If you own a vacant house, you should probably seek to sell it, rent it or occupy it as quickly as possible. There are multiple dangers that come with owning a vacant property and you could find yourself with costly headaches or a substantial loss of value in your asset.
Houses can sit empty for many reasons such as death of the owner, inability to sell the home due to market issues or needing major repairs, or elderly homeowners that have moved into nursing homes. The house can continue to lose value the longer it sits empty.
Read the following top three dangers of owning a vacant house to see why letting your property sit unoccupied for too long should be avoided.
#1. Improper Property Insurance On Vacant Homes
You may think that your homeowner’s insurance will cover you for any risks that your vacant house may encounter but be sure to read the fine print on your policy. Most homeowner’s insurance will become null and void if your house sit unoccupied for as little as 30 to 60 days. This means if your home is vandalized, stripped for parts, or experiences a house fire, your insurance will not pay. In order to keep your empty property properly insured, you will have to take out a more expensive policy specifically for vacant homes. Since many people fall into a vacant home situation without this knowledge, their policy is not usually brought up to date.
#2. Evicting Squatters from Vacant Houses
California has what’s called “squatters rights” which can make it difficult to get rid of unwanted tenants that try to inhabit your vacant property. Squatters can move into your property without your consent or they can merely maintain the property without your knowledge. If they do this for 5 years and pay property taxes without your interference they could even legally take over your property. It can difficult to remove squatters once they move in and many homeowners will resort to paying them cash to leave.
#3. Empty Homes Are a Target for Vandalism and House Fires
Leaving a home empty for any period of time without proper security is risky. The risk increases the longer the home sits empty. Once it becomes clear that the home is vulnerable, vandals, thieves, and vagrants can target it. Empty houses are also at high risk for undetected maintenance issues that could lead to big problems like fires, leaking, flooding, and mold. As stated in the first bullet point, unoccupied homes are often not covered by insurance which puts you at considerable financial risk.
Tropical Homebuyers helps people solve their problem of owning a vacant property by purchasing the property quickly before serious problems arise. We buy houses directly from the owner, regardless of current condition, and can close escrow in 14 days. As the top-rated home buyer in Southern California, we are experts in providing fast and friendly customer service and we are eager to work with you. If you are looking to sell an empty property, give us a call today to receive your Free and 100% no-obligation cash offer today at (323) 580-6881.