Real-Life Math
When you're a building heritage specialist, both sides of your brain get a daily workout -- the artistic side and its analytical other half.
Besides writing and speaking, building heritage specialists have to use math "constantly," according to Sally Drummond. She works with a heritage consultants' association. "You're documenting buildings, doing up floor plans -- that all involves math," she says.
One important equation is the availability of government grants and tax incentives for historic preservation. Building heritage specialists need to know what these programs are and how the math works in order to market their services to potential clients.
A wealthy executive has bought a historic 18th-century mansion for $1.2 million. He's willing to pay up to $500,000 to have the property restored. But you think it might be a better bargain for him -- not to mention you -- if he actually spent more money to qualify for a 25 percent tax credit.
First, you need to determine if the restoration falls under the criterion of costing at least 50 percent of the building's original cost. At $500,000, it doesn't. But at $600,000, it does.
What's more cost-efficient for your client: spending $500,000, or spending $600,000 and receiving a tax credit?