Restoration of heritage homes Melbourne are gratifying, yet are well known to have secret surprises. The cost of the house is only the start. In case you are planning on making a renovation of a historical place, here is the basic breakdown of the "invisible" costs you should be on guard of.
You must go through the council before you paint a wall or fix a fence. The majority of older houses in inner Melbourne are under the Heritage Overlay.
This is to say that you cannot just change things because you feel like it. You need permission to fix the facade, the roof, and even the colour of the paint.
Probably you will have to contract a heritage consultant to prepare a report to the council. This report will demonstrate that your renovation will not spoil the history of the street.
Hint: Do not attempt to get work past the council. In the event they do, the fines and the fix-it orders are enormous.
This is the greatest shock to new owners. When your heritage house is damaged, you cannot repair it using the modern materials which are cheap. You must substitute it with similar materials.
When you purchase a 100 year old house, you purchase 100 years of wear and tear. Problems that are not visible are the most costly to deal with.
The Stumps
A lot of Melbourne heritage houses have timber stumps which rot with time. If walking on the floor feels bouncy then the stumps must have likely gone
The Wires and Pipes
The wiring is most likely to be a fire hazard and the pipes may be rusted in case the house has not been refurbished since the 70s.
You may get nervous reading about these costs. So, why do people still do it?
It is one of the most intelligent financial moves you can make. A restored heritage home is a strong asset in case you are considering investing in real estate for retirement. Since they are not constructing any more Victorian terraces like in the case of new apartments, they are scarce.
Due to their rarity, they tend to retain their value in an extraordinarily high manner. A high quality restoration in a good suburb restoration can increase your wealth by a large margin, providing you with an excellent nest egg in the future.
You may attempt to save money by doing the renovation yourself, or by hiring an average draftsperson. This is often a mistake.
Standard designers may draw a modern style box which the council rejects at the first sight. A Heritage Architect is fully aware of what the council desires. They understand how to plan a contemporary extension which is not visible to the street so it gets approved faster. It costs you nothing to hire an expert now, and you will save money on rejected permits in the future.
On an average renovation, they advise you to save 10 percent of the budget as an emergency.
For a heritage home? Make it 20 percent to 30.
The walls might be damp. You will find a leaking pipe that you don’t know about. That extra cash at hand makes a disaster a minor inconvenience.
The process of restoration of a heritage home is a labour of love. It is time-consuming, needs patience and is costly. But if you budget for the permits, the authentic materials, and the structural surprises, it doesn't have to be a nightmare. And then you have the privilege of living in a beautiful historical landmark that has been there a century—and with your help, will be there another century.
