Philadelphia includes so many historic buildings that school children visit the city as part of lessons. In addition, area property owners have turned hundreds of older buildings into hotels, businesses and rental homes with the help of preservation contractors in Philadelphia, PA. Although owners could just tear them down and build modern structures, saving the old buildings offers both financial and cultural benefits.
Building Rehabilitation Makes Financial Sense
Property owners who want to maximize profits often hire preservation contractors in Philadelphia, PA to restore older bullrings. Many original buildings are often located in bustling city centers, so they offer automatic walk-in traffic. Restoration may be part of urban renewal, so old buildings become part of trendy areas which preserve cultural elements. Owners may also get tax credits, especially if structures qualify as historic buildings. In addition, original construction tends to be very high quality, so buildings are sturdy and typically contain valuable materials like hardwood or marble.
Older Buildings Are Often Energy Efficient
Cities and private owners often decide to restore buildings once they realize how energy efficient they are. In fact, the U.S. Department of Energy website reports that buildings constructed before 1920 are more eco-friendly than modern ones. Many structures have operable sash windows and high ceilings. During renovation contractors can also add retrofits like solar panels or new insulation that increase energy-efficiency even more.
Tenants Love Older Buildings
Owners are also restoring historic buildings in order to draw specific property buyers or renters. Older buildings often have unique features that appeal to certain tenants. Many enjoy the unique sizes and shapes of rooms as well as the charm of original fireplaces, ceiling tiles, molding and even doorknobs. Young, hip businesses like antique stores, restaurants, book shops and even retail clothing shops fit perfectly into the classic spaces.
Dozens of older Philadelphia buildings have been restored by owners who consider the move a wise investment. Original buildings are well built, energy efficient and include hard-to-find materials like marble and hardwood. Their charm and features also attract a wide variety of upscale residential and commercial tenants.