Would it not be lovely to live the life of a Lord or Lady in a home where luxury oozes from every crenellation and class drips from the chandeliers, asks Duncan MacRae.
The UK certainly has its fair share of swanky abodes to tempt the cash from your pocket, and, as it so happens, it’s also home to one of the world’s most expensive mansions in a little-known city called London.
In 2013, 18 Carlton House Terrace
, near Buckingham Palace, was marketed for sale with an asking price of £250 million.
But why settle for a mere mansion when you could bag yourself a castle?
Castle Gogar, near Edinburgh, will only cause a £2.5 million dent in your wallet. The castle, believed to date back as far as 1695, is set on 3.6 acres of its own grounds, with magnificent mature trees in a private setting. The property boasts everything an aspirational castle owner could want – a vaulted crypt on the ground floor, turnpike staircases, turrets with arrow slots and battlements, and plenty of bedrooms for your many courtesans.
Of course, castles, mansions and beautiful old manor homes come in all sorts of shapes and sizes, varying conditions, and at an array of prices.
Mark Coulter of Coulters Property Edinburgh has helped generations of buyers realise their dream of living in a period home, and, as far as he is concerned, the appeal of them is clear: “The obvious reasons are that older properties possess more history and character, and anything which was built in Victorian or Georgian times, around 1901 for example, tend to be built to a higher standard.
“For instance, it simply wouldn’t be possible to build the historical New Town area of Edinburgh these days due to the cost of modern building materials and workmanship in the 21st century.”
Full of Character
One of the obvious allures of older properties is that they come with irreplaceable and unique features, such as beautiful original floors, decorative mantelpieces and grandly ornate striking staircases.
Along with this heritage of features comes the emotion and connection with a property that only owning an old building can bring, so explains award-winning interior designer Joanna Wood of Joanna Trading.
“There can be feelings of great pride from the historical association of owning and living in a property with a great heritage,” she says. “A buyer may easily end up somewhere with beautifully proportioned rooms, full of lovely aspects such as exposed beams, original cornicing, and authentic fireplaces.
“In many cases, it is the actual lack of symmetry found in many old buildings that can be hugely satisfactory, and it is this personality and character that will be extremely hard to find in a building of modern design.”
All this may sound rather appealing, but when it comes to an older building, one must tread carefully, as Mrs Wood further explains: “Everyone knows the problems that listed buildings can bring, but not everyone knows to what extent planning permission can be required – even changing the colours of the interior walls can be a no-no!
“Buyers need to be aware of the potential struggle to get these permissions, and when buying a much older property, they must think carefully about whether they are happy with every single aspect of it.”
Another consideration one must make when weighing up the pros and cons of any ‘old versus new’ properties is the fact there are often significant differences in the functionality between the two.
In historic houses, the kitchen was usually built towards the back of the property and kept out of the way in the part of the house where the servants would reside. However, in the modern home, the kitchen is often the hub of our daily lives, and so most modern buyers would want a kitchen area, or kitchen diner, at the heart of the house – which is an arrangement much harder to find in an older building.
This issue can extend to the whole house in general, as Mrs Wood explains: “Very often you find in old buildings that they don’t have the right places for en-suite bathrooms, and often, older properties will be constructed with several large bedrooms in a row – with a cluster of bathrooms at the end of the corridor – not ideal for modern day life!”
Modern Benefits
So, if the idea of a period property sounds too daunting and rather like hard work, consider a hassle-free new-build mansion for your next investment.
Neil Armstrong, chairman of new build specialists, R. W. Armstrong, which has over 50 years of experience in the eld, explains the pull of the modern mansion:
“With a new build, clients have the opportunity to design their home from a clean slate, so there are no limits in terms of what they can achieve.
“New build homes feature modern insulation and other materials, so are warmer and more energy efficient. You also have known lifespans and warranties on any materials used.”
Mr Armstrong acknowledges the charms of older properties but warns of potential hazards: “Whilst it will undoubtedly possess more character and charm, modern conveniences, such as double glazing, will have to be sacrificed. Older buildings always have the potential of revealing unforeseen damp, asbestos, bats, structural problems – all of which can add cost to a job. Therefore, new-build projects tend to be more predictable in cost and timeline, with less surprises.”
Yet, despite the practicalities of the modern mansion, they can come with some downsides, depending on your outlook, of course, as Mrs Wood explains: “A modern build mansion can often be rather characterless. Obviously, they will tend to lack any true period features unless one has a huge budget and these are bought in.
“For instance, there will never be any wonderful marble from the 18th or 19th century, or an intricately carved mantelpiece, providing a statement as you enter the sitting room,” she laughs. So, if you are chasing the authenticity that only original features such as these can bring, then older properties are the way to go. This will obviously incur some overheads to get the older property up to a modern standard.
One of the significant advantages of renovating a property is that you can do it at a pace that suits you, room by room, as and when you can afford it – you also have greater control over your budget, in as much as you can make some savings by shopping around for deals on labourers and materials.
And when it comes to selecting these materials, furnishings, and fancy decor, you will have the chance to add your own personal touch to make your dream home unique to you.
However, renovating is not an undertaking to be taken lightly, as Mr Coulter explains: “Restoring an old place can be very satisfying, but I don’t think I’ve ever met anyone who won’t tell you that they spent double what they expected renovating the property.”
So, whether you choose to buy old or new, or to renovate or not to renovate, you must get your finances in order, as well as any paperwork – and, as ever, take advice from the professionals.
Renovation Numbers Continue to Rise
- 94%: The number of UK homeowners who would rather spend money renovating their current home than buy another property
- £5,500: The minimum amount the average home renovator expects to pay to get their property up to the standard they are hoping for
- 49%: The number of homeowners who plan to renovate a property in 2015 to improve the property’s value and aesthetic appeal
- 6%: The Highland Tay Retreat is set in beautiful Perthshire. The percentage of homeowners renovating their property in the hope that it will make the property more saleable
Invest in a Slice of History
Jon Bennett of global property developers, Barrasford and Bird Worldwide, says that luxury renovations and the development of old properties are now big business among those looking for a luxury living space of their own, fractional ownership, or even simply as an investment: “Our typical customer is high net worth, 45-55 years old, married, with a family who have flown the nest,” says Mr Bennett.
One such development attracting interest among these types of modern investors is the Highland Tay Retreat: a golf and spa resort set in Scotland’s beautiful Highland Perthshire region. Aimed at the high-end market, the resort is to include a luxury castle hotel, the existing 18-hole James Braid-designed golf course and studio properties within the castle’s walls.
With such a large and historically sympathetic project, there are many practical requirements to be considered, as Mr Bennett explains: “The interior styles of the suites will be sympathetic to the opulence of the castle, with luxury and finish top of the design criteria. Due to the nature of the castle and the project, the renovation of the staterooms had to be done in accordance with Historic Scotland. This also applies to the suites that are currently being created, which are monitored by Historic Scotland also.”
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