All Topics / Help Needed! / Heritage Listed or National Trust Properties – Pitfalls? Issues to look out for?

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  • Profile photo of VStarVStar
    Participant
    @vstar
    Join Date: 2004
    Post Count: 48

    HI there,
    I'm currently looking at purchasing a unit that is Heritage Listed in Burwood NSW. Built in the 1940s double brick. Very good condition in a small complex of 6. Strata is already at $757/quarter (which is quite high for a 2 level unit – that is just ground and first floor) and expecting it to easily go to $1000/quarter in the next year.

    I'm wondering if anyone has had any experience with Heritage Listed Units and what to look out for and what sort of costs can be expected and what of "unexpected costs" can crop up.

    I tried asking Burwood Local Council in their Heritage area but it was similar to "How long is a piece of string" answer.

    I will be getting a Strata Inspection Report but wondering if I need to get a Dilapidation Survey as well as a Conservation Plan?

    Also if you have had a Heritage listed property have you ever claimed Heritage Grants from Council and who was your Property Insurer?

    I know i'm asking alot but many thanks for your help!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    They are not so common, so I haven't come across one before, but imagine they would be more difficult to get finance for. This would restrict the number of potential buyers and hence capital growth prospects.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Check that the building is actually Heritage Listed by the State not just an item of interest etc on the Council's Heritage Register – a big difference. A state listing (state/national significance) will give relief from land tax & some other charges.
    I would find it difficult to believe that a 1940's building in Burwood (a suburb with many victorian & federation buildings of more note).

    Profile photo of VStarVStar
    Participant
    @vstar
    Join Date: 2004
    Post Count: 48

    Thanks to you both for the comments!

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