Heritage listing

In many developed areas there can be buildings and land that are subject to heritage regulations, which restrict the type of development that may take place. While it can be argued that the purchase of a heritage property has the advantages of usually being in a sought-after area, it does mean that any plans for renovation, removal of structures or expansion of the property may prove time consuming and expensive.

To gain maximum protection when purchasing a heritage-listed property the purchaser should attempt to include a special condition in the contract making it subject to approval of plans for restoration, renovations or additional construction. The purchaser also needs to consider the possibility of delays when they decide to sell the property, as an astute purchaser may also require the same conditions in the contract of sale.