The fact is, many homeowners and business owners have many questions about historic preservation and the realities of historic buildings designation at the federal, state and local levels

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Here are some truths to several misconceptions:

Myth: If my home is added to the City’s historic resources inventory, I won’t be able to renovate or expand my existing home, sell my house, and I’ll lose my property rights to the government.

Fact: None of these statements are true. The goals of historic preservation, and being included in the historic resources inventory is to restore, rehab, and reuse existing structures to benefit the community. Historic preservationists encourage historic building homeowners to renovate their homes, while helping to ensure that new construction is compatible and complements the character of the existing neighborhood. Oftentimes, these renovations to historic buildings include expansion of another unit or second story.

Myth: If I want to renovate my historic home, it will cost me a fortune.

Fact: Good preservation does have costs—but not preserving costs even more. Demolition has significant expenses: workers who tear down a historic place and carry away the debris must be paid, landfills must be provided to receive construction materials. Additional costs appear if a "replacement" goes in an undeveloped area, since building on open spaces requires creating and maintaining services like roads and sewers.
Destroying our past has costs that extend far beyond money. Lost is the work of talented craftsmen who created beautiful, lasting buildings. Lost are the memories and pride that a community took in one of its landmarks. And lost is the opportunity for future generations to enjoy and to learn from the places that help us understand and appreciate where we came from.
Additionally, tax credits and special financing tools are available to those buildings designated historic. The Historic Rehabilitation Tax Credit is an effective tool to assist housing rehabilitation projects. The IRS offers a 20% tax credit (not deduction, but credit) for the preservation and reuse of historic commercial buildings.

Myth: The value of my home would be greater if it wasn’t designated historic.

Fact: While new homes continue to sprawl throughout suburban America, there is a greater demand for unique, historic buildings. America’s historic buildings are an integral part of each community, and the historic charm and character of historic buildings are cherished. Designated historic homes are oftentimes sought after the most, and frequently are valued higher than those homes without the designation.

Myth: I will have to open my house for tours.

Fact: While the Heritage Society of Pacific Grove welcomes historic homeowners to participate in the annual Historic Home Tour event, no one is forced to give public access to historic homes and buildings.

Myth: Old buildings aren’t safe.

Fact: It's not the age of buildings that makes them safe from forces like fire and earthquakes and hurricanes -- it's how they're built. Recent disasters have shown that older, carefully constructed buildings may stand up better. In 1992's Hurricane Andrew, for example, it was new, cheaply built structures that suffered the most damage. What's equally important is that old buildings can adopt new safety methods.
Nor does preservation increase the danger from hazards like asbestos and lead paint. If an older building includes either of those materials, they have to be abated whether the structure is demolished or rehabilitated, and often preservation creates less danger because it does not expose the hazards to the air.

Source: National Trust for Historic Preservation