Love the character of a painted porch, original woodwork, and walk-to-downtown charm? Excelsior’s historic homes offer that one-of-a-kind feel you cannot buy new, paired with a lakeside lifestyle on Lake Minnetonka. At the same time, older properties come with unique rules, inspection needs, and budgeting realities, especially in Minnesota’s climate. This guide gives you the essentials you need to buy confidently, from identifying architecture to navigating preservation, inspections, and costs. Let’s dive in.
Why Excelsior’s historic homes stand out
Excelsior’s neighborhoods include late-19th and early-20th-century homes, plus early-to-mid 20th-century infill. Many are wood-frame on masonry or stone foundations, with clapboard or shingle exteriors and gable or hipped roofs. Original roofing might have been wood shingle or slate, later replaced with asphalt or metal.
You will see a variety of styles:
- Queen Anne and Victorian: Asymmetrical shapes, wraparound porches, turrets or bays, decorative spindlework, patterned shingles, and tall, narrow windows.
- Colonial Revival: Symmetrical front, centered entry with columns or a pediment, and double-hung windows with multi-pane upper sashes.
- American Foursquare: A boxy two-story form, low-hipped roof, wide eaves, and a full-width porch with simple details.
- Bungalow and Craftsman: Low-pitched gable roof, exposed rafter tails or brackets, tapered porch columns, and natural wood or stone accents.
- Italianate: Tall narrow windows, wide eaves with brackets, and low-pitched roofs. Less common but present.
- Lakeside cottages and vernacular homes: Smaller, simpler plans tailored to waterfront lots, sometimes on raised foundations or piers near shore.
These homes have soul and craftsmanship. With the right plan, you can preserve that character while bringing systems and comfort up to modern standards.
Understand designations and local rules
Before you fall in love, confirm the property’s status. Some homes may be in a local historic district or have a local designation. If so, exterior changes such as siding, windows, additions, or demolition can require review and a certificate of appropriateness. Even outside a district, many municipalities use demolition delays for architecturally significant buildings.
Typical permits apply to structural work and system upgrades. Building, electrical, plumbing, and mechanical permits are commonly required, and permitted renovations must meet current codes. Plan for review time and factor that into your closing and move-in targets.
For Excelsior lakefront properties, shoreline and shoreland rules are important. Work on docks, shoreline stabilization, and vegetation buffers often has city, county, or state oversight. Ask about what is permitted on your specific lot before you budget or design.
Helpful local sources to contact early:
- City of Excelsior planning or building department for permits and design review.
- Any local historic preservation body or commission regarding exterior changes.
- Excelsior-Lake Minnetonka Historical Society for context and potential resource pointers.
- Hennepin County property records for construction dates and permit history.
- Minnesota State Historic Preservation Office (SHPO) for questions about listings and incentives.
- Minnesota Department of Natural Resources for shoreland and dock guidance.
The right inspection game plan
Start with a comprehensive home inspection from an experienced inspector. Then add targeted specialty inspections based on age, style, and what the general inspection finds.
Key specialty inspections to consider:
- Structural or engineering: If you see foundation movement, sagging, or nonstandard additions.
- Chimney and fireplace: Masonry, flues, and fireplace safety should be assessed before use.
- Electrical: Look for knob-and-tube or cloth-covered wiring, ungrounded circuits, fuse panels, undersized service, and overloaded circuits. These issues can affect safety, insurance, and lending.
- Plumbing: Identify galvanized supply lines, cast-iron drains, and check water pressure, hot-water systems, and sump or backflow components.
- HVAC and boilers: Confirm size, condition, and performance for Minnesota winters, especially if systems were converted from older fuels.
- Moisture and drainage: Inspect basements and crawlspaces for dampness, check grading and gutters, and consider vapor barriers. Proximity to Lake Minnetonka raises groundwater concerns.
- Radon testing: Minnesota has notable radon potential, so include a radon test in your inspection window.
- Pest and wood-destroying organisms: Termites are less common than in some regions, but check for carpenter ants, wood rot, and attic pests.
- Asbestos and lead: Older paint often contains lead, and materials like floor tiles, pipe wrap, insulation, or joint compounds may contain asbestos. Test before planning major work.
- Septic and well: If present, verify well yield and water quality, and get a licensed septic inspection and pump test.
- Shoreline and dock structures: Evaluate stability, materials, and permit compliance on lakefront parcels.
Build time into your offer for these specialty inspections. Some lab tests return results in a few days, while engineering assessments can take longer.
Minnesota weather and lakeshore realities
Historic homes in Excelsior live through freeze and thaw cycles that test roofs and foundations. Snow and ice loads can stress roofing, and ice dams can cause water intrusion if ventilation and insulation are not dialed in. Along the lakeshore, wind and moisture accelerate wear on exterior paint and woodwork. High groundwater near the lake can stress basements if drainage and sump systems are not robust.
Plan your inspection checklist and preventive maintenance with these local conditions in mind. It is much easier to prevent damage than to repair it.
Common issues to expect in older homes
You are buying history, which sometimes means deferred maintenance. Here is what you may encounter:
- Exterior wear: Older roofs, failing gutters, peeling paint, and deteriorated wood trim or siding.
- Foundations: Settling, mortar deterioration in stone or brick, and moisture intrusion.
- Windows and doors: Original wood windows offer character but often need weatherstripping, storm windows, or full restoration.
- Mechanical systems: Outdated boilers or furnaces, aging chimneys, or older fuel-oil tanks that require proper decommissioning.
- Hidden hazards: Lead paint, asbestos, unknown wiring, and unpermitted alterations found during renovation.
A thorough inspection plan helps you separate charming patina from costly problems.
Budget smart: reserves, contingencies, and priorities
Historic homes tend to require higher ongoing maintenance and specialized trades. Build a budget that reflects that reality.
- Annual maintenance reserve: Many owners set aside 1 to 3 percent of a home’s value each year. For older or historic homes, plan toward the higher end or around 2 to 4 percent.
- Renovation contingency: Add 10 to 25 percent on top of estimated costs for surprises that older homes often reveal once walls are open.
- Immediate cash reserves: Be prepared to address priority items like roof issues, heating reliability, electrical safety, and foundation or water problems soon after closing.
Major cost drivers to consider:
- Window work: Restoring historic wood windows can cost more per unit than standard replacements, but paired with quality storm windows it can perform well while preserving character. In some districts, repair or in-kind replacement may be preferred or required.
- Exterior siding and trim: Matching original profiles and species often means specialized carpentry and higher costs than generic materials.
- Structure and masonry: Repointing, sill repairs, beam replacement, or underpinning can be significant line items.
- Mechanical upgrades: Replacing aging boilers or furnaces, adding air conditioning, or relocating systems for code and efficiency.
- Hazard remediation: Lead abatement, asbestos remediation, and underground tank removal add costs if discovered late.
- Waterfront work: Dock repairs, bulkheads, and erosion control often require permits and specialized contractors.
Financing and insurance considerations
Renovation loans can help you buy and improve an older home with one package. Options commonly used for older properties include FHA 203(k) and Fannie Mae HomeStyle Renovation loans, subject to availability and eligibility. Some buyers pair a conventional mortgage with a construction loan, home equity loan, or HELOC.
Insurance for older homes may include higher premiums or special conditions if electrical or heating systems are outdated or roofs are near end of life. Lakefront locations can influence coverage for water-related events. Ask insurers about replacement-cost coverage and how historic features are treated.
Tax incentives are limited for primary residences. The federal Historic Rehabilitation Tax Credit is typically for certified rehabilitation of income-producing buildings. State-level programs can change, so confirm any Minnesota incentives with SHPO before you count on them.
Plan your project and pick the right team
Contractors with historic experience save time and prevent rework. Ask for portfolios of similar jobs and local references. For exterior work in a historic district, consider consulting a preservation architect or specialist early to align with design-review expectations.
Best practices for smoother projects:
- Get a detailed scope of work and line-item estimates.
- Build a clear timeline with permit and review milestones.
- Include a contingency and change-order process in your contract.
- Schedule staged inspections at key points.
Keep a project file that includes permits, materials used, photos, and invoices. Documentation helps with future work, insurance, and resale.
Step-by-step buying strategy in Excelsior
Before you make an offer:
- Confirm whether the home is in a local historic district or has a local, state, or national designation. Ask which exterior work triggers review.
- Review building permits, inspection history, and seller disclosures for unpermitted work.
- Budget for specialty inspections and write contingencies into your offer.
- Plan for design-review and permit timelines that can affect your renovation and move-in calendar.
During inspection and negotiation:
- Prioritize safety and systems: electrical hazards, roof leaks, structural concerns, and reliable heat for winter.
- Negotiate repairs, credits, or price adjustments for critical deficiencies. Consider conditional credits for hazards like lead or asbestos if testing is pending.
Long-term ownership:
- Follow a preventive maintenance schedule that includes gutters, paint cycles, drainage checks, and chimney care.
- Keep records of all work. This protects value and simplifies future projects.
- Target energy upgrades that respect historic fabric, such as attic insulation, storm windows, and HVAC improvements.
What to ask local offices and agencies
When you call or visit, have a short checklist ready. A few focused questions can save you time and money.
City planning or building department:
- Is this property in a local historic district or subject to design review?
- What exterior changes require a permit or certificate? What is the expected review timeline?
- Which codes will apply to my proposed work, and are there trigger points for bringing systems up to current code?
Historic preservation body or commission:
- Do you prefer repair and in-kind replacement for windows, siding, and trim?
- Are there design guidelines I should follow before hiring a contractor?
Hennepin County property records:
- What are the documented construction dates and major permitted projects?
- Are there any open permits I should resolve before closing?
SHPO and historical society:
- Is the property listed or eligible for listing? If income-producing, could it qualify for rehabilitation credits?
- Any local resources or contractors experienced with similar properties?
Shoreline and environmental contacts:
- What shoreland rules apply to this parcel?
- What permits are required for dock work, shoreline stabilization, or vegetation changes?
Radon, lead, and asbestos resources:
- What testing protocols are recommended prior to renovation?
- Are there licensed professionals for sampling and abatement in the area?
Final thoughts
Buying a historic home in Excelsior is a chance to own a piece of Lake Minnetonka history. With a smart inspection plan, realistic budget, and early conversations with the right offices, you can protect your investment and preserve the character that drew you in. If you want a seasoned guide who knows these streets, the shoreline nuances, and the process from first tour to successful close, connect with Mark Geier. You will work directly with Mark, benefit from decades of local experience, and have a single point of contact from offer to keys.
FAQs
What inspections are most important for a historic home in Excelsior?
- Start with a comprehensive home inspection, then add structural, chimney, electrical, plumbing, HVAC, moisture and drainage, radon, and lead or asbestos testing as indicated by the property’s age and condition.
How do I know if design review applies to my Excelsior property?
- Ask the City of Excelsior planning or building department whether the home is in a local historic district or designated, and which exterior changes require a certificate of appropriateness or permits.
What budget should I set for maintaining an older home near Lake Minnetonka?
- Plan for an annual reserve around the higher end of 1 to 3 percent, often 2 to 4 percent for historic homes, plus a 10 to 25 percent contingency on renovation projects for hidden conditions.
Can I replace original windows in a locally designated Excelsior home?
- It depends on local review standards, which often favor repair or in-kind replacement. Ask preservation staff early to avoid rework and to set accurate expectations.
Are there tax credits for restoring a primary residence in Excelsior?
- Federal rehabilitation credits generally apply to income-producing historic buildings, not primary residences. Confirm any Minnesota programs with SHPO before planning on incentives.
What should I watch for with foundations in older Excelsior homes?
- Look for settling, mortar deterioration in stone or brick, and moisture intrusion. An engineer or qualified inspector should evaluate significant movement or cracks.
How does lakeshore location affect inspections and insurance?
- Lakeshore homes warrant moisture and drainage checks, shoreline and dock assessments, and careful review of insurance for water-related events and replacement-cost coverage of historic features.
