Key Takeaways
- Advanced renovation scenarios offer higher returns (25-40%) but require 5-10 standard renovations of experience first.
- Federal and state historic tax credits can reduce effective renovation cost by 30-45%.
- Two-phase gut renovation budgeting (demolish, then re-estimate) is the most accurate approach for unknown conditions.
- Comprehensive risk management through environmental assessment, regulatory pre-consultation, and conservative financial modeling is essential.
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Test Your Knowledge
1.What is the federal historic tax credit percentage for certified rehabilitation of historic structures?
2.When does a gut renovation become warranted over selective renovation?
3.What contingency percentage is appropriate for advanced renovation projects?