By Lynda Cox
Some people feel that heritage properties are like windows into the past while others see them as real headaches with development restrictions and price depreciation. It is true there are risks involved in owning a heritage T home, but in my opinion the benefits far outweigh the drawbacks.
I think heritage buildings are monuments to craftsmen of the past and should be treasured. The romance and emotional pull of an older home holds enormous appeal. Many are attracted to fully renovated heritage homes while others relish the idea of completing the restoration/renovation themselves and bringing back to life a jewel of the past.
In Ottawa a home can be registered on title as a heritage home and be adorned with a plaque or simply be on the Heritage Registry without the plaque.
So what are the pros and cons to be aware of?
Pros
- Heritage properties often attract higher resale values because they, and often the surrounding areas, are protected. Buyers may assume this means a property can’t be changed at all, but in fact work is encouraged to ensure a house is properly maintained and modernized. Buyers just need to know what aspects of the original building are especially important in maintaining its character.
- Owners of a heritage property in Ottawa are able to apply for grants to help fund its restoration. Grants can be used for restoration and repointing of exterior brick masonry, restoration of original porches and windows. Grants are NOT for ongoing maintenance or interior renovations, landscaping etc. unless deemed a heritage feature. These are matching grants, with the City matching every dollar the owner spends from a minimum of $1000 to a maximum of $5000, subject to availability of funds. Owners can apply for a grant every second year so they often space out the work to maximize the grant money they receive.
- It is unlikely that the area surrounding the house will be rezoned or redeveloped.
- If the property is well looked after it will retain its appeal and will only grow in value with age.
- Heritage homes were built in prime central locations. They often occupy larger lots and have more and larger rooms than the average modern home. They also tend to be well-built structures with thick walls, stone foundations, wooden floors and old-school attention to detail and craftsmanship.
Cons
- There are more restrictions around the development of a heritage property.
- The cost of renovating a heritage property can be up to 50% higher with surprise costs for remedial electrical work, chimney restoration, removal of hazardous building materials like asbestos or urea formaldehyde foam insulation or replacement roof trusses etc. Often surfaces have been covered over so many times that it isn’t known what lies underneath so restoration takes longer therefore costs are higher.
- Complete demolition of a property isn’t usually allowed.
- Home insurance may be harder to obtain so it’s best to do some research before making an offer to see if the present policy can be transferred to the new owner.
- Heritage properties are old so buyers must organize thorough building and pest inspections.
- Finding a contractor for the renovation/restoration will be more difficult. They need to have a passion for older homes and understand how they were built.
We live in a neighbourhood abounding in heritage homes. Only you can decide if this type of ownership is right for you. Heritage Ottawa is very active, and can advise and assist potential and current owners of heritage homes. Visit heritageottawa.org)\for further information.
Real Estate Update since Jan 22, 2019
Residential: Active 1 Conditional Sales 0 Sold 1 Sold Over List 0
Condo: Active 26 Conditional Sales 7 Sold 10 Sold Over List 2
Lynda Cox is a sales representative with Faulkner Real Estate