Empty House, Empty Wallet. Whatever the reason for a vacant property, it is not a good situation to be in. Vacant houses bring with them numerous issues which should be considered. Whether you are a landlord without tenants, the new owner of an unexpected inheritance, or simply planning your next move, having knowledge about the risks of a vacant house is crucial.
1. Problems With Home Insurance If you will be leaving the house vacant or more than 60 days, it will be a good idea to contact your home insurance provider to find out how this affects your coverage. Many insurance companies will not provide coverage on vacant houses – which means you will be held responsible if any damages occur!
2. Issues Maintaining The Property It is convenient enough to mow the lawn weekly or shovel the snow every when you live in a property, however when you are even living 20 minutes away, it can become a major burden for you. Before long, weekly lawn mowing turns into monthly, and then never. Failing to maintain the property can greatly affect resale value, and often maintenance costs will only increase the longer that issues are left unattended.
3. Unwelcome Guests Leaving your property vacant is like having a “welcome” sign for any and all animals. Ants, termites, raccoons, mice, rats, bees… you name it! The issue with having these animals on the property is that they can quickly reduce the value by causing unexpected damages. Keep an eye out for animals getting in through the cracks.
4. Plumbing Disasters During The Winter Pipes are prone to get damaged during the Canadian winter in empty houses. If a frozen pipe bursts, you will have to spend a fortune cleaning up the mess the water in the house will create and fixing the pipe itself. Its best to have a plumber winterize the property. This means the water supply will be cut off, the pipes will be drained of water and an anti-freeze mixture will be introduced into the pipes and drains. If the property will be used occasionally, then the main water supply must be shut and the thermostat should be set to 55 degrees Fahrenheit.
5. Vandalism and Theft Some trouble makers will recognize an empty property as an opportunity to put graffiti on the walls, or even worse to do drugs on the premises, or steal anything they can find. If you are leaving the house vacant, especially in the marginal area, you want to be aware that there could be break ins.
6. Turn a Liability Into An Asset Let’s face it. Your house sitting vacant is just costing you money. Whether you are paying for property taxes, repairs, mortgage, or home insurance, a vacant property will just drain your wallet. The best way to turn this liability into an asset is to sell it and cash out.
For the above reasons, we recommend considering selling your vacant house with a cash buyer. A real estate investor will be able to take the property off your hands quickly, without you needing to spend valuable time or money putting work into the house.
Do You Need An Ontario Cash House Buyer? I Can Help You…
My name is Michael Lee, and I’m a local real estate investor buying houses as is for cash. If you are in a situation where you would like to sell your house quickly, give our team a call at 1-800-610-6171, or click the button below to submit your contact information. We will call you within one business day to discuss your situation, and help provide a solution for you.