It is not difficult to find an old building that you can convert into a living space like Ansco lofts or other apartments.
Of course, it is not that simple to purchase an old building and to renovate, to gain permits that will allow you to make it into a living space and sell it afterward for high price tag with the idea to earn a profit.
Even though you can find numerous success stories in newspapers where old building became living spaces with luxurious apartments in Binghamton, still they do not know how the conversion process is challenging.
The primary challenge is that old buildings feature completely different architecture when compared with new ones, and that disconnect can happen on numerous fronts.
Some old structures have foundation on poured concrete, which is not something that modern buildings have, especially when compared with steel foundation. At the same time, electrical and plumbing systems are not up to date and code, and sometimes you have to replace everything.
Most of them feature old and custom-made windows with irregular shapes and replacing frames and glass is also a challenging process. At the same time, you have to update your building for wheelchair accessibility, because that is also a building standard.
In some cases, buildings have environmental problems such as insulation, asbestos tiles or lead paint. It is not uncommon to see roosting birds that are leaving toxic droppings in the attics especially when it comes to old buildings.
These issues and problems can render some buildings unusable unless you wish to invest tens of thousands for renovation and cleanup. Other horror stories are also something that you should consider especially when it comes to problems and costs with the conversion.
For instance, one developer wanted to convert sawmill into a restaurant, and everything went fine until he tried to add a new air conditioning unit.
Changes in humidity and temperature drew out worms, and that interfered with the food that they sold, which was a problem for both guests and owners.
Click here if you wish to learn more on converting old buildings.
Is This Building Far Too Old
Of course, we are not saying that these extremes will happen to you, but you should also be careful through it. However, you should have in mind that problems tend to arise when you decide to renovate a building which is between fifty and a hundred years old.
The first problem happens due to potential environmental and structural problems in historic buildings and factories. The main issue has the potential to stand as an obstacle of your path as an investor and developer, mainly because you have to follow building and zoning codes.
As soon as you take a historical building, you will have to make a conversion project to make it functional.
Since the new owners will turn the building into use, it doesn’t matter if you wish to make it into apartments or a hotel, because you have to determine whether everything complies with zoning requirements.
Similarly, as other commercial projects, developers also have to investigate issues and potential problems that could happen during the due diligence phase, but they can do it only after signing a sales contract.
When you own an old or historical building, the developer first has to investigate all costs that will convert the old building into a functional structure which is up to code.
Check this link: https://en.wikipedia.org/wiki/Historic_site so that you can learn more regulations on historical site.
Old Building Is Great Opportunity
Studies have stated that both investor and city has to gain a lot by investing and reusing old factories and buildings. Many of them that were in commercial areas before, and now in urban settings, and the perfect choice for renewal but you have to think everything through.
According to one study, a creative business is an excellent choice if you wish to convert the historic building into lofts, mainly because it will provide you the ability to do something great and to enjoy in a significant return on investment afterward.
It is an excellent opportunity to convert commercial building and to implement effort that will help others appreciate the looks and create greater living space than before. But you have to be cautious especially when it comes to planning.