Owning A Historic Property in Philadelphia

Have you explored Center City Philadelphia’s historic streets? Maybe you’ve read about the potential for Washington Square West to become a larger historic district. This new regulation would mean owners of properties from Walnut to South Streets and from S. Broad to 7th Streets, would need approval from Philadelphia Historical Commission to demolish their homes or make renovations. Take a look at the properties that may be in the new, larger historic district. PhillyLiving Management Group has the expertise to help you find the perfect fit for your needs. With over 30 years of experience, we know where and what makes a good community. Whether you are looking to attract renters to your properties or if you are new to property management in Philadelphia and are not sure what to do, we are here to support your needs.

Let’s talk about what this means if you own a historic property in Wash West or someplace else in Philly.

Benefits:

• Recognition: Being in a historic district acknowledges your building’s significance, preserving its unique traits for future generations.
• Value Increase: Living or working in a historic area boosts your property’s worth over time, thanks to its charm and character.
• Tax Breaks: Maintaining a historic building might qualify you for tax incentives, easing the financial burden of upkeep and renovations.

Challenges:

• Regulations: Making changes to your building’s exterior requires navigating bureaucratic processes, potentially adding costs and complications to renovations.
• Maintenance: Keeping up an old building demands specialized knowledge and resources, making it challenging to find suitable materials and skilled workers.
• Development Pace: Strict regulations in historic areas could slow down neighborhood improvements, despite aiming to preserve history.

Owning a historic property in Philly offers both challenges and rewards. Whether you’re passionate about preserving the past or managing property intricacies, it’s essential to weigh the pros and cons. Regardless of Washington Square West’s fate at the Commission’s May 22nd meeting, Philadelphia’s architectural heritage reflects its vibrant past and promising future.

Looking for help managing a historic property in Philly? PhillyLiving Management Group is here for you. With expertise in property management and preservation, we’ll guide you through maintaining your historic property. From finding skilled craftsmen for restorations to navigating renovation approvals, we’re committed to preserving your property’s character and integrity. Let us assist you in safeguarding Philadelphia’s architectural treasures for generations to come.

About the Author:

Matt resides in Washington Square West in a historical home, which underwent a year-long renovation. With prior involvement in the complete rehab of his own home and overseeing numerous historic properties as president of PhillyLiving Management Group, he encountered firsthand the obstacles of complying to the Philadelphia Historic Commission regulations, along with the accompanying increased expenses and time commitment. Matt holds a Bachelor’s degree in History from the University of Tampa, and has a deep interest in architecture including designs by Frank Lloyd Wright, Frank Furness, and Louis Kahn.

Link to Historic Commission Website