Some people think that owning a historic property would only be a drain on their wallets, but the opposite is actually true for many historic home owners. Many people who own homes in historic districts receive both federal and local tax cuts for properly maintain their homes. Real estate in Charleston, SC is perfect for people who are interested in owning historic homes.
Know Local Laws
It was already said that many historic home owners (or people who own homes in historic districts) can receive tax benefits. Before you get ready to buy the first historic property you see in Charleston, SC take time to learn the local laws for tax benefits for historic home owners. The tax benefits home owners receive are typically tax credits, but they vary from home to home and depend on a variety of factors. The home owners need to spend a set amount of money on home improvements over a specified amount of time (in Charleston, normally 24 months). The historic district your home belongs to will also affect how much the owners received. Homes in older districts will require more up-keep, and owners who perform a lot of expensive and complicated home improvements normally get heftier tax credits.
Get Local Organizations Involved
Are you thinking about purchasing real estate in Charleston, SC that isn't currently designated a historic site, but you believe that it should be? The National Register of Historic Places is the most well-known historic preservation group in the country, but they aren't they only group interested in finding historically significant properties. The Charleston Heritage Federation works to raise awareness about the city's rich historical roots. Since they have a wealth of knowledge about the city's history, they could help you find out information on your area's history to see if your property would qualify. The Preservation Society of Charleston South Carolina has helped preserve countless buildings around the city, they would be an excellent resource for any questions you may have about getting your property registered.