Investing in historic commercial buildings has its perks. For one, this proves to be an excellent long-term investment, especially if you’re able to buy one located in downtown areas. This type of building is usually well-built, is energy-efficient, and has open floor space. If lucky, you can even enjoy tax credits for merely rehabilitating the building.
A historic building restoration may require special care due to its old age. But the challenge is often one of the reasons many real estate investors are invested in these types of buildings. Depending on what you plan to turn the old building into, you’ll want to work with experts who are adept in such projects. You’ll want to work with an architectural design company in Park City that already has experience working on such projects.
To help you make the most out of your restoration project, here are some of the best tips that you will want to keep in mind:
Learn about the history of your property
Each old building has its own history to tell. As the new owner, you should not only focus on what you can turn your new investment into. You should first learn about the story lurking behind its walls. Who knows? During your quest to find more about your new building, you can dig up some interesting stories that can be a great conversation starter. Take note of the material used, the date of construction, the original owners’ main purpose for building it, etc.
Find a reliable team to work on the restoration
Of course, make sure to hire only a team of competent professionals to restore your historic commercial building. Find companies that specialize in restoring old buildings. Check their reviews, portfolio, and what they have to offer. After shopping for the best team whose pricing you can also afford, it’s time to lay down some plans.
Be sympathetic to the old building’s design
If you can, find out the original intention of the architect for designing the building that way. You need to have a better understanding of what things you can do to keep as much of the distinct features the building has been known for many years now.
If your new investment has been around for a couple of decades now, people already recognize the building for its specific character. Maintain the integrity of the old building by not straying too far from the original design. But if, under certain circumstances, you believe that the old materials will no longer suffice, then make sure to keep the details and record them accordingly.
Don’t skip an environmental site assessment
This step is necessary to make sure that the building itself will pass the safety code and building codes. This process enables you and your team to check if there are any hazardous materials used during the construction of the building. If, for example, traces of asbestos are found, you can hire a specialist to remove these harmful substances from your building before you start with the restoration.
These are just four important things that you will need to keep in mind when restoring a historic commercial building. It helps to learn about the history of the building and check if there are any safety concerns that you need to address first. As much as possible, you would want to protect the integrity of the old building. Don’t forget about working only with competent professionals who can restore such an intricate building.
