Many communities have established districts to preserve some of their history. Some people are intimidated by the rules that they need to follow when moving to one of these areas. However, there are a number of benefits that you should consider as well.
You should be aware of the benefits of living in a historic district before you buy a home or condo. Here are some of the reasons that you may want to do so:
Property Values Increase
Purchasing a home or condo in a historic property can be a better investment opportunity. Real estate agents state that home prices have increased much more quickly in historic districts than other areas.
A 2008 study by the City of Rockford Illinois confirmed this claim. The study found that home prices increased approximately 70% more over a 7 year period than those in other areas of the communities covered in the study.
Neighbors Preserve the Community
There are a number of rules that people need to follow when they live in a historic district. They will need to maintain their own homes and help preserve the area around them.
This can be ideal if you want to make sure that you aren’t going to be living in a quiet, clean area with well-kept houses around you.
Grants and Other Benefits
Federal, state and municipal governments have a number of different programs to help people who live in historic districts. One of the grants you may want to look into is the Historic Homeowner Grant Program. The amount of the grant will vary depending on where you live. Low and medium income homeowners in historic districts may be eligible for grants worth up to $25,000 in Washington, DC.
You will want to check with the Department of Housing and Urban Development if you are interested in a grant in the region you are trying to buy a home in.
You will be living in an area that is recognized for the historical contributions it has made to the community. You may want to consider living in a historic district if you appreciate the history of your town and like to connect with other people who will be impressed with the area you are living in.
Living in an area designated a historical part of the country can be rewarding in a financial way, and a personal manner as well. Take the time to research some parts of the country that appeal to you, the benefits will be truly worth it.
About the author: Kalen is a Finance and Real Estate author who specializes in information about South Beach condos for sale.