Today, properties of historic interest sometimes impact the values of surrounding homes and businesses. While generalizing about these effects proves impossible (every situation involves unique circumstances), you might want to consider three questions in selecting real estate located very close to an historic building:
Does a Nearby Historic Site Attract Visitors?
If you select a residence near a building with an historic designation, in some communities, you may notice a frequent influx of tourists or other visitors to your neighborhood. Although many owners of historic properties choose not to make an historic building available for periodic tours or museum activities, some do.
In a few rare instances, an historic property may have played a highly significant role in past local events. You may discover your unique location close to one of these structures holds extra commercial value because of this situation.
Did a Nearby Historic Site Influence Local Zoning Regulations?
Some communities seeking tourist revenues through the preservation of historic sites enact building and zoning regulations which may impact new construction in the vicinity. Discuss this issue in detail with your real estate agent if you suspect a prospective purchase sits close to a designated historic site!
For example, a builder hoping to buy an old home to subdivide into modern multi-unit rental apartments may discover complications exist for this type of project within an historic district. Planners may seek to maintain a specific neighborhood architectural style.
Does Your Prospective Purchase Hold Historic Value, Too?
Often properties available for sale near historic preservation projects in the city could qualify for an historic designation. This issue may hold significant tax and price ramifications.
Before you renovate an older residence or building, you might want to look into this issue more closely with the assistance of an engineer with expertise in the subject. In some situations, property owners obtain tax advantages or other benefits by seeking an historic designation for real estate. If available, this classification may require adherence to specific restrictions on renovation in order to preserve the character of the original building.
By considering all of these factors, you'll make better informed decisions as you evaluate the purchase of a home or business located very close to a designated historic site. Evaluating these issues in advance of making a purchasing decision could translate into considerable cost savings.