Valuing historic buildings - Revision history

Designing Buildings at 07:07, 25 February 2021

2021-02-25T07:07:23Z

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	* VAT - protected buildings.		* VAT - protected buildings.

−	[[Category:Conservation]] [[Category:Property_development]]	+	[[Category:Conservation]] [[Category:DCN_Commentary]] [[Category:DCN_Guidance]] [[Category:Property_development]]

Designing Buildings at 09:51, 2 August 2019

2019-08-02T09:51:11Z

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	{\|		{\|
−	\| [[File:~~Historic environment~~.jpg]]	+	\| [[File:Historic_environment.jpg\|link=File:Historic_environment.jpg]]
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−	~~= Introduction =~~	+	There are no real hard and fast rules for valuing historic buildings and established valuation principles used for more modern buildings may not apply.

−	~~There are no real hard and fast rules for valuing historic buildings. Any such endeavour~~ will be affected by ~~the wide range of the UK’s historical~~ styles, ~~changing government attitudes~~, whether the building is listed, the availability of grant aid and the ~~attitude~~ of the ~~public. Also~~, ~~established valuation principles may have to~~ be ~~by-passed when considering historic buildings~~.	+	Valuations will be affected by styles, locations, condition, local and national policies, whether the building is listed or in a conservation area, the availability of grant aid, public perception and so on. In addition, it is difficult for valuers to be objective as considerations such as the nature of the surrounding area, convenience of access, and views of and from the property can be subjective.

−	~~Many factors impact~~ a ~~historic building’s~~ market value~~; it~~ is ~~difficult for valuers to be objective as considerations such~~ as the ~~nature of~~ the ~~surrounding area~~, ~~convenience~~ of ~~access,~~ and ~~views~~ of and ~~from~~ the ~~property~~ are ~~all subjective~~.	+	Most valuers’ work is based on the concept of ‘market value’, which is the value the building might be reasonably expected to achieve after reasonable exposure in a free, stable market assuming that both buyer and seller are acting on their own free will and have a reasonable period in which to negotiate the sale. Real market value is not the same as the value to the owner, who may be affected by feelings of sentimentality and a distorted sense of worth. Also, value and price are not the same: even though prices are often the best indicators of market value, they are not decisive.

−	However, most valuers’ work is usually based on the concept of ‘market value’, which may be defined as the amount the building might be reasonably expected to fetch after reasonable exposure in a free, stable market assuming that both buyer and seller are acting on their own free will and enjoy a reasonable period in which to negotiate the sale.	+	For more information see: Market value.

−	~~Real~~ market value is ~~not the same as value to the owner, who may be affected by feelings of sentimentality and~~ a ~~distorted sense of worth~~. ~~Also~~, ~~value~~ and ~~price are not~~ the ~~same: even though prices are often the best indicators of market value, they are not decisive~~.	+	However, historic buildings can be unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic.

−	~~= Valuating historic buildings =~~	+	Steps that may help establish the value of a historic building:
−		+
−	Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.	+
−		+
−	~~===~~ Steps that may help establish the value of a historic building: ~~===~~	+

	* Inspection, involving a detailed survey and analysis;		* Inspection, involving a detailed survey and analysis;
	* Undertaking a historic survey involving any statutory listing, researching the building’s history and identifying any reference works, local records etc;		* Undertaking a historic survey involving any statutory listing, researching the building’s history and identifying any reference works, local records etc;
	* Undertaking a detailed condition survey;		* Undertaking a detailed condition survey;
−	* Undertaking a measured survey and drawings;
	* Understanding the architectural qualities and any special features, their local significance and contribution to the visual environment or townscape;		* Understanding the architectural qualities and any special features, their local significance and contribution to the visual environment or townscape;
−	* Understanding ~~the market:~~ who is likely to be interested in buying the building, whether private individuals, companies, developers, local authorities, social groups etc;	+	* Understanding who is likely to be interested in buying the building, whether private individuals, companies, developers, local authorities, social groups etc;
−	* Understand and ~~account~~ for prevailing market conditions;	+	* Understand and accounting for prevailing market conditions;
−	* ~~How~~ much ~~will~~ it cost to repair or adapt and maintain the building for whatever use is envisaged~~? Listed~~ buildings involve a government-imposed control on owners that could make repairs and refurbishments far more costly than might at first be appreciated;	+	* Considering how much it could cost to repair or adapt and maintain the building for whatever use is envisaged.
−	* ~~Does~~ the building ~~have a~~ heritage value – can it be said to be a national treasure in any way?	+	* Understanding constraints on development. for example, listed buildings involve a government-imposed control on owners that could make repairs and refurbishments far more costly than might at first be appreciated;
−	* ~~How~~ easy ~~will~~ it be to get grant aid?	+	* Considering whether the building has heritage value – can it be said to be a national treasure in any way?
−	* ~~Does~~ the building ~~have~~ any capacity to provide future income e.~~g if opened as a museum?~~	+	* Considering how easy it might be to get grant aid.
		+	* Assessing whether the building has any capacity to provide future income.

−	These considerations may help establish a historic building’s value, which in turn may help potential buyers (or sellers) make an informed decision~~. Valuers therefore have a crucial role to play in this process and in the re-evaluation of the historic environment~~.	+	These considerations may help establish a historic building’s value, which in turn may help potential buyers (or sellers) make an informed decision.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

Editor at 18:54, 25 July 2019

2019-07-25T18:54:42Z

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−	= [[File:~~Historic_environment~~.jpg\|~~link~~=~~File:Historic_environment.jpg]]~~Introduction =	+	{\|
		+	\| [[File:Historic environment.jpg]]
		+	\|}
		+
		+	= Introduction =

	There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.		There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.

Editor at 18:54, 25 July 2019

2019-07-25T18:54:05Z

← Older revision		Revision as of 18:54, 25 July 2019
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	Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.		Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.

−	=== ~~The following steps~~ may help establish the value of a historic building: ===	+	=== Steps that may help establish the value of a historic building: ===

	* Inspection, involving a detailed survey and analysis;		* Inspection, involving a detailed survey and analysis;
	* Undertaking a historic survey involving any statutory listing, researching the building’s history and identifying any reference works, local records etc;		* Undertaking a historic survey involving any statutory listing, researching the building’s history and identifying any reference works, local records etc;
−
	* Undertaking a detailed condition survey;		* Undertaking a detailed condition survey;
	* Undertaking a measured survey and drawings;		* Undertaking a measured survey and drawings;

Editor at 18:50, 25 July 2019

2019-07-25T18:50:23Z

← Older revision		Revision as of 18:50, 25 July 2019
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	Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.		Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.

−	The following steps may help establish the value of a historic building:	+	=== The following steps may help establish the value of a historic building: ===

	* Inspection, involving a detailed survey and analysis;		* Inspection, involving a detailed survey and analysis;

Editor at 18:49, 25 July 2019

2019-07-25T18:49:48Z

← Older revision		Revision as of 18:49, 25 July 2019
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−	= [[File:~~Historic environment~~.jpg]]Introduction =	+	= [[File:Historic_environment.jpg\|link=File:Historic_environment.jpg]]Introduction =

	There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.		There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.
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	* VAT - protected buildings.		* VAT - protected buildings.

−	[[Category:Property_development]]	+	[[Category:Conservation]] [[Category:Property_development]]

Editor at 18:48, 25 July 2019

2019-07-25T18:48:55Z

← Older revision		Revision as of 18:48, 25 July 2019
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−	= Introduction =	+	= [[File:Historic environment.jpg]]Introduction =

	There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.		There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.

Editor: Created page with "= Introduction = There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, cha..."

2019-07-25T18:48:16Z

Created page with "= Introduction = There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, cha..."

New page

= Introduction =

There are no real hard and fast rules for valuing historic buildings. Any such endeavour will be affected by the wide range of the UK’s historical styles, changing government attitudes, whether the building is listed, the availability of grant aid and the attitude of the public. Also, established valuation principles may have to be by-passed when considering historic buildings.

Many factors impact a historic building’s market value; it is difficult for valuers to be objective as considerations such as the nature of the surrounding area, convenience of access, and views of and from the property are all subjective.

However, most valuers’ work is usually based on the concept of ‘market value’, which may be defined as the amount the building might be reasonably expected to fetch after reasonable exposure in a free, stable market assuming that both buyer and seller are acting on their own free will and enjoy a reasonable period in which to negotiate the sale.

Real market value is not the same as value to the owner, who may be affected by feelings of sentimentality and a distorted sense of worth. Also, value and price are not the same: even though prices are often the best indicators of market value, they are not decisive.

= Valuating historic buildings =

Many historic buildings are either unique or very close to it. This means that using market prices to value them is a difficult task. Furthermore, the legal restraints associated with any building works and the obligations to repair (e.g Grade 1-listed status) make valuing problematic. The valuer’s task is to determine what the building may be sold for on the open market.

The following steps may help establish the value of a historic building:

* Inspection, involving a detailed survey and analysis;
* Undertaking a historic survey involving any statutory listing, researching the building’s history and identifying any reference works, local records etc;

* Undertaking a detailed condition survey;
* Undertaking a measured survey and drawings;
* Understanding the architectural qualities and any special features, their local significance and contribution to the visual environment or townscape;
* Understanding the market: who is likely to be interested in buying the building, whether private individuals, companies, developers, local authorities, social groups etc;
* Understand and account for prevailing market conditions;
* How much will it cost to repair or adapt and maintain the building for whatever use is envisaged? Listed buildings involve a government-imposed control on owners that could make repairs and refurbishments far more costly than might at first be appreciated;
* Does the building have a heritage value – can it be said to be a national treasure in any way?
* How easy will it be to get grant aid?
* Does the building have any capacity to provide future income e.g if opened as a museum?

These considerations may help establish a historic building’s value, which in turn may help potential buyers (or sellers) make an informed decision. Valuers therefore have a crucial role to play in this process and in the re-evaluation of the historic environment.

= Related articles on Designing Buildings Wiki =

* Appeals against urgent works notices.
* Building Preservation Notice.
* Certificate of immunity.
* Compulsory purchase orders for listed buildings.
* Conservation area.
* Conservation officer.
* Ecclesiastical exemption.
* Enterprise and Regulatory Reform Act 2013 and listed buildings.
* Heritage partnership agreement.
* Historic England.
* Institute of Historic Building Conservation.
* Listed Building Heritage Partnership Agreements.
* Local Listed Building Consent Orders.
* Listed Building Consent Order.
* Manor Farmhouse listed building prosecution.
* Planning permission.
* Scheduled monuments.
* Society for the Protection of Ancient Buildings.
* Tree preservation order.
* Urgent works in advance of a listed building consent.
* Use of injunctions in heritage cases in England and Wales.
* Use of direct action in heritage enforcement cases in England.
* VAT - protected buildings.

[[Category:Property_development]]