I personally can’t see any downside. You will have to maintain the property in original condition, from what I understand. Mostly from the outside, from what I gather. You can’t alter the home. But I think that is from the exterior. I could be mistaken. I haven’t thoroughly investigated. I personally think it’s great, especially since I love older homes. But the tax savings sometimes can easily be eaten in maintaining the place. For example, most older homes have wooden windows. You will never be able to put vinyl windows in. Little things like that.

I think the only downside in reselling, for example, is that not everyone likes older homes. Most people like new and modern. You know, like cars. There’s a group that likes classic cars and a group that enjoys the new, modern conveniences. Some people might find maintaining an older home a hassle. It does require someone to have an appreciation for it. Most people don’t want to be bothered. This would be a good poll question. I’m on it 🙂

Edit: I tried to start a poll and it’s not showing up in active topics.

I personally can’t see any downside. You will have to maintain the property in original condition, from what I understand. Mostly from the outside, from what I gather. You can’t alter the home. But I think that is from the exterior. I could be mistaken. I haven’t thoroughly investigated. I personally think it’s great, especially since I love older homes. But the tax savings sometimes can easily be eaten in maintaining the place. For example, most older homes have wooden windows. You will never be able to put vinyl windows in. Little things like that.

I think the only downside in reselling, for example, is that not everyone likes older homes. Most people like new and modern. You know, like cars. There’s a group that likes classic cars and a group that enjoys the new, modern conveniences. Some people might find maintaining an older home a hassle. It does require someone to have an appreciation for it. Most people don’t want to be bothered. This would be a good poll question. I’m on it 🙂

Edit: I tried to start a poll and it’s not showing up in active topics.

I personally can’t see any downside. You will have to maintain the property in original condition, from what I understand. Mostly from the outside, from what I gather. You can’t alter the home. But I think that is from the exterior. I could be mistaken. I haven’t thoroughly investigated. I personally think it’s great, especially since I love older homes. But the tax savings sometimes can easily be eaten in maintaining the place. For example, most older homes have wooden windows. You will never be able to put vinyl windows in. Little things like that.

I think the only downside in reselling, for example, is that not everyone likes older homes. Most people like new and modern. You know, like cars. There’s a group that likes classic cars and a group that enjoys the new, modern conveniences. Some people might find maintaining an older home a hassle. It does require someone to have an appreciation for it. Most people don’t want to be bothered. This would be a good poll question. I’m on it 🙂

Edit: I tried to start a poll and it’s not showing up in active topics.

The downside is that you add restrictions to how much expansion you can do in the future.

Depending on the size of the lot and the location how big of a deal this is could vary, particularly in La Jolla. For instance, in the Muirlands with a big view lot, a lot of the value of an older home would be that it could be torn down and a big McMansion built in it’s place. But with a small lot in the village, you might not be able to build much bigger anyway.

So, evaluate not only what you might want to do in the future, but also what future owners might want to do. You’re basically trading potential future expansion for low taxes today.

The downside is that you add restrictions to how much expansion you can do in the future.

Depending on the size of the lot and the location how big of a deal this is could vary, particularly in La Jolla. For instance, in the Muirlands with a big view lot, a lot of the value of an older home would be that it could be torn down and a big McMansion built in it’s place. But with a small lot in the village, you might not be able to build much bigger anyway.

So, evaluate not only what you might want to do in the future, but also what future owners might want to do. You’re basically trading potential future expansion for low taxes today.

I believe that the historic designation is temporary, not permanent.

If the city council decides to take it away to raise taxes, they certainly can.

I looks like the contract is renewable every 5 years.
http://www.sandiego.gov/mayor/pdf/080319millsact.pdf

I believe that the historic designation is temporary, not permanent.

If the city council decides to take it away to raise taxes, they certainly can.

I looks like the contract is renewable every 5 years.
http://www.sandiego.gov/mayor/pdf/080319millsact.pdf