5 Reasons why you should consider selling your vacant house now.

By
Services for Real Estate Pros with RE/MAX Town & Country

5 Reasons why you should consider selling your vacant house now.

Property Tax Expense

You must continue to pay property tax on your vacant house. If you choose to ignore the property tax bill, a tax lien will be placed on the property which must be paid in full when you sell the property later.

Insurance Expense / Loss of Coverage / Liability

You should have insurance on the property to cover damage and liability. This is a recurring expense. By the way, if your vacant house has been unoccupied for over 30 days, it may no longer be covered by homeowners insurance if it gets damaged. Contact your insurance company and inform them your property is vacant and you want the house to be properly insured as an unoccupied house.

Utilities Expense

Your vacant house will suffer damage if it is not properly heated during the winter months. For example, pipes can crack if the temperature drops below the freezing point.

Vandalism

Your vacant house may become a target for vandalism. It is common to see broken windows on vacant houses. Thieves like to steal the outside air conditioner unit. They may decided to break into the house and steal building materials. Copper pipes are a favorite item for thieves. Additionally, those who break into  your vacant house may decide to cause damage just to get a thrill, such as kicking holes in the walls and doors or  breaking counter tops and shelving units.

Vacant Houses Lose Value

Your vacant house is losing value. In addition to the expenses of owning the house (taxes, insurance, and utilities), your vacant house loses value every day. It is a liability draining you of money now and will fetch you a lower price the longer you wait to sell. The structure is deteriorating every day. How likely is it that housing prices will suddenly take a sharp upward turn so that the value of your house increases faster than the value it is losing every day it sits vacant?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Tags:
vacant properties
property tax
homeowners insurance
utilities
vandalism
expenses
home values
market value
liability
damage

Spam prevention
Show All Comments
Rainmaker
123,134
Bill MacBride
Ski-in/Ski-out, Luxury homes, Second Home Buyers - Mammoth Lakes, CA
Mammoth Lakes Resort Real Estate

John,

All good points.

Looking at our local market, in Mammoth Lakes, I would also add that putting your home up for sale now versus next year will in all likelihood net you more money because our market is still declining.

Good luck the rest of the year!

Sep 25, 2011 08:15 AM #1
Rainer
58,151
John Marion
RE/MAX Town & Country - Canton, GA

Bill, thank you for commenting. I hope you help a lot of people who should sell their house NOW in your market.

Sep 25, 2011 08:34 AM #2
Rainmaker
1,278,058
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

 

Im also sure that somewhere in the mortgage loan packet states that the home must be occupied; if its vacant the owner maybe in violation of the loan agreement.

Sep 25, 2011 10:14 AM #3
Rainer
58,151
John Marion
RE/MAX Town & Country - Canton, GA

Hi Michele. That is a great question for a mortgage lender. I think a lot of mortgage companies will not call the note due after you have lived their as an owner / occupant for a determined period of time then put tenants in the house. I know they can call the note due if you transfer ownership of the property, but in the current market lenders don't want to call notes due as long as the payments current.

Sep 25, 2011 10:27 AM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
58,151

John Marion

Ask me a question
*
*
*
*

Additional Information