History Has A Price

You’ve found a charming old property but it needs work. The challenge is to follow the renovation rules without breaking the bank.

- Nicola Field

Australia has about 100,000 heritage-listed properties, and it can be easy to fall in love with. But when it comes to buying a heritage home, be sure to act with your head, not your heart. While the idea of owning a slice of local history can be very appealing, there is a catch.

As Angus Raine, executive chairman of the Raine & Horne property group, points out, “the rub with heritage homes is that while the whole community loves them, it is the individual owner who wears the cost of restoring or maintaining them”.

The bottom line is that these homes can cost more to restore, renovate and maintain and you need to go into the purchase with your eyes wide open.

What heritage means

Just because a property is old or brimming with character doesn’t mean it is heritage listed.

“The term ‘heritage features’ is often applied to older homes, and it can mean high ceilings, leadlight windows or ornate tiling,” says Raine. “That’s very different from a heritage-listed home, which can be listed on the heritage schedule of the local council, the state heritage register, or holds a spot on the National Heritage List.”

To achieve heritage listing a property must have historic or cultural significance. Despite this, its listed status isn’t always clearly signposted.

In some states and territories, such as Tasmania and the ACT, the vendor or selling agent must disclose whether a property has a heritage listing. In other areas, agents are obliged to share “material facts” about a property, and arguably a heritage listing meets that description. Nonetheless, some buyers have reportedly signed up for a property only to discover later that it is heritage listed.