I recently purchased an old farmhouse (1820's) which has very low ceilings on both the first floor and second floor (less than 7 ft.). We are looking for ways to best use the existing space and one thought I had was to lower the the existing first floor.

A portion of the house was added on in the 1930's or 1940's and has only a 1 to 2 foot crawlspace underneath the existing first floor. I was wondering if it is possible to lower the existing first floor down by about 1 ft. by taking out the existing first floor, digging out more of the crawl space and then replacing the floor at a lower level. I am a novice with no construction experience, so I have no idea if this is possible or what structural implications it might have.

Looking to get anyone's thoughts or feedback...