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Vacant Homes Under Perform in the Marketplace
Any real estate professional will tell you that an occupied home will sell 30-50 percent faster than a vacant house. Additionally, it will command a higher sales price, by 5-6 percent. Vacant homes tend to expose every little imperfection because the eye has no distractions. This can be a significant problem in all but the newest residences.
A furnished or staged home appeals to the buyer's imagination. They can see what they would do with a room when given visual cues about its purpose. Also, curb appeal on an empty house can plummet rapidly if the property is not cared for appropriately. There are, of course, times when having an empty house on the market is unavoidable.
Vacant Homes Can Be Costly to Maintain
There are many ramifications to maintaining a vacant property for sale. Not only will you face dual mortgage payments and taxes, but the premiums on your homeowners insurance for the unoccupied house could well double. To the insurer, the risk profile of an unsupervised residential dwelling escalates dramatically due to the increased chance of vandalism and prolonged damage from malfunctioning home systems like the plumbing. Any leak from a broken pipe is bad, but three days of ... more

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