For luxury homebuyers, finding the right neighborhood in a city can be a daunting task. Often, there needs to be a balance of nearby amenities, accessibility and, of course, desirability. One such solution that consistently appeals to city dwellers is to buy in a historic district. Here are just a few reasons why these neighborhoods make an excellent choice for your next home.
When purchasing an asset of this scale, buyers want to know that they’re making a sound investment, especially during times of economic uncertainty. Historic districts are usually among the safest locations to acquire property in a city, as they have already proven to maintain their value over an extended period and bounced back from prior downturns.
While some might view the community codes and regulations that come with living in a historic district as a nuisance, they help to uphold the value and desirability of the neighborhood. These rules are intended to preserve the historical facades of the buildings and the charm of the community, but it’s quite rare for them to limit how you update the interior of your living space.
Another benefit of living in one of these designated areas is that there are often tax incentives to restore and maintain the exterior of your home to historical standards. While you’ll likely have to get any proposed alterations to your façade approved by the city, the Historic Tax Credit program offers up to a 20 percent tax credit for qualified expenditures.
Pride and Prestige
With every resident doing their part to preserve the integrity of the neighborhood, these districts regularly enjoy an elevated sense of community pride. Furthermore, a location that benefits from a long-established history will often be among the most exclusive in a city and provide you with a prestigious address.