If you happen to have money (lots of it) and also love art and history, what do you think is the most logical thing to do? When looking for good investment outlets, a new niche in real estate has just opened up. It is buying and renovating historic properties which had been left derelict for years or even decades. This is actually a niche in the tourism and boise real estate industries, with local and foreign tourists eager to visit long-abandoned historical sites. Most continents have plenty of ruined gems left by their governments to the elements because of budgetary constraints but Europe seems to have the most.
Europe has a long history of excellent architectural styles and many historic sites such as castles and former palaces need restoration. Other potential targets for investors are convents, monasteries and fortresses. There are even “weird” sites restored and renovated to accommodate curious tourists. Some investors who love history and property investing have found this perfect match. They buy properties like old windmills and lighthouses and construct a restaurant inside them.
But you will need more than money to succeed in this business. It should be a labor of love for you. Enterprising people find that ruin restoration has many built-in advantages such as almost instant ambiance, prime property at cheap prices and original art work on the buildings. If you plan to buy and convert it into a home or a business venture (such as a budget hotel or fine dining restaurant), you must be prepared to plunk down chunks of money to make it into a thriving business.
This unique investment outlet can be made in the pousadas of Portugal, the pasadores of Spain and the chateaux of France. Some people in the tourism industry call it as “living history” and tourists get to stay in castles, for example, and literally live like royalty in authentic palace surroundings. Most tourists today look for places to stay that is out of the ordinary and staying in an old castle fits that bill. Tourists get to eat on top of stone towers, for example, and enjoy magnificent area views while dining.
Other unique ideas are boutique hotels located inside restored windmills and lighthouses. Quite an unusual arrangement for hotel accommodations but these places are favorites of honeymooners. They want a place that makes their brief stays very memorable and spending the first night in places like that certainly beats staying in the usual 5-star hotels.
Conversion and restoration could involve a lot of hard work and perseverance. But the rewards are great for those who believe that it makes financial sense at all. Undoubtedly, there is a lot of great potential for investments in historic properties and this is one way to revive flagging tourist arrivals.