IMPORTANT CONSIDERATIONS WHEN BUYING A HERITAGE HOME

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What makes a building a heritage home?

Although many old buildings are appealing to buyers when looking for a historic look and feel, these are however determined by the Municipal Council. A heritage property has historic and aesthetic that when assessed are deemed worthy of preserving for generations to come Roughly, a building that has lasted more than 50years qualifies to be a heritage property but must be further backed up by its significance and value to a state’s history. Also, states and municipalities also influence the designation of a home or a property as historic.

Amidst the beauty, pride and value associated with heritage homes , it’s everyone’s fear investing in one due to the uncertain expenses tagged to them. You need to know what weights to place on your scale or which pawn to move to reap the best out of a heritage property. With no effort in mind, every heritage property buyer first thinks of these:

  • 1. I’ll be limited to what you I change to the property!
  • 2. I won’t be the only one involved in the renovation process. The authorities might make this harder!
  • 3. How costly will it be keeping the home up to date?
  • 4. Better yet, I’ll own a little piece of history. But this doesn’t feel enough to take the risk!

 

CONSIDERATIONS WHEN BUYING A HERITAGE HOME

1. Insurance costs.

Insurance is an important factor to consider with heritage properties.  Costs tagged to it vary from property to property but are usually much higher with heritage properties than with ordinary homes. This is due to various factors associated to heritage properties like the need for specialists incase of material purchases for any renovations, consistent maintenance of the property.

2. Maintenance costs

Maintenance of heritage properties can mean to be costly depending on the materials used in it and time of existence. The older a heritage building, the higher its maintenance costs. It is a key maintenance factor that mainly repairs be done not replacements when it comes to renovations and restorations of heritage buildings. Accessing some of these materials increases costs due to their scarcity in the market and need for experts/specialists during the building’s old system repairs. Therefore, you need to consider advice from heritage property specialists before purchasing one. Also, in many cases, any property changes and renovations to a heritage property must be approved by a committee.

3. Location

The location of a building in question plays a bog role to whether one should or should not buy a specific heritage property. Homes in conservation areas require planning permission for works where permission would not normally be needed, such as for demolition. A conservation area is one of special architectural or historic interest, the character of which it is desirable to preserve or enhance.  You will also need to give notice to the local authority before carrying out any works to trees on your property.

4. Confirm Approval of previous works

For any works to be done on a heritage property, consent must be granted by the necessary authorities. If unauthorized works had previously been undertaken on the property, there is a risk that you, being a buyer might be required to restore the property to its original condition.

One can however apply for consent retrospectively, but its not a guaranteed option in approval. In these circumstances, your solicitor may suggest asking the seller to apply for permission or suggest that you seek a price reduction.

 

 

Want to assess, renovate or buy a heritage home, but you don’t seem to know where to start? Careful who you turn to! London Building Contractors is all you need!

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Posted on: February 2nd, 2022 by London Building Contractors No Comments

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