There’s a lot to love about purchasing a listed building as your new home. These properties are steeped in history and offer the sort of character most would only dream of.
That said, it’s a little less straightforward than buying a regular house. There are rules in place regarding what you can and can’t do, but most consider these elements trade-offs for living in this sort of property.
In this short article, you’ll learn about a few important things you should know before embarking on this journey.
Understanding the Grades
Most of the rules relating to listed buildings depend on which grade they come under.
Grade 1 listed buildings cover those that are deemed to have exceptional interest, grade 2* represent those with more than special interest, and grade 2 are those that are considered nationally important. What you can and can’t do with the building varies considerably depending on the grade, so do some research to discover where your property of interest falls and what that means.
Regardless, any alterations to a listed building that change the structure, be they internal or external, usually require Listed Building Consent (LBC) from the local authority in the area.
Understanding the Mortgage Process
Securing a mortgage can be challenging no matter what sort of property you’re moving into, but it can be especially so with a listed building. Because of the extra rules and regulations, many lenders are put off by the idea.
Thankfully, you can get a special mortgage for listed building. These mortgages have already accounted for the listed building caveats, and allow you to get the best deals without any hefty extra charges.
Specialist Surveys
Before purchasing any property, you’ll always want to get a survey done to check everything’s in order (and you’re not being ripped off somewhere). Again, this is doubly true when it comes to listed buildings.
These sorts of properties are typically much older than regular houses, so there’s more to go wrong. You should approach a listed building surveyor before purchasing any listed building to ensure there aren’t any repairs or hidden costs you need to be aware of.
Maintenance Costs
Much of this article has centred around knowing what you’re getting into, and a big part of that is about understanding the predicted maintenance costs of the property you’re interested in.
Listed buildings have often been built using special materials, or at least have original features that need to be carefully preserved. For this reason, it’s essential to learn how much the property will cost you in the long term rather than just focusing on the asking price.
What might seem a steal initially may be completely infeasible to live in long term, so make yourself aware of these matters.
Wrapping Up
Purchasing a listed building can be extremely exciting, but you must be aware of the inherent risks of doing so. Everything in life is about balancing risk and reward; providing you do this properly, you’ll have a home you’ll cherish for the rest of your life.