Real estate investors scour the market looking for properties with rock-bottom pricing and potential for sky-high returns on investment. Older, distressed buildings have discounted price tags, but converting an aging building into a modern domicile with all the bells and whistles to attract new residents is expensive.
Wouldn't it be nice if there was a niche property market that offered excellent prices and robust return on investment?
One type of property that deserves a closer look is older buildings with historical significance. The National Register of Historic Places lists more than 85,000 places in the United States designated as “National Treasures”. Not all of these designees are buildings; there are cemeteries, battlefields, trails and churches among the listings.
Interested in exploring historic property as an investment? Wondering if property you own is eligible for consideration? Whether you already own an aging property or you’re considering investing in distressed property, here is some information to find out if developing a landmark property is right for you.
Most property in the national registry is at least fifty years old. Age isn’t the only qualification. Architectural elements, regional and cultural value, and connection to an event such as the birthplace of a famous author or national leader also qualify some property for recognition.
Delve into the local history of the property and the community. Explore county archives; talk to the local historical society members for clues. Visit designated historic districts nearby. A great place to start your journey is to contact the state historical preservation office in your state.
Funding Your Project
The US Department of the Interior funds preservation projects via state historical offices. State officials work with the National Registry of Historic Places and property owners to confirm or facilitate confirmation of designation.
Normally, granting funding flows from the state level...