South Florida has an array of stunning luxury properties. Here, there are multi-million-dollar residences that have been designed by today’s most celebrated architects. However, you can also find classic structures that have withstood the years without having lost their original beauty. Encountering one of these well-preserved properties can make you feel like you have stepped back in time. For the right buyer, finding a historic property is more than choosing a piece of real estate: It’s like discovering a hidden treasure. While the idea of owning this type of property can be appealing, it’s important to know that historic properties come with certain limitations. Here are some considerations about buying a South Florida property with a historic property designation.
Age is Only a Number When it Comes to Historic Designation
If you find an older property that was constructed a hundred years ago, you might think the structure would automatically get a historic property designation. However, age is only one of many factors that go into deciding if a property meets the definition. Generally, to qualify for the National Register of Historic Places, a property must be at least 50 years old and have historical significance or integrity. The property’s architecture and artistry may be representative of an era, and be reflected in features such as its workmanship and detail. If a historic home undergoes extensive renovations, it may lose its integrity and no longer qualify to be on the National Register.
Owning a Historic Property
Recently, in The Town of Palm Beach, Midtown homeowners found themselves in a controversy regarding their property’s historic status. The homeowners argued that their 1919 home should not be designated as a historical landmark. Ultimately, the town council voted not to landmark the house despite some members’ disagreements with the choice. So, why would a property owner object to their property having a landmark designation? For the Midtown couple, they believed that the classification would reduce their home value and incumber their plans to sell the property.
If your property is designated on the National Register, this means it has met the standards for federal historic designation. However, it’s your local government that determines the limitations on changes and additions to the home or building. Each community is governed by its own body that can review and approve or deny certain proposed renovations to your home. There can also be restrictions on what you can do to the exterior of the property that are aimed at preserving its historical value. If you plan on making significant changes to the home’s interior or exterior, a historic designation may not be ideal. However, if you want to maintain the property and are comfortable with its existing features, this kind of structure may be perfect.
Aside from having a charming appearance, one of the most noteworthy benefits of owning a historic designation home is that entry on the National Register makes you eligible to apply for federal tax credits. Additionally, Florida law permits counties and municipalities to enact ordinances for historic buildings that allow for state property tax exemptions.
Contact the Board-Certified Florida Real Estate Attorneys of Rabideau Klein
Buying a South Florida historic property can be complex, and you want to ensure that you perform your due diligence beforehand, and have the right real estate professionals at your side. At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Board-Certified Real Estate Attorneys with the Palm Beach area expertise and experience you need to ensure that your interests are protected throughout your South Florida historical real estate matter. Contact Rabideau Klein today to discuss your Palm Beach area real estate legal needs.