Buying a Historic Property in Munger Place
For most people, buying a home remains part of the American dream. If you are planning to realize that dream by purchasing a home among Dallas real estate you will find that there are virtually an endless number of styles and architectural designs from which to choose from throughout the Dallas metropolitan area. You may even be able to find a historic home to purchase among Dallas real estate for sale. While purchasing a historic home offers you the chance to own a piece of history it is crucial that you work closely with an experienced real estate agent to ensure that you understand the unique issues that come with owning a historic home.
There are both legal and practical issues that a home buyer should understand when buying a home that has been declared a historic home by either the state or federal government. At the national level, the National Register of Historic Places, or NRHP, is the official list of districts, buildings, sites, and objects that are considered to be important enough to preserve. In Texas, the NRHP is administered by the Texas Historical Commission. The criteria for including a home, building, or district on the NRHP starts with the requirement that the property in question be at least 50 years old, with few exceptions. After that, the property must typically be associated with a person or event of significant importance in the country's past or must be representative of a distinctive method of construction or workmanship.
Buying a home that has been designated as a historical property comes with both advantages and disadvantages. Aside from living in a piece of history, one of the biggest advantages to owning a historical home is that there are typically a number of state and federal tax incentives offered to the owner. The tax incentives, however, are typically intended to offset the costs associated with restoring and/or maintaining the home as required when you purchase a historic home. Although the NRHP is responsible for deciding which properties are listed as historical places, the requirements for purchasing, restoring, and maintaining a property that is listed on the NRHP can vary from state to state.
If you have your heart set on buying a home among Dallas real estate that is listed as a historic property you absolutely must take the time to tour Munger Place Historical District. Established in 1905, Munger Place Historical District is located in old East Dallas and is officially registered as a Dallas Landmark District as well as being listed on the NRHP. Originally developed in 1905 Munger Place was intended to be an exclusive suburb for the Dallas elite. The neighborhood was the first deed restricted neighborhood in Texas. During the Great Depression many of the large homes were turned into multi-family housing. Thereafter the area suffered the same fate as many other urban areas across the country as wealthy residents fled farther and farther away from downtown. During the 1970s and 1980s, however, the area went through a period of revitalization, resulting in almost all of the homes in the neighborhood being restored to their original grandeur. If you plan on buying a home in Munger Place you should be prepared to pay a premium price for your own piece of history as well as be prepared to abide by the restrictions that come with owning a historical home. Any changes you wish to make to the property, for example, will likely need to be approved ahead of time and must not take away from the home’s original character and style. For most homes in the Munger Place Historical District this means you will be living in a prairie style home, a type of architecture marked by horizontal lines, flat roofs, and overhanging eaves.
If you decide that owning a historic home is right for you, be sure to sit down with your real estate agent and discuss your options.