Who buys old homes, and why?
This article is the first of a four-part series about buying and owning a home in the Near South Neighborhood by longtime NSNA Board Member Greg McCown.
Who in their right mind would buy an old house? That’s a great question, because to us “old house folks”, sometimes it feels like a disease - a sickness really. Why are we attracted to old homes? What causes us to take on projects that we know will likely do the following: Cause stress. Separate us from our hard-earned money. Cause stress. Create an almost unlivable living environment, and did I mention cause stress? But it’s those darn leaded-glass windows, custom built-ins and tall ceilings that hook us every time! It’s as if the walls themselves whisper to us aching to reveal their secrets through a history yet to be discovered. We are the resigned, old house lovers.
So, who are we? I’ve been selling real estate for almost 25 years, specializing in the marketing of historic homes, and I can tell you that we are an interesting and varied bunch! There is no defining trait or characteristic of those who love and own old homes, except to say, all of us take pride in the history and the uniqueness of these residences. From the modest 1000 square foot bungalows to the stately 5000 square foot renaissance mansions that populate our neighborhood, all have a commonality of the uncommon. You can’t build in history…that’s earned, singular and cherished.
Many times, it’s economics. First time homebuyers armed with paint brush and hammer find the affordability hard to pass up. With an average existing price in Lincoln above $200/sf, finding a home between $100-150/sf is pretty enticing! These new home-owners may not start with an appreciation of the history, but get charmed by the home they are so diligently making their own. The flip side to that affordability is that it’s not just single-family buyers that these prices attract. Group homes and a variety of communal dwelling uses also see this as a low-cost way to provide needed services efficiently. This is not just a Lincoln issue. In any neighborhood across our fruited plains, you’ll find this balancing act being staged. The trick is to create a healthy mix of use and value. Too many alternate uses in a single-family neighborhood tamps down the value for the owner-occupied homeowner. Our fair city has regulations on the books that dictate placement and use, but there continue to be organizations that find ways to end-around those rules. One of the benefits to a strong neighborhood association is evident in the Near South’s attempts to identify use that falls outside what’s permitted and fight those battles when required.
One of the main goals of the NSNA is to protect the existing historic home stock. The easiest, most efficient path to preservation is to keep our neighborhoods attractive to individuals committed to a vision that value is maintained through our protected history.
Our historic neighborhoods define us. Without the character of the past, our city would be un-founded and uninteresting. Old homes and turn-of the-century businesses tell our unique story and for us old house folks, make our corner of the world more vibrant and appealing. Our hope is that appreciation is seen throughout our city and to more than just us weird, old home people!
Greg McCown is a Realtor with Home Real Estate and has lived in the homes he’s de-converted from multi-family to single-family use. He says he’s on his last renovation project in the Franklin Heights area of the Near South…time will tell. His specialization in historic homes earned him the position as Chair-person for Lincoln’s Historic Preservation Commission. He has enjoyed a seat on the Near South Neighborhood Association board for over 20 years.