Definition
A building recognized as historically important—by the National Register, local commission, or preservation authority. These have legal protections and often come with restrictions on exterior changes. But they also often appreciate strongly and may qualify for tax incentives that offset restoration costs.
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Historic homes possess architectural, cultural, or historical significance recognized through formal designation. These designations may impose restrictions on exterior modifications and require period-appropriate materials. Historic home owners may qualify for tax credits and preservation grants offsetting restoration costs. However, restrictions and specialized maintenance requirements may limit appeal to some buyers.
Pro Tip
Historic designation may include tax credits and grants. Research available incentives and understand restrictions before purchase.
Example
A home designated on the National Register of Historic Places requires all exterior changes approved by the historical commission.