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You didn’t intend to hold a vacant property. You may have picked up a property because you wanted to fix it up and put a paying tenant into it. You may have inherited a house, but you already have one and don’t intend to move. There are many reasons why you may be holding a vacant home or income property, but the issue remains. It is a liability.
There are two types of uninvited guests, and both of them can damage your house and cost you money every single month.
- Squatters – When a house or building sits vacant with no regular activity, it gains a reputation in the neighborhood for being abandoned. Word gets around, and squatters have their ear to the ground searching for a roof to put over their head at no cost to them.A squatter does not normally have the organizational skills that a landlord would want controlling their real property. They will often destroy a home, causing extensive need for repairs.Additionally, some local laws make it hard for property owners to get rid of squatters. This kind of legal protection for unwanted guests can make property ownership a costly affair.
- Wildlife – When a house is left unattended, critters can take over. We’ve seen homes with bats flying around, squirrels destroying ceilings and walls, birds making a nest behind a water heater, and cats making the place smell terrible. Worse, houses have become targets for bugs to take over. Cockroaches, spiders, ants, and beetle bugs. In an extreme case, hundreds of snakes have taken over a residence and lived in the walls.Houses were not meant for nature to thrive in unattended. This is why it’s important to ensure that a property does not sit empty for long.
A vacant property doesn’t mean that you get to save money on your power bill. It means that you have a weekly expense in order to maintain your lawn. A yard that is not properly maintained will draw the attention of the local city authorities. Tall grass will rack up code violations, and most cities will handle the maintenance themselves – tacking on a bill that you must pay or face liens.
In addition to cutting the grass, the locals or those passing through may litter casually. Some of this garbage may end up on your property, and thus becomes your problem to pick up and dispose of properly.
If you live too far from your vacant home, such maintenance will be hard to manage. It’s easy to end up in the ‘out of sight, out of mind’ train of thought, and the vacant house becomes less important. People get busy. So why not relieve the situation, and sell the house fast for cash?
Property Management & Tenant Issues
A new landlord’s worst nightmare is a tenant that goes rogue and quits paying rent. Worse…they could be hosting riff-raff and causing you legal troubles. Many new cash-flow investors make the mistake of not screening a potential tenant because they are eager to get the deposit and first month’s rent. Such due diligence can be offset by charging a $35 application fee, but it will turn off some candidates and get the investor a smaller response to their rental. The fact remains that those opposed to paying the fee however, are most likely the kind of tenants that will default on their monthly payment.
In better times, a landlord will get good tenants. Issues will arise however, when something major needs to be fixed. Lots of new investors fail to account for such emergencies, putting them in a bad position as a landlord. Failure to quickly fix mechanical and other issues with a rental can result in a possible lawsuit, or high vacancy rates – and will earn the owner a bad reputation throughout the neighborhood.
Many home-ownership policies explicitly state that a home which sits vacant for X amount of days will no longer be covered. Even insurance agencies know how detrimental a vacant building can be, and they do not want to pay for the damage.
In the hypothetical scenario that a squatter takes over and burns down your vacant home, your insurance will likely deny a claim. You can foot the bill for demolition, face code violations, and lose valuable equity.
Would you like to sell your house fast for cash?
Every single scenario can be eliminated by selling your home to a cash house buyer like us. We are known for a fast cash offer, and aim to get them out within 24 hours. We work to close as quickly as the title company will allow, and can even let you choose your move-out date.
Fill out the quick form on this page, or call us toll free at 888-519-3721.
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