An official statement released from Clarence House, the official residence of Prince Charles, on Monday brought news that Prince Harry and Suits actress Meghan Markle are engaged. It also shared that the couple of 16 months "will live in Nottingham Cottage at Kensington Palace" where Prince Harry has dwelled for the past four years. But what exactly does this mean for the soon-to-be newlyweds? Here are seven facts you might not have known about the cozy cottage that soon will be home to one of the world's most famous couples:

  1. It might as well be the official royal "starter home."
Prince William and Kate Middleton also lived in the two-bedroom cottage, which contains a couple of small reception areas, when they first got married. They then moved into Apartment 1A, formerly the residence of Princess Margaret, in October 2013.
  1. Other former residents include Princess Diana's sister Lady Jane Fellowes and her husband, Sir Robert Fellowes, who was formerly Queen Elizabeth's secretary.
  2. When Kate Middleton first moved in, she gave the cottage a light freshening up, with a new coat of paint.
Prince Harry, who moved in approximately four years ago, did the same thing last spring, sparking rumors of Markle's impending move-in.
  1. Its unofficial nickname is "Nott Cott," as insiders (and the press) often refer to it
  1. It was named after Heneage Finch, 1st Earl of Nottingham.
  2. Nottingham Cottage comes with only a small yard—reportedly one of Kate Middleton's biggest disappointments with the property. Meghan Markle, who previously ran her own lifestyle website, might have to put her gardening aspirations on hold.
  3. It's widely understood that Nottingham Cottage is a temporary living arrangement for Prince Harry and the Suits actress.

When their family started to grow, Prince William and Kate Middleton perused other potential properties on the grounds of Kensington Palace, including Apartments 8 and 9, but the Duchess of Cambridge was reportedly uncomfortable with living in Apartments 8 and 9, which was the former marital home of Prince Charles and Princess Diana. Once the couple settled on Apartment 1A, the four-story, 20-room space underwent a $7.6 million renovation, which included all new heating, electric, a new roof, and the stripping of the bright colors former resident Princess Margaret favored. But Apartments 8 and 9 aren't even an option for Prince Harry and his fiancée in the future: Those apartments have since been turned into a staff area. However, Apartment 1, directly next door to Apartment 1A, has also recently undergone a renovation, and would be a potential option. It also is just slightly larger, coming in at 21 rooms.