Any Advantage To Getting Heritage Designation For Property?

[ClintL]

I have a property in Hamilton that is a potential heritage building - one with stained glass in the front and was actually used as a set for a movie. Is there any advantage from an investment point of view to get this property officially designated as heritage?

 

[housingrental]

No

In theory, advantage for area based on studies of increased appreciation

In practice, you deal with a particular property that has potential for increased costs and limitations for repairs

 

[brentdavies]

I agree with Adam. Heritage designation restricts the future users of the property as well as any renovations.



Restricts the number of potential purchasers when you go to sell. Maybe not today, but in 5-10 years, it can become a real roadblock.

 

[Aneta]

Some lenders take issue with heritage designation...more restrictive.

 

[dplummer]

Try & do renovations to a Heritage building. Night mare. The Heritage Committee can be very restrictive.

Doug

 

[davidajones]

Don't Do It !



It will hurt the value of your property as it limits what people can do to add value. In addition satisfying the "Heretics" Committee is time consuming and will cost you extra money. The people on these committees mean well and my hat goes off to them but they don't care about your investment value so don't partner with them.



I live in a Heritage district and enjoy the environment but am fortunate my home is not a Heritage Home. I pick my own paint colors, don't need their approval for renovations, new front door etc.



There is only one small benefit that I have seen. Some Heritage committees/ towns have a bit of money and will contribute when you make some changes that they like.



Dave

 

[markl]

I concur with the above posts. not a good idea. In the long run it will end up costing you more money and any exit strategy could be hindered with any such designation.