Owning a vacant home can be economically strenuous on the homeowner – whether they had to move due to a flood or other disaster, or if they had a tenant who moved out suddenly – the burden of a vacant home can be tiresome.
There is a considerable number of things to think about when dealing with a vacant home, including the risks, as well as your options. In this article we will assess both and then provide you with a simple solution to this headache.
Dangers Of Leaving Your Home Vacant
Beyond the financial burden of maintaining an empty home, a homeowner may also be confronted with additional dangers when leaving a home empty. Each day that the home spends vacant, it is at risk of:
● Undetected water, weather, or fire damage: Unexpected repairs may be required on the home due to water, weather, or fire damage. Unfortunately, if there is no one living at the home, it may incur additional damages, resulting in more expensive repairs.
● Trespassing: Leaving valuables in a vacant home is never a good idea. Experienced burglars are aware of which homes are vacant and often target them for trespassing.
● Squatting, which can lead to long legal disputes: Often times, homeless individuals may be seeking shelter, in your home; their presence may cause damage. The true risk in this scenario though is that over time, squatters actually gain legal rights at the property. In the state of Texas, a squatter who has been living on another’s land for three years can even file an adverse possession claim (restrictions apply).
● Vandalism: Without proper supervision, again, vacant homes attract criminals and can be susceptible to vandalism.
Therefore, it is important that the homeowner take the necessary steps to protect the home while it is empty and then fill it as quickly as possible. In order to protect the home, a homeowner can increase the home’s security system, check up on the home regularly, install deadbolts on the exterior doors, and maintain the exterior to display that your home is not neglected. Implementing these steps can reduce risk of damage to your vacant home.
Renting Out A Vacant Home
Depending on the cause of the vacancy, renting out a vacant home can be timely and costly. The first step is to always ensure the integrity of the home – if the home was vacant due to damages, get them fixed immediately.
Once the home is ready to rent, it is time to start marketing the home and interviewing tenants. The marketing process is to ensure reputable tenants apply for the home while the interview process can ensure your comfort with the potential tenants. Approving the wrong tenants can cause severe long term damage to your investment – both financially and legally. Always complete the necessary steps to ensure the credit and safety of your investment.
Selling A Vacant Home
Although it may seem like a good idea to sell your vacant home, potential buyers may be wary of such a purchase. A vacant home can suggest that there is something wrong with the home – otherwise, why wouldn’t there be a tenant living in the unit? Additionally, selling a home may take time, and this time is costing you, the seller, money. For example, homeowners insurance for a vacant home can cost up to three times more than homeowners insurance compared to an occupied home. If a buyer is looking for a 90-day escrow period, and requires financing, the cost to the homeowner can become quite large.
How To Sell A Vacant Home Quickly
Due to the above mentioned issues with a vacant home, selling the home quickly can save thousands for the homeowner. Finding an all cash, knowledgeable investor can provide the seller this opportunity. The all cash option can remove the risks associated with leaving a home vacant and can improve the position of the seller.
We here at Gulf State Homebuyers frequently buy vacant homes – and the best part is that we buy them “as-is.” No need to hassle with contractors or marketing. We can get the property off your hands within one week and help put thousands of dollars in your pocket. We understand the market and make competitive offers, making it easier for you to transition into your next investment opportunity.
Additionally, not only do we purchase vacant homes, but we also provide financial payment for referrals. So if you know someone sitting on a vacant home who is lost about what to do next, send them to us and we can help you both!
