5 Key Benefits of Owning a Historic Property
Recently, m² realty has enjoyed listing a few historic properties from around the Triangle and we’ve come to appreciate the many opportunities they offer the buyer. Their rustic charm and unique, sometimes peculiar characteristics make them fun to sell and magical to own. Whether your specific love is Colonial, Victorian, Gothic Revival, or one of the many other architectural styles, owning a historic home comes with a few benefits that make them even more attractive.
There is a myriad of tax incentives or tax deductions available to owners of historic homes. The Federal Historic Preservation Tax Incentives Program, for instance, offers a 20% federal tax credit specifically for the historic preservation and rehabilitation of properties listed in the National Register and used for income-producing purposes.
Loans, Grants, and Additional Funding
Historic homes often need a lot of maintenance and upkeep and require a lot more attention than most homes. While this may make buyers nervous, there are over 7,500 federal and state funding programs available including low-interest loans for renovating and preserving historic homes that are otherwise unavailable to your average homeowner.
Many historic homes are located on Main Street in older towns and cities and offer unique business opportunities for buyers. Whether it’s a cozy little bed and breakfast or a co-working space for local business owners, the opportunities presented are only as limited as your imagination.
This idea also works in reverse. Image repurposing an older office building or factory into residential units. What a wonderful way to bring vibrancy, walkability, and resiliency to the heart of your town or city.
Become a Preservationist
When you buy a historic home, especially one that sits on your town or city’s Main Street, you join a community of people dedicated to the preservation of your towns heritage. Your home has stories to tell about what the community was and how it became what it is today. Preserving those stories can be an important part of building a healthy community and actually helping to keep history alive. There are many organizations dedicated to preserving the idea of Main Street America and offer support and guidance for owners interested in getting more involved with
Most historic homes and buildings are original and come in a wide range of stunning architectural styles, from ornate fireplaces and antique door knockers to intricate crown molding and vintage built-ins, there are so many fun details to love about an old home. When you make the home your own while preserving it at the same time, you’re breathing new life into a historic treasure.
If you would like to learn more about the historic properties we are currently listing, contact us today. We can help by answering your questions, giving you the best advice, and guiding you along the way. Call Melonie Mickle at (919) 500-7881 or email her at [email protected]. We look forward to helping you.