When people seek buildings for their businesses, they look at everything from strip malls to warehouse spaces. However, one solution not all consider is purchasing a historic property and hiring renovation contractors to modernize it. Here are some of the best reasons to do so. 

Why You Should Buy a Historic Building for Your Business

1. Build Quality

Many modern buildings are built cheaply using lightweight, inexpensive materials. If you seek high-quality construction, durable materials, and a reliable long-term investment, a historic property is often a reliable choice. For example, you know that a building that's survived over a hundred years was built to last.

2. Tax Credits

The U.S. offers federal tax credits for those purchasing and restoring historic properties. Currently, the program returns 20% of the cost of work done by a renovation contractor. North Carolina expanded its tax credit program in 1998 to further encourage this type of investment. Since then, the state has consistently ranked among the top five states in dollars spent (and returned) on the restoration of historic properties.

Combine these federal and state tax credits and your investment becomes even more affordable.

3. Economic Revitalization

This type of investment often has positive economic effects on the city. By helping revitalize a neighborhood, you encourage other businesses and customers to spend their dollars there, too.

With a beautiful property housing your business, you’ll also attract people to your location, resulting in more sales and profit for you.

To hire an experienced renovation contractor to transform your historic property into a functional, modern workplace, contact B. E. Vaughan & Son in High Point, NC. They have served businesses and homeowners in and around Guilford County since 1955. They’ll help you add modern amenities to the building while still capturing the aesthetic of an old-time business. Learn more about their work with historic properties online or call (336) 884-8737 to request a quote.