WANT TO INVEST IN HISTORY?

Did you know that income generated by Historic property is eligible for a 20% federal tax credit for rehabilitation costs and federal grants MAY be available, e.g. for a new roof or cracked foundation? Historic properties are known as “houses with character,” and renovations may be needed. “Places worthy of preservation” are listed among 78,000 homes, with 1500 new ones added each year to the National Register of Historic Places. If you own or purchase a home associated with historic trends, a historically significant person or type of construction or architecture, or in a neighborhood that is one of the oldest in your city, it may be considered a historic property, and thereby worth more than otherwise. Anyone can submit a nomination as long as the property’s owner consents, and once on the register, it is there to stay. The property’s history must be researched an included in the nomination and sent for review to your state’s historic preservation office. After state approval it is reviewed by an advisory committee and then sent to Washington, DC for review by the National Register. Check with your local government before making any exterior or interior changes. Costs can be higher and it can take more time to “stay true to the original period.” Doors and windows may need to be custom made, brick matched, and fixtures replicated. Some original period items you will want to do without such as drafty windows, sparse bathrooms and kitchens, lead paint and coal-guzzling furnaces!