Historic Homes & Properties- 5 things
to consider before BUYING
Are you An OLD HOUSE LOVER? Maybe day dreaming of
restoring or owning a Historic building? Vikki and I put together 5 things to
consider before buying a Historic Property.
Way back over 40 years ago, I had the pleasure of
owning an a Craftsman home, honestly it was one of favorite homes and it was
very satisfying to own a piece of history the original details where amazing.
Vikki time to stop reminiscing and get back to the
topic.
1. Check local, state and Federal Regulations.
The National Register is an acknowledgment of a
property’s importance to its community, state, or nation. Some buyers may be
anxious about this designation. Most of these concerns are unfounded. As long
as the work receives no federal money and requires no federal license or permit
owners are under no obligation to restore their property or to open their doors
to the public.
BUT… there is also one other thing,
Check the LOCAL municipalities and zoning since it
could affect a home of significant importance or have districts and overlays
that control the design. This could be due to the property being identified as
historical, architectural, scenic, cultural, or visual significance. Buildings
in these areas are typically subject to review for any proposed alteration,
addition, or demolition.
IN Aiken SC, there are overlays for example; lik
Historic and Old Aiken that definitively have some guidelines and zoning to
consider. Then there are others like the Horse District and Downtown Business.
The UP side is your neighbor’s property is also less
likely to be altered in a manner that might reduce your property value.
2. Being part of something greater.
Being a proud owner of a historic home or building,
you have the unique opportunity to recognize and share the history of your
property or home, as a steward of our nation’s past.
3. Buying a historic home offers a significant return
on investment.
Is this true or false?
It’s true and false.
There have been studies in SC in the past that homes
within historic districts or historic have sold much faster than the overall
market and at higher pricing.
On the flip side there are buyers who shy away from
historic or older homes due to the potential restrictions, repairs needed and
cost of a historic home’s maintenance which might actually make that home a
great buy and opportunity.
4. Check tax credits, incentives and grants to
preserve or improve a Historic property that may be available.
For example, a home on the National Register may be
eligible for limited financial aid through grants, loans, or tax incentives.
We googled SC and there are state and potential
federal tax incentives and grants available.
Check out this Preservation hotline website:
https://scdah.sc.gov/sites/default/files/Documents/Historic%20Preservation%20(SHPO)/Publications/SHPO%20Hotlines/Hotline11.pdf
Do your research, talk to your CPA to make sure you
meet all the criteria and meet the submittal deadlines.
Here in Edgefield where we have a listing of a home
called Carnoosie, a historic property per the Edgefield, SC there are real
estate tax incentives potentially for the rehabilitation of historical
properties. Call the local authorities to get the details.
In the city of Aiken there could be potential grants,
special tax assessments or even non-profits might contribute if the property is
of local significance for properties that qualify.
There is a large part of the Aiken community that are
great advocates who are very proactive in preserving Aiken’s valuable history.
Currently there is a local controversy and passion
over the potential demolition of Historic Downtown building referred to as
Hotel Aiken or the Commercial, as well as a building down the block where years
ago the Johnson Drug Store was located which holds some significant Aiken
history.
5. REALTORS Advice …
When you do an interior renovation which may not be
restricted, it’s best to be thoughtful about the historic integrity of the home
or building for future resale value. Try to honor its history with today’s
conveniences, strive for that ideal balance
Older historic homes or buildings are most definitely
a passion and no doubt the cost to renovate properly is more costly. But
certainly, a rewarding, worthwhile experience.
Looking for a historic home? It’s a big decision, we
know. We’re here to help! It’s your lifestyle, your home and we are your real
estate team.
Brandi Cook and Vikki Crossland
Meybohm Real Estate
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