Know rules when buying historic home |
| By Jay MacDonald • Bankrate.com |
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After decades of living in suburbia, Americans are back in town, buying homes in older neighborhoods and protecting
them from development with the help of historic district designations.
"Obviously, the charm and history are attractive, but there's also a very strong lifestyle component to these historic
neighborhoods," says John Randolph, an associate broker Long & Foster, which represents homes in Old Town Alexandria, Va.
"What's old is new again. This is the revival of the town center in urban planning; the original town center."
However, if you fall in love with a vintage charmer
in a historic district, be careful. Your plans to remodel or expand
your new old home could turn into a frustrating and costly experience.
"If you are going to restore the home or add onto
it, it's going to cost you more money than an equivalent home somewhere
else in town, because the guidelines you're going to have to follow
are more expensive," says John Reynolds, an associate broker with
First Team Real Estate in Long Beach, Calif., who also lives in
the historic district of Cal Heights.
"I will have people come to my open houses and they'll be talking about the house and what they want to do and I say, 'Folks,
you are in the wrong neighborhood. I can show you neighborhoods in Long Beach where you can do that, but this is not one of them.'"
| Before buying a home in a historic district, inquire about the following areas where restrictions or extra expenses might apply. |
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Preserving character
The goal of all historic districts is to preserve the character of their neighborhood, either through codes, covenants and restrictions;
homeowner or preservation association guidelines; or both.
Most restrictions apply only to exterior changes to the house.
Some districts have municipal or county support for their restrictions, most often through the planning and zoning or
building permit functions.
Other districts rely solely on community pressure.
"I find that having to live with their neighbors can be more fearsome," says Beth Reiter, director of historic preservation
for the Chatham County-Savannah Metropolitan Planning Commission, which oversees four historic districts in Savannah, Ga.
Historic district restrictions vary widely, and some exempt certain properties within their boundaries by age or
other criteria.
For this reason, it's important to check individual
addresses for restrictions rather than to just look at local district
rules.
Historic districts, even those abutting each other, may differ in their restrictions or requirements.
Old Town Alexandria, for instance, seeks to preserve truly historic homes. Owners cannot make exterior changes to any
home that is more than 100 years old without getting approval from the City Council and Board of Architectural Review.
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