The term ‘period property’ is often used to describe a property that is over 100 years old. This could range from a traditional cottage to a Victorian, Georgian, or Edwardian townhouse.
Period properties are often associated with high maintenance costs, and transactions are not always as straightforward as they are with new builds. This can be off-putting to some house hunters, but owning and restoring a period property can also be very fulfilling.
If you are serious about buying a period property there are a number of pro’s and con’s to consider.
Character and original features
A great advantage of owning a period property is that they often come with “character” or original features. The beauty of black and white exteriors, wooden beams and open fireplaces are extremely popular with buyers but aren’t often found in new builds.
Less energy efficient
Generally speaking, period properties tend to be less energy efficient than new builds that have been built to strict building regulation standards. The biggest problem with period homes is the lack of insulation, which can make them expensive to heat and keep warm.
You may often find that period properties also benefit from a large garden. This is often an advantage for buyers with children, but consider whether you can handle the amount of maintenance it will require.
Getting approval for alterations or repairs
If you are planning to alter the structure of the building, it’s likely that you will require permission first. Getting extensions, alterations and even simple repairs approved could prove costly and take longer than you think.
Understandably, period properties often require more attention than new builds do and you may find there is quite a bit of work to complete. This could be in the form of re-plastering walls or foundation defects, but a good quality survey should and highlight any problems that need fixing.
Whether you choose to purchase a traditional period property or a brand new luxury home, you will need the best professional advice for conveyancing in Oldham.
Peter Robinson & Co. can assist you in all aspects of property law and with a dedicated team of friendly experts we will ensure your purchase is as straightforward as possible. If you are considering a purchase, call us now on 0161 678 7996.