Should This Old House Be Yours?

Buying an historic property isn't for everyone. But if it's your dream, here are some tips for making it a beautiful one

If you love old houses, our tour of historic homes for sale around the country is your cup of tea. Queen Anne confections, Prairie Style mansions, colonials that truly date from colonial times -- each one is a gem (see BW Online's series, starting with historic homes in the Northeast).

But is buying an old house right for you? We spoke with experts from around the country about the pros and cons of buying historic homes. Here's what they said:

• Old houses need love. "You buy one of these places with a sense of stewardship. It's not just a real estate deal," cautions David Duncan, owner of Needham Duncan Architecture in Madison, Conn.

• Old houses have an integrity that shouldn't be spoiled. "If you want to transform an old home into a new home, then buy a new home," adds Amy McFeeters-Krone, president of Building History, a preservation consultancy in Portland, Ore.

• Old houses can cost lots of money to fix. The wiring may be old and dangerous. The paint could be lead-based and toxic. The roof may leak. Before you buy, do yourself a favor and rent The Money Pit, the 1986 comedy starring Tom Hanks and Shelley Long. It'll give you a idea of what could go wrong.

• Of course, it could also go right, especially if owning an historic home has been a lifelong dream. Skilled help is available. If the mantelpiece of your old house was ripped out by an insensitive previous owner, lots of expert craftspeople can build an authentic-looking replica -- for a price, of course. You can find them on the Internet.

• You could get a tax break, too. In Oregon, for example, buyers of certain designated historic homes can have their property taxes frozen for 15 years if they submit and get approval of a preservation plan.

• But also be aware: With such government incentives, there are also sometimes strict rules on what you can do to the exterior of your home if you live in certain historic districts, down to things like the color of paint you're allowed to use. Old, rattly windows may be considered historic, so you can't replace them.

• Resale can be a problem. Keep in mind that not everyone will share your love of antiquity or your tolerance for the idiosyncrasies of an old house.

• The local economy matters. One reason some towns have loads of inexpensive old homes, especially in parts of the Northeast and Midwest, is that they're losing jobs and people, notes George Siekkinen, senior architect for the National Trust for Historic Preservation. Make sure your charming old town isn't suffering from high unemployment, crime, and underfunded schools.

• State government can help. State historic preservation offices collect lots of information about older homes. The house you're interested in could be in their database even if it isn't on the state or national register. A list of state contacts is available through the National Register of Historic Places.

• Old homes require fresh eyes. Look past the dowdy wallpaper, advises Emily Ramsey, a project director of the Historic Chicago Bungalow Assn. And consider how to use existing space more effectively instead of indiscriminately slapping on a wing or another floor, says her boss, Executive Director Charles Shanabruch.

It takes a heap of living to make a house a home. The houses in this slide show have seen a heap of living. And that, ultimately, is what makes them so deeply attractive.

READER COMMENTS

Coy is BusinessWeek's Economics editor. His house was built in Coy is BusinessWeek's Economics editor in New York. His house was built in 1896

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