Owning a listed property can seem like a somewhat mysterious subject if you’ve never looked into it before. You might assume that only the super rich can afford to buy listed properties, particularly if you read some of the horror stories about people investing in listed properties without inspecting them, only to find the restoration costs are in the millions.
In order to demystify the subject of owning a list property, below are some of the key facts that you should be aware of.
Insurance is usually costly
Insurance for listed properties can be quite expensive. The price you’re quoted will depend on the value of the property amongst other factors. One of the contributing factors that makes listed property insurance costly is that listed buildings must be restored to their original state if they’re damaged.
Sourcing original materials can be very costly and this is something that insurance providers must take into account. Another thing that makes listed properties more expensive to insure is that any previous unapproved work that was done by a previous owner becomes the responsibility of the new owner.
When looking for insurance for a listed property, it’s highly recommended that you seek out a specialist provider. You can get quotes from a panel of specialist listed property insurance providers by clicking here.
Alterations are subject to approval
When you own a listed property, any alterations or extensions that you might want to make must first by approved by a conservation officer. Because listed buildings are considered to be of architectural or historical interest, they must retain their unique character. The conservation officer will decide whether or not your alterations would affect this.
Hiring a surveyor is highly recommended
Because you’re responsible for any unapproved changes when you purchase a listed property, it’s highly recommended that you hire an expert to survey the property. They will be able to inform you of any changes that have been made as well as letting you know any restoration costs.
You may be entitled to a government grant
Listed properties are sometimes entitled to government grants. Unfortunately, recent cutbacks means that grants are now few and far between but it’s certainly worth enquiring to see if any grants are available for properties you’re interested in.
Restoration costs can be very high
Listed properties can sometimes be in a high state of disrepair. As the new owner, you’ll be responsible for restoring the property. Depending on how large the property is and how much work is required, the restoration costs can be very high.
When thinking about how much a listed property will cost, you shouldn’t just look at the listed price but also take insurance and restoration costs into account.