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Investing in Wedding/Conference Venues – Do? Or Not?
November 10, 2017 | April Comstock
On Real Estate 101 I got the pleasure of speaking with one of the owners of The Brownstone Wedding & Event Venue. Not only is this a gorgeous place with so many options available for weddings, corporate events and family functions but it is also a great use of a historical property. Just take a look around, how many empty buildings do you see? What if they were renovated to be a gorgeous venue? We were recently at a bridal fair and found that the venues had a lengthy waiting list. The venues aren’t cheap either. Many of the more rustic ones happen to also be the most popular. The search for the unique is often top priority because you want your guests to feel like they have entered a retreat atmosphere. This is important for many reasons. It gives you the ability to decompress. No sterile walls, No phones ringing, just beauty or architecture unlike what most get to see in a day. Things to consider when purchasing a venue:
Electrical compatibility (older buildings typically need a serious update)
What will the space be used for
Other things to consider when renovating historical structures
Does the City/County have tax incentives to help with the renovation
Do you need to keep the building in as close to original period as possible (will this restrict usage)