Maintenance and Insurance for Listed Buildings
Owning a listed or thatched home can be incredibly fulfilling. However, maintaining a period property comes with its own set of financial challenges. If the property pre-dates the First World War, it is defined as being a period property.1
Recent research has shed light on how much owners of historic properties spend on upkeep, and the numbers might be surprising. The property portal, Zoopla, revealed that listed and thatched homeowners are spending more than twice as much in upkeep costs, compared to non-period households.
Home insurance is designed to help you with costs of repairs following on from events out of your control, however, we advise that you avoid relying on your cover to replace the upkeep and maintenance of your home. Insurers generally do not pay claims that have arisen due to lack of or poor maintenance of your property and outbuildings. If an insurer concludes that your property has been poorly maintained, you could run the risk of your claim not being upheld.
Charm at a price
More than a fifth of British homeowners (21%) live in period homes.2 Period homeowners on average, spend an average of £700 per month in maintenance, according to the Zoopla research.3 This amount primarily goes towards fixing external elements like roofing, brickwork, and walls.
Since the start of 2022, period homeowners have each spent more than £19,213 on repairs and upkeep, nearly two-and-a-half times the cost of maintaining non-period homes, which averaged £8,496.4 Over their entire period of ownership, which averages 16.8 years, these homeowners have invested a staggering £68,000 in their properties.5
Common Issues with Listed and Thatched Homes
The key costs for period homes often involve:
- Roofing and Brickwork
- Upgrading insulation and electrics
- Garden maintenance
- External walls and leaning chimneys
Since 2022, owners have spent an estimated £12,865 on these external fixes, compared to just £4,314 for non-period homes.6 Internal maintenance, such as flooring, bathrooms, electrical work, mould removal, insulation upgrades, and wiring fixes, adds another £6,348 to the bill for period homeowners.7 In contrast, those in non-period homes have spent £4,182, and new-build homeowners just £2,915 on internal maintenance.8
Is It Worth It?
Despite the high costs, 72% of period homeowners believe the expense is worth it, with many citing the unique character (55%), architectural style (45%), and original features (33%) as key attractions. However, it is important to note that 22% of these owners were surprised by the amount they needed to spend on maintenance, and 39% found the costs exceeded their expectations.9
What to Check Before Buying a Period Home
Period properties need regular investment to stay in good condition. Before you buy, it’s crucial to look beyond the purchase price and consider ongoing maintenance costs. Investing in a thorough property survey can help identify potential problems, such as:
- Boiler age and condition (lifespan of 10-15 years)10
- Presence of mould from leaky roofs, rising damp, or poor ventilation
- Roof and chimney conditions
- Signs of Japanese Knotweed, which can cause significant damage.
- Evidence of rot, which might necessitate timber replacement.
Despite the potentially expensive upkeep, the majority of homeowners feel that it is worth it. Over half of owners cite the fact period properties have more character and are built to last. Bear in mind, the cost of upkeep needs to be factored in when considering purchasing a period property. Thatched or listed buildings may cost more to maintain due to the additional costs of specialist materials and expert tradespeople and in some cases, increased rebuild costs.
That’s why it is important to have appropriate insurance cover to protect your home, especially if it is of special architectural or historic interest. Building insurance for period properties does not have to be as expensive as some homeowners believe. At Lloyd & Whyte Heritage, we work hard to find you home insurance for your thatched and listed buildings that works hard for you. From Grade I, Grade II* and Grade II listed manor houses to thatched cottages, we are experts in protecting your heritage home.
For further information on insuring your home, contact our team of experts today.
Call: 01823 250702
Email: thatch@lloydwhyte.com
- https://www.savills.co.uk/blog/article/190304/residential-property/what-defines-a-period-property.aspx#:~:text=There%20is%20no%20binding%20definition,architecture%2C%20such%20as%20Art%20Deco.
- https://www.thisismoney.co.uk/money/mortgageshome/article-13416211/Owners-period-homes-spend-TWICE-maintenance-says-Zoopla.html
- -10. https://www.zoopla.co.uk/discover/property-news/period-properties-maintenance-costs/