When you are looking to buy any kind of residential home in the UK, it is entirely possible that you will encounter a listed building during your property search.If you are new to the home buying experience or simply unfamiliar with the implications of buying a listed property, it is important to be fully aware of the many advantages and disadvantages associated with this form of property investment.
That is why the team here at White Horse Surveyors have put together the following article, to explain many of the pros and cons of purchasing a listed property…
How Do I Recognise a Listed Property?
As a rule, if you are viewing a property that was built before the 18th century it is likely to be a listed. However, to be suitable for listed status, a property must have been built at least 30 years ago – so it is always worth double checking.
To find out if a property is listed, there are several organisations which you can contact to confirm its standing. Depending on the location of the property, these authorities or resources will include the following:
- England – National Heritage List for England
- Scotland –Historic Scotland (database of Listed Buildings)
- Wales – Cadw or your local authority
It should also be noted that any building which has been constructed by a famous architect or is of special historical significance will also be listed. So, it is worth doing some additional research into the background of the building.
What are the Advantages of Purchasing a Listed Property?
There are many historical, aesthetic, and financial benefits to buying a listed property. These include:
- Owning a part of history – the idea that your home has a special significance can be very attractive and even exciting.
- Unique structural features – many listed properties will contain original features that you do not typically find in modern homes (wooden beams, open fireplaces, etc)
- Maintain a stable value – Unlike many modern homes, listed buildings are much more likely to retain a consistent market value.
- Access to maintenance grants/funding – When you own a listed property, you also qualify for several specialist grants to help fund any alterations or repairs.
In addition, a listed property can come with lots of unique charm and character due to its highly specific place within history and the local community.
What are the Disadvantages of Purchasing a Listed Property?
Despite this, there are also lots of limitations that comes with purchasing a listed property that you should be aware of. Such as:
- Comes with significant responsibility – despite the appeal for some, the concept of owning and maintaining such an important property can be an intimidating prospect for others.
- Difficult to make major changes – due to the significance of the building any alterations to the property must be approved by the local planning authority.
- Outdated building techniques – whilst visually appealing some of the original features of the home may not be the most efficient (single glazed windows, low ceilings, etc)
Furthermore, any necessary repairs or alterations (if approved) will be more expensive than usual due to the need for specialist work and/or materials even with the previously mentioned grants and financial support that is available.
If you are considering buying listed property and would like independent and impartial advice on your best course of action, please do not hesitate to contact our helpful and friendly Sales team.
Or get an instant quote via: https://www.whitehorsesurveyors.co.uk/whs-quote/.
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