Hey PC, Just wanted to hear your thoughts on purchasing an IP in a region that has a Heritage Overlay. Would you do it? Avoid it? The houses I am interested in are already renovated so I will not do any renovations to the property. I intend to hold this property purely for capital growth. I do appreciate it may be difficult to answer the above question given I have not provided the addresses or region these houses are located in. What I can say it's within 5km from the CBD. Some pressing questions on my mind to kick start the thread; - Will houses in a Heritage overlay region grow quicker in value compared to its non heritage counterparts? - Since I will not be doing any renovations in these properties already, is there anything else I need to keep in mind when keeping and maintaining a property within a Heritage Overlay region? Many thanks Private_numero.
It all depends on the conditions under the heritage overlay, I.e., what you can and cannot do. These can differ, so each will have different impacts. Your best bet is to research the overlay for the property you are interested in and fully understand it's exact requirements. Marg
it would need to be assesed by area. Also as marg said the implications. are the reno's to to the heritage spec? and approved? The council will have heritage people that can explain it better, but they will know what features can be changes or need to be kept, colour schemes to follow and approvals you need for any changes etc etc etc. But as a CG hold if it's a premium area and you'd need to be prepared for the upkeep and maintenance
Thanks for the replies! As you can see, I have zero knowledge about purchasing a property within a heritage overlay haha. It's been renovated however it occurred greater than 10 years ago. So no permits came up on the section 32/contract of sale. As it is in a heritage overlay, will the permits still come up if it was done greater than 10 years ago. And if hypothetically, the renovation was done without consent of the council, would the council have known about this already?
probably only if someone tells them Ask council for a copy and a run through. They may know the street and the specifications to adhere to
My resposne below applies to Victoria: Potentially - as there will be character of histroic significance retained in the streetscape, and no likelihood of an ugly development popping up next door etc. By the same token, if you are buying and holding with the hope of selling to some developer, no go. Read the particular HOxx on the property report. Interactive Map - Land Channel Google the HOxx and it will tell you in plain english what you can and cannot do, The Y-man
Thanks for the help everyone. What information was provided reiterates my current research so it's good to know my research is correct.
