A property site or structure deemed historic at the local, State or National level will come with restrictions in regard to remodeling, demolition or development. But it could also come with some tax benefits for the owner.
If you’re looking to buy an older building or an older home that is of significant age, there is a chance that it might have some type of historical significance. So, the Local, State, or the Federal Historical Commission will designate certain properties that have historical significance. This has taken place quite a bit in all parts of the nation. Some of those homes in older neighborhodds have historical significance and there are horror stories of investors or families buying these homes or buildings with the intent to knock them down. Just because they look dilapidated only to find out later that they have some type of historical significance, and you absolutely cannot knock them down without approval from the Historical Commission.
So, in order for a building or a home to be designated as a historical building, it has to meet three attributes.
1).It has to be of significant age. The general rule of thumb is 50 years or older, but that doesn’t always apply, for example, if a home or a building was 45 years old and it had a famous author or a famous actor that lived in it. Right? It could still get the designation.
2). It has to be able to maintain its physical integrity, meaning it hasn’t fallen down, it still needs to be able to stand upright and show some of the attributes that made it historical.
3). It has to be deemed historic either at the local, state, or national level, due to, again, if a famous person was there or if a famous event, for example, took place.
There are different landmarks or registries you can get a property registered with: a national registration or the Local Historic Landmark Committee. There is also an Antiquities Act,
Once you get the Historical Commission stamp of approval, it could be very difficult to remove that. You may not be able to get that designation removed.
Anyone who is restoring a historic building or a historic home, it always takes about twice as long and twice the budget that you plan on. So, it can be very challenging to restore these buildings or these homes. But obviously we want to maintain these buildings that have historical significance.