Landmark Homes

Have you been considering landmark homes as a possible next residence? There are several advantages buying a home in a historic district, including stability and resale value. Still, historic homes should be thoroughly looked into before putting any money at risk.

Your first impression might be that you've found your dream house, with elaborate detailing, hand-carved woodwork, and stately columns. It also is listed on the National Register of Historic Places. Do you know what that means?

A listing on the National Register is an amenity that attracts a particular type of homebuyer. These people want to feel like they are doing something to preserve history, and enjoy the daily exposure to old world craftsmanship.

Landmark homes are typically located in historic districts. This means that the neighborhood and the house both encourage residential preservation, using uncommon design, craftsmanship, and materials. It's an opportunity to be part of something relatively unique.

While being on the National Register confirms a home's historical significance, the real worth may be realized in the property's stability and resale value. A study in 2000 confirmed that landmark homes increased in value much faster than their non-historic counterparts during the period from 1980 to 1996.

The difference ranged from 5% to 26% depending on location, with the biggest difference occurring in South Carolina. Furthermore, there is a lower owner turnover within historic districts than in other neighborhoods.

Being included on the National Register is an acknowledgment of the property's importance to the community. Some homebuyers might fear that this might lead to potential property rights infringement.

There's nothing to worry about. It's still your private property and no state or federal agency can force you to do anything.

However, in the event that you elect to use their funding, you might then be entering into an agreement which restricts the use of the funds. Owners are under no obligation to restore their property or to open their doors to the public.

If you do renovate landmark homes, the local municipalities could very well have design control in areas identified as having historic or architectural significance. Buildings in these areas may be subject to a design review.

Many historic districts require replacement of items with "materials in kind" - meaning you have to replicate the design features that were original to the building.

These alterations may require specific, expensive materials and craftsmanship. Keep in mind that by preserving the historic character of landmark homes, you are protecting your investment.

Furthermore, these rules apply to your neighbors. So he won't be able to do anything that might reduce the value of your home. Think of it as insurance.

You can check to see what will be required before taking the plunge. Go to your State Historic Preservation Office (SHPO), the local planning board, or a community historical society. Local architects that have done work within historic districts may also be informative.

Owning a historic property offers you an opportunity to share the history of your neighborhood, and be a caretaker of a peice of our nation's past.

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