Even if George Washington never slept there, you might be fascinated to find a property in your home search that's listed as a historic site.

Historic homes are usually held up as an example of a certain architectural style or an important site related to an event in the area's past. Julia Rocchi, writing for the National Trust for Historic Preservation, says they don't always have to be old structures; sometimes you can find a home that has a place in more recent history.

In some cases, the home might be significant enough that it has been placed on the National Register of Historic Places. Other homes might be recognized by a local historical organization. Some of these homes might have several similarly significant properties nearby, grouped together in a historic district.

Aside from the appeal of living in a place where history took place, historic houses are likely to have sturdy construction. Gina Pogol, writing for the site The Old House Web, says older historic homes often boast exceptional building methods as well as fine cuts of lumber. She says other benefits include pleasant aesthetics in historic neighborhoods and the likelihood of a historic property to gain value faster than a non-historic home.

You'll also be able to take advantage of some preservation incentives, such as tax credits or lower interest loans. In Connecticut, the Historic Homes Rehabilitation Tax Credit offers a 30 percent credit, up to $30,000, for the rehabilitation of one- to four-family homes in certain areas where at least $15,000 of renovations have been completed.

However, historic homes aren't for everyone. Before you look into purchasing such a house, you should make sure it fits your needs and that the necessary repairs won't stretch your checkbook to the breaking point.

Historic homes tend to be smaller than conventional houses. Samantha DeBianchi, writing for the real estate site Zillow, says you might have to downsize your furniture to get pieces that will fit the kitchen, bathrooms, and bedrooms. The ceilings and doorways might also be lower than you're accustomed to.

If the systems and components in the house are still stuck in the past, the home will require some major investment. These fixes could include repairs to the plumbing and electrical systems as well as replacement of any natural elements that are more vulnerable to rot, mold, and other problems. If the home predates certain safety regulations, you may find hazards such as asbestos and lead that need to be removed.

Sarah Heffern, writing for the National Association of Realtors, says you should take a top-to-bottom look at the house and make a note of any areas that need to be addressed. Look out for obvious signs of leaks, cracks, and other damage. A professional inspection and estimates from contractors will also tell you how much work will need to go into the house to revitalize it.

The repairs you can make are often limited if your house has a historic designation. You'll have to get a special permit before completing any work that might affect the home's appearance. Jay MacDonald, writing for Bankrate, says the restrictions usually only apply to the exterior of the house. However, that still means any repairs or replacements for the windows, roof, or siding cannot significantly alter the look of the house.

These limitations are sometimes relaxed enough that energy efficient windows can be added to cut down on utility costs. In other cases, however, requirements such as single pane windows will lead to more expensive heating and cooling bills. Ask to see a year's worth of bills for the property as part of your cost analysis.

Historic homes can also result in higher homeowner's insurance because of the higher replacement costs. Historic districts may have a higher tax levy than surrounding neighborhoods.

Adding onto the home is especially difficult, as this will compromise the historical character of the property. It may be nearly impossible to add extra room through an addition, and that planners will usually request that the design give it a separate appearance so it can be distinguished from the historic property.

A historic home can saddle you with unexpected costs and repairs if you aren't prepared for the responsibility. By thoroughly researching the property and what it will take to live there, however, you can preserve a place with an interesting story and update it for the modern day.