American Real Estate Market Essay

1202 words - 5 pages

The current state of the housing market has changed the nature of $150,000; fifteen years ago it was not enough, while today the sum huddles in some form of realty limbo. The American real estate market has gone from a period of ostentatious acquisition to quiet overly prudent waiting. Yet despite market uncertainty, property remains the long investment, continually proving its worth through the centuries. Achieving the maximum return on such a limited investment will require ingenuity, diligence and civic-minded creativity.

The purchase must provide the most opportunities for return possible, which is why the restoration of a historic home/building is the best option. Within every city there are many historic properties waiting restoration. Because of this the city and federal governments offer tax breaks, restoration grants and a host of other assistance programs designed to restore landmarks to their original splendor. The preservation of these buildings lends gravitas to the city, bolstering civic pride and in some cases new revenue generating tourist attractions. Historic site restoration is a lucrative, albeit changeling process that can offer satisfaction personally, monetarily and publicly. But it is not simple.

Historic restoration requires a detail-oriented mind possessing a vast reserve of patience and organizing ability. It is important to remember that you are not just renovating a building; you are returning it to its original condition, the state by which its historic significance is predicated upon. It is an archaeological enterprise and ideally you are returning the building to that purpose, either continuing its original work plan or demonstrating that purpose for the people of the city and tourists alike. A historical site cannot be altered in any way. Restoration efforts must take the most diligent of care, restoring the old while using original construction methods when possible.

To begin you must choose your property, The National Register Of Historic Places created in 1966 lists all of the sites already deemed historical by federal, state and local governments. If you identify a historic site not listed it is possible to petition the government to declare it so, although this add time to the duration of the project. Once the site has been chosen research is required to establish it original function, layout, method of construction, ownership and the daily activities preformed at the site. The property as is must also be inspected to determine its current condition and the viability of restoration. Some sites, despite their historical standing, are not worth renovation and it is important to recognize this at the beginning. After the actual renovation, research is the second longest stage. The government requires in depth detail and definitive proof of the sites legacy. If it is a home that you intend to live in, leeway is granted for the interior design, but the façade must meet historical standards. If the...

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