Buying a property is not a matter of right or wrong. Any property is a fruitful investment. Every property has its pros and cons and so does the heritage properties. Off late, people are seen investing in such properties and making an income out of them by converting them into hotels and restaurants. The reason behind this is the attraction these properties have irrespective of the fact that they are too old. A heritage property is owned by people who believe in the phrase “Old is Gold”. It truly is.
Now let’s discuss the pros and cons associated with it so that you know it better if the investment in Heritage Listed House is a good investment.
The advantages of buying a Heritage Property
•You become the talk of the town with such property being bought. Everyone loves the attention, doesn’t one? With a Heritage Property against your portfolio, you share a dignified position in the society as very few have the guts in such investments.
•Heritage Properties are transformable. Most of the heritage properties have been transformed into beautiful and luxurious hotels that attract tourists more than any conventional hotel would.
•The properties are mesmerizing and unique with architectural beauty that is beyond words. Moreover, such gorgeous looking properties are located in a surrounding that is well preserved and secured.
•As the surrounding around is well protected, if you consider reselling it in due course of time, the value is insanely high. Get bigger returns in future and never be at loss.
•The maintenance of the property can be easily funded through loans and grants specific to heritage property. As these properties hold historical significance, grants or loans are easily obtained with no hassle.
•With years passing by, the beauty gets better and richer and a treat to the eyes.
The disadvantages of buying a Heritage Property
With so many pros with the decision of buying a Heritage Property, one has to deal with the cons too.
•As this type of property is old and has been built with specific instructions and materials, renovation can be a challenge. It is quite risky to involve an amateur professional in getting any issue fixed in the property. In short, the developmental activities in Heritage Properties are not too simple.
•Like the way a person has to spend more in a used car, similarly, the owner of Heritage Property has to be ready to invest at a higher rate when it comes to the maintenance charges. You can’t hire an amateur to doing the task. From architect to mason to plumber, everyone should be experts in their field.
•The work of renovation apart from being complicated is tedious and time-consuming. Approvals from local councils and heritage bodies are important before the work resumes.
•If you are thinking that after buying a heritage property, you will demolish it completely and give it a new face, it is irrational as this grant is never permitted. Maintenance of and old property adds to the beauty of a region and restores the traditional architecture. Rare properties are preserved till the end of time.
•A home should have a home insurance. If you have bought a heritage property for personal use, getting a home insurance might look difficult.
So with pros and cons studied, one can make a fair decision of either buying or not buying a Heritage Listed Home.
There can be many emotions attached to a heritage building and getting it demolished for your personal benefit can be playing with the heritage importance of a nation. Many love to live in such property while many would have weird feelings of living in such an old property.
For commercial purpose, there are more benefits than for personal use. This opinion varies from person to person. For the beauty of the property, many people buy it but unable to maintain it, they resell it. You have to do a thorough study on heritage property that you have selected to buy. Meet the locals, talk to them, and know about the place, the reason for it being sold and any such question that you think is worth asking. When you have known enough, you will be in a better position to take the decision. Heritage Properties make for great properties only if you know how to maintain it.