Pricing, maintenance, and regulations – three of the most important things buyers of heritage homes need to be aware of.
While heritage properties can make extraordinary homes, and are often excellent long-term investments, you will need to understand the responsibilities and potential challenges before considering buying one.
The first area of concern, says David Jacobs, regional sales manager for the Rawson Property Group, is pricing.
“A lot of heritage homes carry a premium price point that might be off-putting from an investment perspective.”
However, the same factors driving some heritage properties’ above-average price points can make them surprisingly successful long-term investments.
“A lot of heritage properties occupy prime locations on larger-than-normal grounds. They also tend to have more spacious rooms, with elegant proportions and high ceilings, and often feature architectural detailing in extremely expensive finishes by today’s standards – things like wide plank hardwood flooring or sheets of exotic marble.”
Even South Africa’s more modest and affordable heritage homes – found in suburbs like Cape Town’s Harfield and Chelsea Villages, tend to have charming – and hard to replicate – design features that maintain a certain timeless appeal. As a result, he says their desirability and value typically appreciate very well, as long as they are properly cared for.
The second area of concern is maintenance of these properties, not just because older homes can sometimes require more care than their modern counterparts, but also because their construction methods are often a little different.
Jacobs says there can be a learning curve when getting to know the quirks of a historic property, and figuring out the right approach to repairs and maintenance projects. In general, however, heritage homes are built to last and are therefore often remarkably sound and solid for their advanced age.
“It’s still essential that buyers do a professional home inspection to make sure they know exactly what they’re signing up for.”
All properties over 60 years of age are protected under the National Heritage Resources Act, so while heritage properties don’t always require significant maintenance, buyers need to be aware that any building work on them may be regulated. The extent of these protections varies depending on a property’s heritage grading – something he advises all prospective buyers to investigate before signing on the dotted line.
Broadly speaking, there are three heritage grades that can be assigned to a heritage property:
- Grade I applies to heritage resources of national significance
- Grade II to heritage resources of regional significance
- Grade III – broken into IIIA, IIIB and IIIC – to resources that may or may not have strong historic significance on their own, but have contextual significance as part of an area or neighbourhood.
The lower the grade, the tighter the regulations, with the majority of heritage properties on the market in South Africa falling into Grades II and III. Just because a property is regulated, however, doesn’t mean its owners will need to bend over backwards to give their home a fresh coat of paint, or install a few discreet solar panels, Jacobs says.
“The entire purpose of heritage regulations is to preserve historic properties for future generations. That means there’s no benefit in preventing owners from doing the necessary maintenance or improvements to keep them in good, liveable condition.”
In most cases – as long as alterations don’t detract from the historical importance of a property or that of its neighbours – it’s not too difficult to get the necessary approvals.
“At the end of the day, heritage homes are best bought by heritage lovers who are going to cherish the same characteristics that make these properties national treasures. Preserving a piece of our country’s past is a responsibility, but it’s also an honour. If you’re willing to respect that, a heritage home can be an excellent – and very fulfilling – investment.”
IOL Business