601 Telephone: (502) 564-7005 Fax: (502) 654-5820 National Register of Historic Places National Park Service, National Register of Historic Places, 1849 C. Street NW (2280), Washington, D.C. 20240 Telephone: (202) 654-2111 Fax: (202) 371-6447 National Trust for Historic Preservation 1785 Massachusetts Avenue, NW, Washington, D.C. 20036-2117 Telephone: (202) 588-6000 Fax: 800) 944-6847 [email protected] CINCINNATI HISTORIC HOMES Cincinnati, Ohio Telephone: 513-259-3001 [email protected]
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