CONSERVATION OF BUILDING AND PLACES

Conservation of Building and Places

Conservation of Building and Places

Introduction

All around the world, there is growing awareness of the importance of preserving buildings of historical, cultural, or aesthetic value. The various benefits attributed to the physical, built environment include the cultivation of community solidarity and stability, the advancement of individuals' orientation and identity, and the encouragement of aesthetic excellence as well as its enjoyment.

Discussion

Scholarly writing on the preservation of cultural buildings implicitly and uniformly assumes that once the importance of cultural preservation is recognized, it immediately follows that governmental intervention is necessary (Sprague 1999 pp 47-124). The discussion of preservation's legitimacy addresses issues such as the regressive and elitist aspects of conservation and its exclusion of low-income and minority groups. The debate regarding the appropriate form and content of intervention deals with matters such as whether owners should receive compensation (monetary or in-kind) for the burden of preservation and the adequacy of cost-benefit analysis in determining the scope of conservation.

The Economic Effect of Conservation

Buildings worthy of conservation have both a private and a public function. The private function consists of a building's use by its owner or occupier. Preserved buildings may be used for various private purposes residential, commercial, or industrial. A building's public function arises from the special historical, architectural, or cultural significance that justifies its conservation.

The Possible Beneficial Impact of Conservation on Property Values

Conserving buildings of cultural importance can increase or decrease their value. The following discussion focuses on how conservation affects only the market value of the cultural property. In evaluating the prospects of voluntary self-preservation, it is important to identify the circumstances in which the very act of conservation confers net financial benefits, or at least does not impose substantial costs (Worskett 1999 pp 741-852).

The very existence of architectural worth or historic importance may affect a building's market price. The building's aesthetic value, uniqueness, or architectural style may distinguish it from other buildings and enhance its value. To a certain extent, the beauty of a building, like the beauty of a work of art, is reflected in its market price. The cultural importance of buildings may also create prestige value. Cultural structures reflect respectability, stability, and continuity in the community, and thus they may enhance the image of their owners. Some buyers are willing to pay a higher price for these characteristics.

Conservation, however, may also decrease the market value of cultural buildings. Preservation might require costly repairs to maintain original features, materials, and ornaments. Less expensive repairs or alterations appropriate for ordinary buildings may not suffice (Lozano 2004 pp. 351-374). More significantly, strict preservation of cultural buildings precludes their replacement with new and more profitable structures. The higher the unrealized market potential for more intensive uses, the greater the economic burden of conservation.

The Feasibility of Private and Voluntary Preservation

This Part addresses the need for government intervention in building conservation by examining the possibility of voluntary self-preservation by property owners. The examination utilizes various game theory ...