Modern new build VRS 1900’s Heritage build
Whilst some of us like the smell and feel of a brand new modern build, there are others that cherish the older style. There are so many types of homes but which one is actually more viable as a home. Is there a unique turning point in our lives where we appreciate one more than the other? Is there a way to combine both styles to achieve absolute zen?
From meeting 100’s of buyers and having stepped into 100’s of homes I have realised each property is unique not only in its finishes but also in the way that we comprehend the interior. Properties with a heritage overlay represent a unique struggle for investors. While most of the heritage properties are in highly desired locations (usually the first place built or established) and also offer desirable design elements that can also be very costly to renovate or even just maintain. Having grown up in period homes, for me there is personally nothing like the charm of an early 1900’s cottage. From the stunning wooden floors, to the high ceilings and architraves I cannot get enough. However, in a realistic world I have seen what needs to go into them to create space and maintain their heritage features. In my personal experience, buyers that purchase heritage properties have usually grown up in similar period properties however there is something about modern properties that people just LOVE. Whether that be moving in and everything having a warranty or even knowing that no work is required for a longer period of time. The fact is as well that, at this current time, if you are a first home buyer there is an additional grant for building vrs buying an established home. However don’t forget that the heritage department also offers grants from time to time to help owners maintain their property.
As an investor what is the best option?
This is just depending on why you are looking to purchase an investment property. Is it for the build in value over time or are you looking for passive income? The formal designation of ‘heritage’ provides recognition and in turn preservation of the character, charm and history of the property. Research suggests that there is growing evidence to support the view that heritage listing has a positive impact on property values and real estate advertisement is starting to reflect this. The other item that may affect your decision in regards to investing in a heritage home, but also a drive for many others, is that many of the features incorporated into heritage homes are no longer reproduced simply because they are too costly. High Ceilings, double hung windows, stunning cornices and timber floorboards are just a few examples of features that many find attractive. Modern homes offer a different sense of style offering flat finishes, nearly no mouldings, no skirting boards and lower ceilings unless requested in the build. If you refer to modern architecture the very new designs have all these features and are simply stunning. As an investment what is the better option? This depends on whether you are looking at rate on return or at capital gains!
The irreplaceable investment!?
How many times have you heard the phrase “they just don’t build them like that anymore!”? Well if you like the heritage factors, that is exactly what you can end up with. However, just keep in mind the home has survived up to todays dates – will these modern builds last as long? With a period home you have seen what stands the test of time including structure and wear and tear – nothing is built to last forever but what if it does?
If you want a modern home then a heritage home is definitely not for you. This doesn’t mean you cannot build a modern home to have that same sense of style, because you can definitely still build the cottage style however be prepared to pay extra for those little design aspects that not a lot of the standard builds offer. I would suggest deciding what this home really means to you before investing both your time and money into it.