Preserving Your Historic Home

Whether you invested in a historic home to run a bed and breakfast or bought one to be your forever home, they often come with necessary maintenance. Its beauty and allure won’t stand the test of time alone, and, as its owner, you likely want to do everything you can to protect its structural integrity and unique architectural characteristics.  

To help ensure your historic home stays alive for years to come, discover how you can preserve it to the best of your ability below.

What Defines a Historic Home? 

The National Register of Historic Places is an official list of historic homes, buildings and locations in the United States that are worthy of preservation and protection. The register provides resources on evaluating and documenting historic places and helps them receive preservation benefits. 

They evaluate the properties with the following criteria: 

• Age and Integrity: The property must be at least 50 years old and look the way it did in the past. 

• Significance: The property must be associated with significant events, people or architectural history. 

If your home meets these qualifications, you may be able to list it on The National Register of Historic Places.

Know Your Home’s History 

In order to preserve your home, you must first understand its history and architectural style. Is it Victorian? Queen Anne? Federalist? Colonial? Once you know and understand this, you can better research and adhere to its historic rehabilitation regulations. This will also help you prepare your budget for any necessary maintenance, repairs and restoration. 

You will also likely want to keep a detailed record of your home’s history as well as any preservation projects you’ve undertaken. This will help future owners understand your home’s history and guide them in their own preservation in the home.

Protect and Maintain  

If your home hasn’t undergone protection efforts or it has been a while since it has, you may want to start to help prevent any further deterioration. This may include pest control, cleaning and maintaining your plumbing, heating, ventilation and air conditioning (HVAC), electrical wiring, insulation and more.  

You should also keep in mind the exterior of your home. Repairing cracks or decay and regular cleaning are essential to long-term preservation. This also includes the roof, gutters and drainage systems which are needed to help prevent water damage.

Restore as Much as Possible 

To keep the home much like it was in the past, it’s likely you’ll want to restore as many of its unique characteristics as possible. Try salvaging or sourcing original materials and work with contractors who are experienced in preserving old homes to help ensure that you’re staying true to your home’s original craftsmanship. You may find that replacing some features may be necessary, but you’ll likely want to keep this to a minimum.

Upgrade Mindfully 

There may be some features that you want or need to upgrade, such as insulation or more energy efficient systems. Many of these projects are unavoidable. However, you may want to consider subtle and reversible methods to upgrade so you won’t have to compromise the original characteristics or architecture of the home.

Embrace Imperfection 

Sometimes oddly shaped windows or inoperable fireplaces are the things that give your home its charm. If it’s not something that will hinder the structural integrity of your home or take away from its longevity, you may want to consider keeping and embracing it.

Financing Your Preservation 

There are actually many resources you may be able to take advantage of to help preserve, restore, repair or improve your historic home.  

Federal Historic Preservation Tax Incentives Program 

If you’re using your historic home as a bed and breakfast or are renting it out to businesses, you may be able to get a 20 percent federal tax credit for the rehabilitation of your property. For more information and to see if you’re eligible, visit the National Park Service® website.  

State Tax Credits 

Depending on where you live, you may be able to get tax credits on your rehabilitation and renovation even if you’re not using your historic home to generate income. Some states could even help reduce state property taxes for historic sites. Learn more about these tax credits on The National Trust for Historic Preservation® website. 

Grants 

You may also want to look into federal and state grants as well as different foundations and trusts that provide grants to help preserve your home. For example, The National Trust for Historic Preservation® provides a variety of funds to help encourage preservation at a local level and the Historic Preservation Fund helps provide financial assistance through several different grant programs.  

Loans 

If you don’t qualify for any of the above or just want to take a more traditional financing approach for your efforts, there are some loans you may be able to apply for. These may include The U.S. Department of Housing and Urban Development’s 203(k) Rehabilitation Mortgage Insurance Program or Fannie Mae’s HomeStyle® Renovation.

Preserve with Pride 

It’s a privilege to own a historic home, and it’s likely you bought the home for its unique and historic architecture and personality. Ensuring this piece of history is enjoyed for years to come may take some hard work but can very well be worth it in the end.  

This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.