Banks consider heritage listed properties to be a higher risk than normal properties, as they do not appeal to the general market.
Heritage properties are unique and are historically
important to Australia and in some cases, have architecture which demands
Some segments of the market attribute a higher value to
heritage listed properties because of the associated history and prestige.
Development of heritage properties is restricted in order to
preserve its’ current condition.
Listed properties can gain access to the free heritage
advisory services offered by the government that include grants and loans to
conserve, preserve or enhance its’ features.
In addition, local councils are required to evaluate the
effect of future developments in the surrounding area.
Heritage properties in the right area can make very good
investments and it is a good idea to seek an experienced Valuer who knows the
area you are interested in very well.
Before purchase you should conduct extensive building and
pest inspections and research the home building insurance that you will be
required to pay.
One of the negatives of purchasing a heritage property, is
that you may be obliged to perform certain upkeep tasks that are required by
the local council or state government.
Not all banks accept heritage listed loans and lending
guidelines can be a bit ambiguous.
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Tuesday, 24 September 2019