3 Things to consider before Buying a Period Property

Period properties bring charm and elegance that cannot be easily replicated. High ceilings and ornate cornices provide breath-taking character and features that many people dream of having in their home.  They usually don’t come without some drawbacks, however. Here are 3 things to consider before buying a period property.

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Are there any hidden issues?

Whilst the property may look amazing, you can never tell what is lurking beyond the solid walls. A standard survey will provide details of any obvious issues but will not provide you with a detailed overview of the structure of the building. It is, therefore, a wise idea to have a structural survey carried out. Whilst these costs substantially more, they will give a detailed analysis of any issues you need to consider. You may have some comeback should any major issues arise that were not intimated to you within the survey.

Heating the property

A period property can look exceptionally welcoming. You imagine yourself relaxing by the log fire, listening to classical music with a hot chocolate and watching the world go by. The reality is, period properties can be cold, very cold. With no cavity wall insulation and original floors, heating the property can prove difficult, not the mention costly. Make sure you are aware of the running costs involved before you buy. Many period properties have very old boilers. Replacing a boiler could save you a huge amount of money both short and long terms. Many period properties have oil heating which can be pricier than gas. It’s a good idea to set up a service contract with a domestic oil supplier. That will ensure that you never run out of oil and you can more effectively budget. You should also be aware that if a property has been unoccupied for some time you may need to use a waste oil collection service. Sludge can form if the oil is left for long periods which could affect your tank and boiler. It may be that the whole tank needs to be replaced anyway but a professional can advise you on the best course of action.

Carefully plan your budget

A period property may mean that you need to spend a little bit more when upgrading certain things. If, for example, new windows are needed then the likelihood is that timber frame windows would be the most suitable replacement. They are not particularly cheap. Similarly, if installing a new bathroom suite in a 19th-century property, you may be more inclined to go for something more traditional which could come with a hefty price tag. Give careful consideration as to how much you might need to spend before you take the plunge. There is little point in buying a property that needs upgrading if you don’t have the financial means to have the works completed. Once you know that your dream property is a financially viable option, you will be one step closer to your purchase. 

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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