You love the charm of The Fan’s brick rowhouses, tall windows, and stained glass. But when it is time to buy or sell, a historic home appraisal can feel like a black box. You want to know what the appraiser will look at, how the age and character affect value, and what you can do to prepare.
In this guide, you will learn how Fan appraisals work, what drives value for late 19th and early 20th-century homes, how lenders view older properties, and the steps you can take to set up a smooth result. Let’s dive in.
How appraisals work in The Fan
Appraisers follow professional standards that focus on accuracy, independence, and clear methodology. In Virginia, licensed appraisers work under the Uniform Standards of Professional Appraisal Practice. If you want the official playbook, see the overview from The Appraisal Foundation.
Most purchase loans in The Fan use a full interior and exterior appraisal, often on a standard form for single-family homes. The appraiser inspects condition, measures the home, and analyzes market data to produce an opinion of value for the lender.
The three valuation approaches
- Sales Comparison Approach. This is the primary method in The Fan. The appraiser selects recent comparable sales and adjusts for differences such as square footage, bed/bath count, condition, original features, and parking.
- Cost Approach. Used when there are few close comparables or when unique historic elements matter. The appraiser estimates the cost to replace the structure, minus depreciation for age and functional issues.
- Income Approach. Applied when the property is income producing, such as multi-unit conversions or rentals. In The Fan, this is common near VCU or along mixed-use corridors.
Historic designation and why it matters
Many Fan properties sit within local and National Register historic districts. In designated areas, exterior changes often require review by the City’s Commission of Architectural Review. You can see local rules and contact details on the City of Richmond Historic Preservation page.
Designation helps preserve neighborhood character, which can support long-term stability in values. It can also add steps, cost, and time for exterior renovations. For broader state guidance and incentives, check the Virginia Department of Historic Resources. If you are working with income-producing historic properties, the federal program and standards are outlined by the National Park Service’s tax incentives and Secretary of the Interior’s Standards.
What appraisers scrutinize in Fan historic homes
Condition and deferred maintenance
Older systems can influence value and loan approval. Appraisers note issues like aging HVAC, obsolete wiring, older plumbing, foundation settlement, moisture intrusion, and failing chimneys. Pre-1978 homes may include lead-based paint or asbestos-containing materials. Significant hazards can prompt lender-required repairs or inspections. Minimum habitability standards are especially relevant on certain loan types. For a general sense of federal lending standards, see HUD’s resources.
Original materials and character
Original mantels, millwork, stained glass, porches, hardwood floors, and intact floor plans often attract Fan buyers. If these features are in good condition, they can support value. That said, some elements are costly to maintain or replace, like slate roofs and historic windows. Appraisers weigh what the market is willing to pay, not just what is historically significant.
Comparables and adjustments
No two Fan houses are exactly the same. Appraisers often broaden the search to similar styles and streets, then adjust for size, layout, bed/bath count, finished basements, condition, off-street parking, lot size, and proximity to parks and amenities. They also consider the presence or loss of original features and the extent of renovations.
Zoning, use, and conversions
If a property has been converted to multiple units or used as a rental, the appraiser looks at whether the current use fits zoning and whether the highest and best use is owner-occupied or income producing. For income-producing properties, the Income Approach and comparable multi-family sales become more important.
Seller checklist: Prepare for a smooth appraisal
A well-prepared file helps the appraiser see the full picture of your home’s value.
- Provide a list of improvements with dates and costs. Include HVAC, roof, electrical, plumbing, masonry, window restoration, and structural work.
- Share invoices, permits, and any certificates of appropriateness for exterior changes from the City’s review process.
- Offer floor plans or a measured sketch, the property survey, and information on property taxes.
- If applicable, summarize rental history and unit layouts for multi-unit conversions.
- Consider a pre-listing inspection. Quotes for needed repairs can reduce surprises later if the lender requires fixes.
How OwnRVA helps: Our team coordinates vendor access, organizes your improvement documentation, and helps you prioritize updates that matter to buyers. For bigger projects, we offer seller concierge support and pay-at-close renovation options through vetted partners so you can list with confidence.
Buyer playbook: What to expect and how to finance
When you are buying a historic Fan home, expect the appraiser to look closely at safety, systems, and overall condition. Here is how to stay ahead of the curve:
- Review disclosure and inspection findings early. Discuss older electrical, plumbing, roofing, and masonry with your agent and inspector.
- Ask your lender how they handle older properties. Some loans have minimum property standards. Repairs might need to be completed or escrowed before closing.
- If a home needs work, explore renovation loan options such as Fannie Mae or Freddie Mac’s renovation products or FHA 203(k), which can roll improvements into your mortgage. Lender experience with older homes helps.
- Make sure conversions and accessory units are permitted and consistent with zoning.
Timeline, fees, and what happens next
- Typical timeline. From order to delivery, a full appraisal often takes 7 to 14 days. Complex properties can take longer if the appraiser needs specialty inspections or additional market research.
- Fees. Appraisal fees vary with complexity. Unique historic features, limited comparable sales, or multi-unit configurations may increase cost.
- After delivery. If value supports your contract, you move forward. If it comes in lower, your agent can help you review the report, share additional market data, and discuss options with your lender and the other party. If the lender requires repairs for safety or habitability, plan for repairs and any reinspection.
Historic incentives and your valuation
For income-producing historic buildings, there is a federal 20 percent Historic Rehabilitation Tax Credit if the work meets the Secretary of the Interior’s Standards. Details are available through the National Park Service’s program page and the Standards. The Virginia Department of Historic Resources provides information about state-level programs and contacts.
Tax credits do not directly raise appraised value. However, investors may factor the net cost reduction into their analysis for income-producing properties, which can influence the Income Approach when market evidence supports it.
Common pitfalls to avoid
- Assuming historic status guarantees a premium. Designation can support values by preserving character, but buyers also weigh restrictions and maintenance.
- Overlooking safety and systems. Deferred maintenance on wiring, chimneys, or roofing can trigger lender-required repairs.
- Ignoring documentation. Missing permits or certificates for exterior work can raise questions and delay closing.
- Picking poor comps. In The Fan, small differences in condition or features can mean big price swings. Use recent, relevant sales.
A local partner for Fan appraisals
The Fan is special, and so is the way it is valued. You deserve a team that knows the architecture, the block-by-block nuances, and the way lenders view older homes. OwnRVA organizes your documentation, lines up the right vendors, and builds a strong market case with the best available comparables. Ready to navigate your appraisal with confidence? Connect with Michela Worthington for a tailored plan.
FAQs
How does historic designation affect a Fan appraisal?
- Designation helps protect neighborhood character, which can support stability in values, but it also adds review for exterior changes. Appraisers rely on what the market pays, not designation alone.
What if there are few comparable sales in The Fan?
- Appraisers expand the search, adjust for differences like size and condition, and may use the Cost or Income Approach when appropriate, documenting their logic and evidence.
Will FHA or VA loans work for older Fan homes?
- Often yes, as long as the home meets minimum property standards. Lenders may require repairs for safety or habitability before closing.
Do original windows or a slate roof help value in Richmond?
- They can, especially when in good condition and when buyers value historic character. Costs to maintain or replace can offset premiums if the market is sensitive to upkeep.
How long does a Fan appraisal take and how much does it cost?
- Many full appraisals take 7 to 14 days. Fees vary and can be higher for complex historic homes or multi-unit properties that require more research.
