Antique or Historic Homes in Connecticut- Do you know what to look for?

If you are thinking about buying an antique home, there are a number of unique factors that should go into your decision. Remember, that one day you will be a seller of that antique home.

Connecticut  has many "antique" homes, which are also commonly called "historic homes", however the two terms are not truly interchangeable. An antique is classified as a home that is greater than one hundred years of age.  An historic home does not necessarily have to be 100 years or older. It could be that a special event took place at the home,  that it housed a famous resident at one time, or was built by a renowned architect. An example would be "FallingWater" which was designed and built by Frank Lloyd Wright. While not an antique, this home was built between 1936 and 1939 and certainly has much historical significance.

If you are interested in purchasing an historic home, there are certain things that make your purchase more unique than others, and having an experienced team of professionals on your side is crucial to making a good decision.

First, and very important! Is the home on the local, Statewide, or National Register of Historic Places? Depending on what your intentions are  for the home, it could be a good thing, or a bad thing. A home on any of these "Registers", will have a continued appeal to a certain number of buyers, however  you must make sure and do your due diligence- If the home is listed in any of these places, there will aso be certain guidelines as to what you can change  or remodel in the house. There may even be a color restriction on the exterior, for historic preservation purposes.

Historical integrity, even if not listed in any registers, can be a concern for many buyers who are interested in this type of property. For example, your upgrades should  pay special attention to period details, and for example, a whirlpool in the bath or steam shower with glass enclosure doors would be inappropriate because these features are not indicative of the time that the home was built,  Sure, it's your home, and you can do what you want to with it, just remember that you have a limited buyer pool for resale, and you would limit it even further.

Major components of the home including heating, plumbing, electrical and air conditioning- When the  home was built, there were no building codes, so you may need to upgrade  or revamp the electrical, which may have already  been done once, but in need of updating again. Take special care to  look at the number of electrical outlets in the home, and if there are not enough outlets, woud it be reasonable and feasible to add more.(Speak with a licensed electrican on this) There could be galvanized plumbing and cast iron pipes, and it may be time to consider replacement (Speak with a licensed plumber)

Some  fun things to look for when purchasing an antique home:

Chestnut wood- American Chestnut, although once plentiful and used primarily  in the upper end antique homes. A severe blight nearly made this species extinct, and even now, the Chestnut that you see is usually imported from Europe. (Yes, you'll pay dearly for it)

The Front Door- Depending on the age and location of the home, if you are lucky  enough to find a home with its original front door, look for the amount of nails. The amount of nails in the door was to denote the wealth and rank of the occupant. .. and while we are on the subject of nails, rose-head nails  in the home is of value to its historical  integrity as well.

One last thing to add of a general nature is knowing the homes specific history. I really appreciate antique homes, (as if you couldn't tell)  Whenever I list a historic home, I contact the Historical Society and get  as much history on that home as I can for the incoming buyers as well as the outgoing sellers, if they do not have a complete history on the property. Finding out who built the home, who lived there, what they did,  and when certain improvements were made is all part of the charm of an antique  and historic home.

So if you are thinking of buying  or selling an antique home, you will need your experienced professional team to assist you, and you can start with me as your real estate agent :) 

Connecticut Homesellers take note! Conveyance tax increase to begin July 1, 2011

ALERT:  The Biennium Budget Bill for 2012-2013 (Senate Bill #1239, Section 102) was just signed into law by Connecticut Governer Dannel P. Malloy. The Bill includes a .25 percent increase to the Real Estate Conveyance tax .

A synopsis of the new State Conveyance tax as of July 1, 2011 is as  follows (This is when you SELL your home) : ALSO NOTE: Your homeowner property taxes will change as of July 1, 2011 through June 31, 2012. Read this article to find your new mill rate.

• Residential property (and vacant land) will  be taxed at .75 percent or .0075 (instead of one half of of one percent).
• Residential property that is conveyed for more than $800,000  will be taxed at .75 percent or .0075 up to $800,000, and the balance of the sales price at 1.25 percent .
• Non-residential property will be   taxed at 1.25 percent, instead of one percent.
• Property conveyed by a delinquent mortgagor to a financial institution of property on which mortgage payments have been delinquent for not less than six months will be taxed at .75 percent or .0075.

Excerpted from OLR Bill Analysis  SB 1239-§§ 102 & 103 — REAL ESTATE CONVEYANCE TAX

"The real estate conveyance tax has two parts: a state tax and a municipal tax. The applicable state and municipal rates are added together to get the total tax rate for a particular transaction. The combined rate is applied to the sale price.

The current state tax is 0. 5% of (1) the first $ 800,000 of the sale price of a residential property and (2) the full sale price of unimproved land and certain bank foreclosures for mortgage delinquencies. A 1% rate applies to (1) sales of nonresidential property other than unimproved land and (2) any portion of the sale price of a residential dwelling that exceeds $ 800,000 (the so-called “mansion tax”). The bill increases these rates to 0. 75% and 1. 25%, respectively.
In addition to the state tax, a seller must pay a state-specified conveyance tax to the municipality where the property is located. The current municipal tax rate is 0. 25% for all towns plus an additional tax of up to 0. 25% in 18 eligible towns that choose to impose the increased rate. Thus, under current law, the municipal tax rate can range from 0. 25% to 0. 5%, depending on where the property is located."

It is somewhat unclear in the bill as to when the conveyance will be deemed to have occurred. I would advise speaking to your attorney for clarification as to which specific date would be accurate-  contract,  deed,  closing or recording, as it WILL MAKE A DIFFERENCE.  

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And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

2011 First Quarter Real Estate Market Reports for Southwestern CT are now available!

We are pleased to present to you our quarterly all-inclusive reports for your favorite towns that we service. Market Report Statistics in Fairfield County include the following towns: Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, Newtown, Norwalk, Redding, Shelton, Stratford, Trumbull, Weston and Westport, Connecticut. New Haven County Market Report Statistics include Ansonia, Derby, Milford, Oxford and Seymour, Connecticut

Our Market Report Statistics come straight from the MLS, and we  have included  ALL of each towns active listings for this detailed report- including single families, condominiums, multi-families and apartment rentals, which are sorted by bedroom count, as well as land .This set of statistics includes average list price, average sales price and average days on market.

The next set of market statistics is on sold properties for the first quarter and is all inclusive of single families, condominiums, multi-families and rentals that are sorted by bedroom vount as well. Additional information includes how many sales, what the average list price of those sales was, the sale prce to list price ratio, and market time of the sold listings.

You will find these real estate market reports on their respective town pages on the left hand side bar. As always , we are pleased to be of service to you, and when you are ready to buy a home, or sell a home in any of the areas that we specialize in, make sure you contact us!