Hi D. My home was built in 1860. We have lived here for 11 years and have upgraded the heating systems and replaced the windows. We also pulled off and replaced a porch on the back of the house with a larger deck. The house originally had a slate roof. These generally last for a very long time, but are expensive to maintain. The previous owners had replaced it before we purchased.

We pick a room or a mechanical project every year to invest some money and sweat equity into. Great posts below, I can't speak about the values in the Palo Alto area, but our home has kept up very well with the market increases in our local area. If we were to sell this year we would probably realize an appreciation of 100 to 110%. Not planning on selling for several more years. We love the area in addition to the house itself. Your inspection will be key, as mentioned below. Best of luck! Stacey

Wed Apr 2 2008, 19:02

D,

You'd have to check with the historical association and determine why the home was a possibility for historical status. Was it owned by the Packards? or someone unknown (but it is old) who has no historical significance to the city of Palo Alto. There is a good article today in the Los Altos Town Crier about the Shoup house in Los Altos and the problems the current owners are having in getting a remodel/expansion. I suggest you and your realtor check the history of the home and then make a determination. Also, if you don't plan on building or significantly remodeling the home, the only problem to think about is future resale (when you sell the house, will it be tougher to sell as a (potential) historical home). All things being equal, a home registered as a historical home is a little harder to sell.

Wed Apr 2 2008, 17:46

I too have an older home, not quite 100 years old, but about 85 years old. A home inspection is a must. The inspector will check things you don't normally see or think of, such as the wiring, the plumbing including the type of pipes, etc. So far the only downside is the windows which are the old "wavy" glass, while being very charming, don't do a very good job of insulating heat/sound. We will eventually have to replace them. The best part is that older homes are usually on a larger size lot, and they have more character than newer homes. I wouldn't trade my old home for a new one!

Wed Apr 2 2008, 17:26

Absolutely. I own one. The nice thing about older homes is they usually have lots of character that newer homes don't and there will always be a market for those homes. If a home is maintained, it can survive for a very long time. The nice thing about older homes is that the construction when built was generally sturdier with better grade lumber. You should have an excellent home inspector who is experienced in older homes.

Also there are statutes you can apply for to designate a home historic that will limit your property taxes as well as the taxes of all future buyers. Talk about having excellent re-sale value.

Every community is different with regard to rehabbing historic homes, I wouldn't be scared off about that before you looked into actual local regulations.

Wed Apr 2 2008, 16:18

Thanks Dave, that's very helpful to me. The seller disclosure states that the city council considered registering this house as a historical home a few years ago but ultimately decided against it. Is this something that routinely happens to older homes, or is there a genuine risk that the house will be registered in the foreseeable future?

Wed Apr 2 2008, 15:54

D.

Items to pay careful attention to are the foundation, the electrical work and the plumbing. I would buy an older home, but I would also have it thoroughly checked out before removing any contingencies.
I would also check to see if the homes is registered as a historical home and/or landmark. If you buy one one these, remodeling and expansion are extremely difficult if not impossible. The upside is you might get a tax break.

Wed Apr 2 2008, 15:39