Tax Credits Help with Rehab on Your Old Home

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Real Estate

 

The preservation minded have made it possible for homeowners to apply for some pretty cool tax credits to help with the improvements of their old home. If the home is at least 50 years old, homeowners can apply for up to 20-25% of dollar for dollar spent for improvements up to $50,000.  It does not matter how long you have owned the home, these tax credits are per owner and their set of improvements.

Our belief at Historic Denver Homes and Land Real Estate is that these properties, positioned successfully and kept safeguarded, continue to hold and improve their value consistent or higher than the surrounding neighborhoods where lack of regard to historical significance can only be branded as not a priority to a homeowner.  As a Realtor and professional, I would advise that these homes must obtain their original character and be improved upon as not to appear ordinary. There is nothing worse than seeing an absolutely smashing exterior and grounds polluted by a complete renovation that has robbed all the original character and period features. 

The 2011 economic study Property Values and Neighborhood Stability conducted by
Clarion Associates of Colorado analyzed the economic impacts of historic preservation in Colorado over the
past 20 years.  Among their findings were:

“Studies throughout the nation demonstrate that local historic designation programs not only help preserve an area’s historic
character, but they can also add value, stability, and desirability to homes and neighborhoods. Local historic designation typically
leads to appreciation in property values at rates that are consistent with, and often greater than, rates in similar, non–designated areas.
“In several of the districts studied, average sale prices for homes within the designated historic district, as well as in the non–
designated comparison areas, surpasses the average sale prices for the larger surrounding neighborhoods.

Please contact me about the best path forward for the 50 year or older home and if it will qualify under the umbrella of our Historic Denver Homes and Land brand for our HDHL real estate marketing services. 

For more information call  Jayne Cordes, Historic Denver Homes and Land Real Estate, Coldwell Banker.  720-936-6691 jayne@coloradohomes.com.