Selling an historic home is very different than selling a new home. As a seller, your will be catering to a niche market. Most buyers will be attracted to the same things that made you fall in love with your home: rich, wood mouldings, efficient yet attractive built-ins, original windows with that unique, wavy glass, spectacular hardwood floors that have aged to a warm glow...but once inspection time comes around, they will scream and run for the hills. Why? Because they are unprepared for the realities of a nearly 100 year old house.
The key to selling an historic home, and keeping the buyer, is to retain all of the decorative and cosmetic elements that preserve the historic integrity, but to be prepared and proactive towards the major systems, such as heating, cooling, roofing, plumbing and electrical.
Tips on selling your historic home:
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Interview real estate agents who specialize in historic homes or who have sold many of them. This type of agent will know how to help you price your home accordingly, effectively market to your niche buyer, recommend contractors and service persons familiar with older systems and ultimately close the transaction. This is not to say other agents are bad, but each has a specialty, and if an agent mostly works with newer homes, they will be lost when it comes to selling your unique property.
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Hire a home inspector to do a pre-sale inspection. Again, make sure this person is familiar with historic homes (ask your agent for a recommendation). The purpose of a pre-sale inspection is to alert you to potential problems that the buyer will discover in their home inspection. Get it done early, because you can save money by doing small repairs yourself, and it will give you time to have larger items repaired by qualified professionals, if necessary. By addressing these items early, you will give a buyer confidence that the property has been maintained in good condition. If safety items such as knob-and-tube wiring are discovered, consult with your agent about the cost-effectiveness of replacing these systems pre-sale.
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Clean, clean, clean! Just because it is old, doesn't mean it has to look old. Pay particular attention to windows and sills, baseboards and mouldings, hardware, kitchens, baths and the often-overlooked basement or garage. Repaint, if necessary, but don't paint over original finishes. If you are unfamiliar with how to clean certain items, research the National Park Service's Preservation Briefs on appropriate methods of cleaning and restoring your historic home.
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Research the availability of property tax reductions or downpayment assistance for the buyer. This can be an excellent marketing tool, since many historic homes are more expensive than newer homes. Through these programs, your home becomes available to a whole new segment of buyers who would otherwise be priced out of your market.
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Start talking. Historic neighborhoods often have proactive and involved neighborhood associations. Attend your neighborhood meetings and talk to neighbors to find out if they know anyone who would like to move to the area. These types of buyers are usually just waiting for the right opportunity to come along, and have strong ties to the community in which they would like to live.
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Be reasonable. Once you have an accepted offer, even if you've done a pre-sale inspection, the buyer may request items to be repaired. "I lived with it this way for the last (insert number) years" is not a good reason for refusing a repair request. Remember, the first offer is generally the best offer, and the next buyer to come along is likely to ask for the same repair. Have your agent negotiate with the other party to come to an agreement that will satisfy everyone.
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