Investing in a listed building means you can invest in history, reviving buildings that have housed families for centuries and blending the past with the present.
Buildings are listed to recognise their special architectural or historic interest. There are about 400,000 listed buildings in England, around 47,000 in Scotland and 30,000 in Wales – and all are monitored with extensive building requirements, reports The Telegraph. Even if a project is not on the cards, these property types can sometimes require more maintenance than a newly built house. There are hoops to jump but the hard work pays off and the result is worth it.
One of the requirements includes acquiring the correct permissions if hoping to carry out work. Not doing this is a criminal offence, with a maximum penalty of two years’ imprisonment or an unlimited fine – Rhianne McIlroy, Prime Central & South West advisor, has heard of fines of £100,000-plus for unapproved renovations. “Not to mention you may have to reverse the changes you’ve made,” she adds.
Surrey & Sussex advisor, Mark Crampton warns to watch out for red flags, especially if a building is old and “feels” special but isn’t listed. “Tread carefully” he advises, adding that it could be ‘spot listed’ when a planning application is lodged. “This can scupper plans if the intention is to make significant changes,” he adds.
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