Buying a historic home: money pit, or manageable?

Drive through any neighborhood on the North Fork and you will be sure to pass some amazing homes that have not only interesting pasts, but architectural character, something that may be lacking in houses built in recent years.

Historic homes not only tell stories from the past, but, according to local real estate agents, attract buyers.

“It is certainly a niche market,” said Maryellen Ellwood of Century 21 Albertson. “These homes offer a step back in time, and as you head more toward Southold, you get the really old homes that are museum-like.”

But these homes are more for people who have a love of history, not for young couples looking to start out.

“These homes require a lot of upkeep, TLC and renovations,” said Ellwood. That is, she said, unless you are looking at a historic home that has already been renovated. Keep in mind: renovated historic homes often sell for a lot more because of the costs associated with renovating them.

When looking to buy a historic home, you have to consider costs outside of the list price. Renovations can be costly. She recommends taking a serious look at what’s behind the walls and ask a lot of questions. For example, you will want to know when the plumbing was last updated, if the roof has ever been replaced, if there is insulation and if there have ever been any additions made to the home.

“A lot of the time you can’t see where additions were added on and there aren’t any COs,” she said.

Kristen Riche of North Fork Real Estate agreed that you have to take a hard look at these homes before pulling out the checkbook, but, she said, if you decide to buy one, you will find that they encompass a lot of old-world charm.

Riche typically sells these types of homes to established artists from the city, who enjoy spending their time restoring the character of a historic home.

“They understand that with an older home there will always be maintenance to it, but love that these homes have built-in moldings, cedar siding and are architecturally-interesting,” she said.

“These homes are not for the faint of heart,” she added. “They are a labor of love. There is always work to be done.”

When thinking about buying a historic home, Riche said to always keep in mind maintenance costs and know that many of them have broken widows and resident termites.

Efforts have been ongoing since 2012 to designate Main Road, which has homes on it from the 18th century, as a historic corridor from Aquebogue to Laurel.

If listed, properties within the 6-mile-long historic district will be eligible for substantial tax credits — 20 percent on state income taxes and 20 percent on federal income taxes — for investing in restoration of their properties. A public information meeting has been set by state officials for Thursday, Aug. 14 at the Jamesport Meeting House. See story.