Some owners of old buildings and houses often wonder if restoring their properties is worth it. In Virginia, the state encourages the preservation of historic structures as it enriches our lives in different ways. It keeps the connection between our heritage and us intact. Furthermore, it offers many economic benefits.
Historical restorations help preserve the heritage of the community, allowing future generations to understand and appreciate our roots. When structures are successfully restored, they can even boost the pride of the community. Additionally, Virginia has had a tax credit program for historic building rehabilitation since 1997. If you’re property qualifies, you may receive a 25% for rehabilitation expenses. Some local government agencies also offer reduced property taxes to encourage property owners to restore their historic homes or buildings.
Between 1997 and 2017, the program issued $1.2 billion in tax credits, reimbursing 25 percent of eligible rehabilitation expenses as tax credits. Those tax credits have stimulated $4.5 billion in private investment since 1997.
According to a study conducted by Virginia Commonwealth University in early 2014, restoring old buildings contributed about $3.9 billion to the state’s economy. The information used, which was between 1997 and 2013, also showed that rehabilitation projects generated about 31,000 part-time and full-time jobs and about $133 million in local and state tax revenues.
When planning to restore historical residential or commercial properties, make sure you’re working with licensed and trained contractors. Historical restorations, whether you’re dealing with the entire structure or just the roofing, requires a specialized skill. Not all construction are qualified to work on this type of project. You need to make sure that your contractors know the right materials to use and the historic methods to follow to maintain your property’s historical structure.
Fortunately, you don’t have to look too far to find a crew you can trust. We at The Roofing Company aren’t just trained to repair and replace roofing. We also specialize in preserving historical slate roofing and buildings. Our company has been in the industry since 1998. We have helped numerous homeowners and entrepreneurs maintain their homes and commercial buildings all across Hampton Roads and Richmond.
Are you ready to bring your historical property back to life? Contact us to learn more about historical restorations. You may also fill out our contact form to get a free estimate.