Heritage Buildings - What You Need To Know
Category Property Advice
There is a certain allure to a Heritage Building. The history, obviously, but also the unrivalled charm that often comes with it.
The aesthetics of these properties are also a positive. Heritage buildings in South Africa, meanwhile, also often occupy prime locations, on larger than normal grounds. The rooms are spacious, they boast high ceilings, spectacular architecture and often come with hardwood floors and fine finishes not found in more modern properties.
What you need to know
So, what exactly qualifies as a heritage building in South Africa? With many buyers hesitant in buying a heritage building, due to building restrictions and the perception of price depreciation, it's worth noting that there are three tiers that heritage properties fall into.
Tier One: This speaks to what is known as a Heritage Overlay Zone, which protects the unique character of an entire area rather than a single property. Examples of this in Cape Town are the usually historic suburbs like Wynberg Village, St James, Little Mowbray, and Chelsea Village.
Tier Two: Specific to individual properties, it applies to any building older than 60 years or of architectural value. A number of properties fall into this bracket, particularly in older areas like Rondebosch, Plumstead and Constantia.
Tier Three: This is only applicable to buildings that have been officially classified as National Monuments or Provincial Heritage Sites.
The higher the tier, the more stringent the conditions that regulate the properties. When buying in older areas in Cape Town, such as Plumstead, Rondebosch and Constantia, you need to do so with the necessary knowledge at hand.
New buyers, of course, are not knowledgeable in what classifies a building as a Heritage Building, with many believing it to be properties of a hundred years old or more. But the reality is that it is 60 years, which is not all that long ago, when considering the history of Cape Town. Always ensure you enlist the services of a good estate agent who will ask the right questions, including the age of the property, and whether it qualifies as a Heritage Building, along with any planned renovations and other relevant questions about the listing.
The Pros and the Cons of buying a Heritage Building
Like anything in real estate, investing in a Heritage Building comes with its positives and negatives. Here we look at both sides of the aisle so that you can make a balanced decision on that property you've been considering.
The Pros
- They command higher resale values because the properties, and often surrounding areas, are protected
- Owners may be able to apply for a grant or loan to help fund maintenance
- It is highly unlikely the area will be rezoned or developed
If maintained, it will continue to grow in value with age
The Cons
- There are restrictions binding heritage properties, including how they can be renovated, what materials are used and design elements
- Approvals for renovations or development will take longer as you need to deal with your local council and Heritage bodies to get approval
- Complete demolition usually isn't allowed
- Home insurance could be harder to obtain
In essence, given their unique charm and style, heritage homes can be an appealing buy to the right owner, but buyers should certainly enlist the services of a trusted real estate agent and do their homework before making any offers so that they are fully aware of any potential restrictions.
For more information or any property related queries, get in touch with one of our Trusted Property Advisors today.
Author: The Agency Property Group
