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Many churches today are asset rich but cash constrained. Selling or developing church property has become an interesting and helpful process to create more cash flow for some churches, but it’s important to be aware of the many details—and potential pitfalls—involved with these transactions.
Sales have increased
As of August 2019, more than 6,800 religious buildings had sold in the preceding five years and more than 1,400 were for sale in the U.S., according to the commercial real estate database CoStar. The increase in property sales during this period was attributed to two factors: declining church membership and the rising costs related to the maintenance of aging and declining facilities. The pressure to sell or develop has ...
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