Have you ever seen a movie or show where an old, abandoned house is the main feature? The viewers are immediately struck with visuals of decrepit doors and windows, cobwebs filling every corner, and dust coating everything in sight. Perhaps this resonates with you; do you own such a property – be it inherited or unrentable? Or maybe something better came along and required your attention elsewhere. Regardless of how it happened to come into your possession, there’s no denying that vacant dwellings can often appear haunting.
In this article, we will evaluate the dangers of neglecting a property until it becomes an irretrievable asset.
The worst possible outcome? A haunted house!
Did you know that one out of every sixty-five residential properties in the United States is vacant? These “haunted looking houses” are frequently abandoned and neglected, causing an array of issues. In recent years, Florida has become the state with the most vacant houses in the USA.
When the damage is beyond economical repair or if you’re planning to upgrade your home, but it’s still on the backburner, leasing as an option can be a great strategy. It might look like something that could wait for later and even though life gets in the way of our plans, postponing will only cost more money. If you want to maximize its potential without breaking your budget, renting out may be what you need!
It’s like leaving money on the street if you don’t use your vacant property to its full potential. To keep yourself protected, watch out for any of these signs that could spell disaster: financial woes, forfeiture of ownership or even jail time! Don’t let negligence take away a valuable asset; stay alert and act quickly to maintain success with your empty lot.
Likely Problems Caused By Vacant Houses
Houses that go unoccupied for more than a few months often face numerous issues. Contrary to popular belief, homes left vacant can still suffer from various problems that require urgent attention. Therefore, if you own an empty house be sure to look out for warning signs of potential damage.
Vandalism
A vacant house is like a treasure chest for potential thieves, and if it appears to be occupied, they may think twice about entering. But once an intruder figures out that the home is unoccupied, it won’t take them long to begin breaking into your property. Keep in mind that just because someone knows your home has been left unattended doesn’t mean you can’t still protect yourself from intruders.
Not only are copper wiring and other valuable home components prime targets for thieves, but they will go to extreme lengths by breaking walls or removing fixtures in order to gain access. This makes the situation far more costly than simply replacing stolen items. It can lead to serious structural damage that requires extensive repairs, leaving your home demolished.
Even if your home is not robbed, the presence of disruptive individuals in it can still lead to destruction and vandalism. They will recognize that nobody takes care or pride in this house, making them less likely to follow suit.
Someone Could Start Living There
Although Cocoa is regarded as a safe place to live, the city’s homelessness crisis has come to a tipping point, and the over 200 vacant or abandoned properties are at risk. Without swift action on your part, squatters could enter your home and remain there for as long as they please. When individuals aren’t held accountable for their actions, your property can suffer severe damage that leads to costly repairs. This unchecked behavior also contributes to a decrease in the value of your property and should not be neglected.
If a squatter decides to stay in your home, it can be difficult, if not impossible, to persuade them to leave. In some cases, they may even gain legal rights over the property if they have been living there for an extended period of time. Evicting squatters is tricky and requires you to take swift action to avoid any unwanted consequences.
The House May Get Damaged Costing Thousands of Dollars In Repairs
It is crucial to keep up with the upkeep of your home if you want it to remain inhabitable. Neglecting this basic need can result in irreparable damage that accelerates over time.
This consists of:
From busted pipes and water heaters to faulty roofs and gutters, expensive destruction is all too common when it comes to water seeping into your home. Both structural integrity as well as interior elements can be irreparably damaged if not properly protected against this danger.
Neglected heating systems can be incredibly hazardous, and have even been known to start fires. Even more worrisome is the risk of arson or squatting in unoccupied properties – both of these situations pose an elevated threat of fire hazards.
When it comes to vacant homes, uninvited animals creating a mess inside is an unfortunately frequent occurrence. Whether it’s an open door or broken window that invites them in, the ensuing destruction can be extensive and costly for homeowners. Termites are also a huge problem in Florida that need to be treated regularly, especially on older houses built out of wood.
Liability
Regardless of whether you’re inhabiting or actively taking care of your property, you remain accountable for what happens there.
If someone is injured on your property due to the lack of maintenance, you may be held liable for any resulting damages. Moreover, should an explosion or fire occur as a result of inadequate care and upkeep of your home, you are not only responsible for injuries that occurred but also damage caused to another’s property.
Property Expenses
Even though your property may not have inhabitants, you are still liable to pay government fees. These costs will remain the same as with any other asset that you own. This consists of:
Taxes: Regardless if your home is occupied or not, you will still need to pay property taxes. Should your vacant abode not meet city codes, then you may be faced with a fine which can become an expensive consequence of neglecting to keep up the necessary standards.
Paying less on your mortgage regardless of your home’s upkeep will not be an option, as the bank won’t lower your payment unless you maintain it. This is true even if nobody currently occupies the residence.
If you fail to pay your bills on time and in full, disastrous consequences may follow. Not only could you be penalized or even imprisoned, but your property may also be seized by the bank or government.
How To Make Money Quickly On A Vacant House in Cocoa
Not only do you have to worry about the other issues mentioned above, but your vacant home is now a wasted investment and lost source of income. You might think that this house has no value or cannot be sold, however with just some effort, it could quickly become an incredible source of cash for you!
If you are unable to finance repairs that would render your property livable or viable for renting, selling it to a respected real estate investor could give you the cash flow and return on investment that you need. At House Beagle, we understand this challenge and are eager to assist in converting your vacant house into immediate funds! We specialize in properties requiring major renovation work, deep cleaning services, and other related needs. If you have a vacant house in the Cocoa area that you are interested in turning into cash, you can learn more about how we work by clicking here.
There are no fees, no closing costs, no commissions. We can usually provide an offer on your property within 24 hours and if accepted, we can close in as little as 7 days. Call today and chat with one of our friendly professionals. You can read some of our reviews at this link to learn more about our reputation for professionalism and fairness.
We hope to hear from you soon. Call us today at 321-549-8686.