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In Love with Historic Homes? Here’s Why a Historic Home Is a Good Investment for You

Buying a historic home is a thrilling experience. And for some buyers, there is nothing more appealing than an old house, especially if it’s certified on the National Register of Historic Places and is in a historic district.

Maybe you’ve been checking out a Federal-style house in Newport, Rhode Island, or perhaps it’s a mid-century modern style with a famed story in Windsor, Connecticut. Before you make a down payment on a historic home or dream up some renovation plans, here’s why old can be gold. Keep reading.

From its quirky features to its unique charm, there’s plenty to love about a historic home. 

Old houses offer plenty of character and charm. 

Have you always loved the feeling of places taking you back in time?

Stepping inside a historic home will undoubtedly transport you to a specific period or era through its outstanding character and charm. Plus, you won’t find its stunning architectural styles today—regardless of whatever kind you want, Victorian, Colonial, Queen Anne, and even Gothic Revival. 

An old house is packed with an overwhelming history.  

Wherever you go, historic homes boast the history behind them. If you’re an aspiring historian, history fanatic, or an “old soul,” history alone is a sound investment. There’s no doubt that you will love a historic home for such a reason that it will let you relate with the town’s past and the rare stories of the people who lived there. 

You can gain tax incentives and tax deductions when you buy a historic home.

Specific tax incentives and tax deductions are available to owners of a historic home in Rhode Island, Massachusetts and Connecticut. For instance, The Federal Historic Preservation Tax Incentives program offers a 10-20 percent federal tax credit specifically for the historic preservation and rehabilitation of properties listed in the National Register of Historic Places.

Besides federal programs, Connecticut, Massachusetts and Rhode Island local governments also offer financial incentives in tax credits to homeowners who want to preserve and purchase a historic home.

You are helping to keep our nation’s history alive.

Buying a historic home requires a constant need for upkeep and repairs to keep it in tiptop shape. Owning one may have its restrictions since you may not be able to do any modifications, renovations, or alterations without special approvals.

Maybe you’ve been searching for many months or even years, and now you have found the perfect house. The property boasts elaborately detailed scrollwork, a hand-molded newel post, and grand pearl-white columns. The house is also labeled as contributing resources to a historic sector on the National Register of Historic Places. But what does owning a historic house mean for you?

  • You become part of something bigger by owning a historic home.

Holding property within a historic district allows you the unique opportunity to understand and experience history as a homeowner of an honored contributor to our nation’s past.

  • Buying a historic home provides a great return on your investment.

Historic designation is associated with average property value increases ranging between 5 and 20 percent of the total property value.

  • As a homeowner of a historic house, you may have access to preservation resources. For some instances, houses or buildings listed as contributing resources on the National Register may qualify for limited financial aid through grants, loans, or tax incentives. Preservation organizations are another means for reasonable financial help. 

Bonus tip: When house hunting, it’s advisable to seek help from a Realtor® who has experience with historic homes. Ask him or her whether you’re looking in a designated historic neighborhood. Your Realtor® should inform you in advance regarding the costs, maintenance, and responsibilities of owning a historic home. 

Ready to move?

Buying a historic home is no small feat. If you decide you’re ready to take on a historic home, it’s free to get connected with us. Don’t settle with choosing a team to represent you. Find a team that deeply understands you. Book your complimentary consultation here

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