5 Tips for Selling a Historic Home

It’s not often that historic homes end up on the market, and when they do, it’s important to recognize that they’re not for everyone. When you're helping a client sell a historic home, you need to take a slightly different approach to your sales strategy. Some people will be nervous about potential upkeep and repair, and many will find that the layout, proportions, and lighting of the home aren't what they'd like them to be. The search for a specific buyer necessitates a unique strategy. Read more below to find out our top five tips for selling a historic home.

TIP #1: DON'T MESS WITH IT

Historic homes require a specific type of care. With most homes, you'll advise your clients to make cosmetic repairs and spruce the place up in certain ways. You may very well want to make those recommendations in a historic home, but you should consider those decisions carefully.

With a historic home, you'll find various types of buyers regardless of the condition the home is in. Modernized or excellently maintained homes will appeal to buyers who want to live in a building with history and character but without too much fuss. All-original, distressed, or poorly-modernized homes will appeal to buyers enthusiastic about restoration projects. The key is to assess which category this particular home falls into, then lean into the features that will appeal to those individuals.

If you do decide that repairs and upgrades are in your clients' best interest, make sure you're working with contractors who know how to maintain historical value as they do their work. Some issues may need to be addressed, so make sure to also conduct a seller’s inspection to head off any problems that may make or break a sale later. Inspections can reveal property value, but disclosure is crucial. If serious issues are found, seek contractors with expertise in historic homes and preservation considerations.

TIP #2: PRICE THE HOME CORRECTLY

Pricing a historic property can be difficult since each home has distinct attributes, and similar properties may not exist. Historic homes come in a variety of styles as well, which can make it difficult to price accurately. Pricing a historic home depends on recent comparable transactions but must consider its unique features. Real amounts paid during sales transactions can be found at county courthouses.

Homes associated with famous people or listed on the National Register of Historic Places may have higher market value. However, history doesn't automatically lead to higher sales prices. It is also important to consider things like the market conditions. How are historic homes selling? Properties may stay on the market longer if they require a lot of repairs and maintenance on top of a selling price.

TIP #3: LEARN THE HISTORY

In your typical home sale, you're focused on the future, not the past. Typical homes may not need the same amount of care and attention, but historic homes have the added value of a story. For historic homes, you still want to help buyers see the value and future for them, but they'll be hungry for historical details, so you need to be prepared. If the current owners have a comprehensive history for the property, great—now all you have to do is fact-check their work. If not, you can either do the research yourself or hire it out. Either way, here are a few of the topics you want to cover:

• What is the history of the property itself? This includes the property’s age, the date of restorations and expansions, and modernizations.
• What historical features remain? This can include dumbwaiters, servants’ stairs, special layouts, and historical grounds.
• What’s the specific story of the home? The value of the home can be affected by facts such as previous owners of the home, types of people or businesses conducted in the home, and historic events surrounding or involving the home.

Tailor your pitch to the knowledge and interest of the individual—if they're a history professor, don't bore them with Wikipedia knowledge. In fact, pick their brain! Use their info on the next guy.

TIP #4: HIGHLIGHT HISTORICAL FEATURES

When selling historic homes, it's crucial to highlight their history, including who lived there, what qualifies them as a historic property, and if there's an interesting backstory. Historic homes can contain distinctive characteristics such as original doors, elegant staircases, and stunning stained glass. You can highlight these advantages in your listing and marketing materials.

When sharing your home's history, ensure it is fact-based and accurate, avoid spinning a fairytale, and use research instead of opinions. Old house residents may not be happy to discover inaccurate information later.

Fortunately, you have a lot of resources at your disposal to assist with your historical research:

• Lookup Public Record - Find historical documents by searching property records, census data, newspaper archives, or visiting your local library. You may stumble upon original property documents, building permits, or even historical images of your home.

• Visit Local Historical Societies - If there is an active chapter in your region, they have most likely already collected information about your historic property.
• Visit Senior Living Facilities - Elderly locals may have exciting things to tell about your ancient home that you won't find in any record books.
• Do Some Investigating - You never know what you'll uncover hidden beneath the walls or fissures of an ancient house. Perhaps a collection of old pictures, a hidden journal, or perhaps a long-buried riches.

TIP #5: MARKET WITH INFORMATION

Whether you're listing it on a real estate website or in a special publication, you want to market with information. Fact-check and be honest—you don't want to get caught peddling a lie, even unintentionally, by buyers. Focus on home amenities, neighborhood features, age, original features, renovations, modernizations, and historical details to ensure a well-maintained property. In addition, you should consider:

• Floor Plans with Dimensions - Historic homes can have unique layouts—they're not for everyone. Publishing floor plans in your marketing materials will allow casual buyers to back out before they waste your time.
• Professional Photography - Find a professional photographer who has experience with historic buildings. Specific challenges like weird lighting and tiny rooms will make amateur photography a horror show.
• Historical Photos and Documents - In your research, did you find any old-timey photos of your property? News clippings? Interesting documents? These can add flavor and authenticity.
• Possible Tax Breaks - Federal tax breaks focus on non-residential and income-producing properties. Discover possible savings by determining whether property taxes can be reduced, acquiring financial assistance, or obtaining special interest rates for house renovation or preservation.

Many agents marketing historic homes find it worthwhile to build a property-specific website to house all this information. There are lots of options for easy-to-build websites these days, for very little money. That allows you to target individual listings or publications towards a particular audience and point them to the website for additional information.

BOTTOM LINE

Patience is a greater virtue for sellers of historic homes than traditional sellers. It may take a little time to find the right buyer, so don’t fret if the home is not moving at the same pace as you would otherwise expect. Do your homework, cast a wide net, and be thoughtful and creative with your marketing materials.

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