Every year around Thanksgiving, the song "Alice's Restaurant" hits the airwaves and references what might be the most well-known church conversion in history. The titular character and her husband live in the bell tower and use the area "where the pews used to be" to store their garbage. Singer Arlo Guthrie and a friend offer to take the garbage to the dump, and a tale of blind judges and the Vietnam War unfolds from there.

The song was based on an actual incident, and Alice and her spouse did indeed make the church their home in 1964. The former house of worship in Great Barrington, Mass., is now the home of the Guthrie Foundation and Guthrie Center.

This particular example shows just how easily a church can be used for another purpose. These structures have not only become residences, but have also found new life as event venues, performing arts spaces, restaurants, and more.

Churches may become vacant when a congregation outgrows the space, or when dwindling membership forces a congregation to find a smaller house of worship or merge with another congregation. When the building goes on the market, homebuyers have an opportunity to move into a truly unique and beautiful space.

Buyers who are drawn to unusual properties will find a lot to love in a church. The structures usually include awe-inspiring features such as soaring vaulted ceilings, stained glass windows, steeples, and artistic elements. Erika Sackin, a real estate agent with the New York company Douglas Elliman, says purchasing a church also offers an opportunity to preserve a piece of the community's history.

One of Sackin's listings is a converted German Lutheran church in Hudson, N.Y. The 7,173-square-foot property has been upgraded with efficiency features such as improved insulation and decoupled, double pane, double laminate air gap windows to minimize heat loss. Many details of the church nave have been preserved, while the lower floor has been converted to living space.

This listing is on the market for $1.59 million. In many cases, however, the asking price for a church property is considerably lower. Kristine Hansen, writing for Realtor.com, says you can often acquire a spacious building—sometimes on a large lot— with an affordable mortgage, then update the space to create a stunning home with a higher resale value.

Of course, the need for renovations is typically the reason why a former church property carries a lower asking price. This kind of home will often be far from move-in ready, since it wasn't built to be a residence.

"If they haven't been in continuous use, there can be a lot of upfront cost in renovating," says Sackin.

Hiring an architect or designer is a crucial step for turning a church into a home. Nan Fischer, writing for the building supply resource BuildDirect, says the open space of a church sanctuary can be converted into a spacious living room while upper galleries can be repurposed as bedrooms. You may be able to convert existing bathroom and kitchen facilities to residential use, or install them in a preferred area.

You'll likely want to remove some features from the church's past, while others can be left in place. Mitchell Parker, profiling an Ontario chapel conversion for the home design site Houzz, notes how the new owner removed the religious stencils from the altar area but left in place several items to hint at the building's previous use. These included a pair of built-in pews, a pulpit, and signs that once signified events and hymn numbers.

A church will present a variety of challenges for conversion to a living space. Graham Norwood, writing for The Telegraph, says some churches may have an overabundance of walls and partitions.

Conversely, others may be open enough that it will be hard to establish divisions for bedrooms and other private spaces. Fischer says the towering windows of a church often make it difficult to establish a second floor. Bill Kibbel, writing for Old House Web, says such compartmentalization can also compromise the unique character of the building. However, establishing a few rooms off a larger central space can balance both privacy and character.

Although churches tend to be characterized by reliable workmanship and high building standards, older structures may be more prone to problems. Norwood says the building should be thoroughly inspected, especially for rot, roof problems, and the stability of any steeples or bell towers.

The cavernous space and large windows might make it difficult and expensive to maintain a comfortable temperature during the winter if the building is improperly insulated. It can also be a challenge to cool the space during the summer, especially if you aren't able to open the windows.

Open spaces will amplify noises and echoes. Parker says throw rugs can help muffle these sounds.

The former congregation may be able to dictate how the church can be altered. Fischer says they may restrict what work can be done, or ask that any changes be reversible. Churches which are considered historic structures will also typically have restrictions on what renovations can be completed.

Congregations that are completely leaving a church building may ask for it to be deconsecrated. This might involve a ceremony as well as legal paperwork.

Some churches will have a graveyard on the property, and you may be responsible for its upkeep. Norwood says these burial grounds will also limit the work you can do on the property, such as building an addition or establishing a garden.

A church converted to a residence may also get a fair amount of unexpected visitors. Kibbel says former parishioners, people who got married in the building, or others who remember the building's time as a church may knock on your door and ask to take a look inside. If you're happy with how the renovation turned out, though, you may be happy to give them a tour.