Buying a listed property can be a great way to own a unique property that’s a part of history. It’s worth pointing out though, that listed properties do come with some drawbacks too. For one thing, you’re limited to how you can renovate or extend the property. Whilst is may be possible, you’ll first have to get permission from a conservation officer.
This being the case, it’s important that you give a lot of consideration to the different facets of owning a listed property before you take the plunge. Below are some of the biggest things to consider –
- The cost of the property – Of course, the cost of the property is going to be one of the biggest considerations. Since listed properties are considered to be of historical or architectural interest, this can affect the cost. It’s never a bad idea to have an expert survey the property and give their own valuation.
- The surrounding area – When your purchasing a listed property that you intend to live in, it’s extremely important that you don’t focus too much on the property itself. Listed properties are often located in small and remote villages. Whilst some people find this way of life appealing, it’s not for everybody. For this reason, it’s a good idea to explore the surrounding area properly.
- Any available grants – Because of the government cutbacks, it’s a lot more likely that they’ll be no available grants for your property but it’s still worth enquiring. The local conservation officer will be able to inform you if there are any grants available.
- Permission for alterations or extensions – This is another area where you’ll need to speak to the conservation officer. Whether or not you’re granted permission to make alterations will depend on how they affect the unique character and structure of the building. The conservation officer will consider your proposed changes and be able to let you know whether you’re able to make them or not.
The insurance costs – Insurance costs for listed properties are typically higher than what an average home insurance policy costs. There are a couple of reasons for this. One reason is that you take responsibility for any unauthorised work by the previous owners when you purchase a listed property. This means that if the conservation officer was not informed of the work and doesn’t approve of it, you’ll have to pay for the repair/restoration costs to restore the property to its former state. Another reason that listed properties cost more to insure is because the rebuild costs are usually very costly. You can save money on listed property insurance by getting quotes from specialist providers.