Have you ever watched a movie or television show that featured an abandoned, haunted house? The atmosphere was usually filled with creaking doors, shattered windows, cobwebs and clouds of dust, all essential components to setting the spooky tone of a vacant house. Do you possess a vacant house? It may be a place that was handed down to you, or a rental that could not get leased out, or even the home you left behind when life gave you permission to relocate somewhere better.
In this article, let’s dive into the potential hazards of allowing a house to descend into an irreparable asset.
Astonishingly, one in every sixty-five residential properties throughout the United States is unoccupied. These “haunted looking houses” all too often go unoccupied and uncared for, resulting in a multitude of troublesome problems. In recent times, Baltimore has been plagued by an increase in vacant properties.
When the damage is too costly to repair, but you don’t want to lose your home or are waiting on renovations that will unlock its potential, this option could be feasible. Life has a way of pulling us in different directions; however, procrastinating when it comes to property maintenance and repairs can actually cost you money. Don’t delay, take care of any issues with your house as soon as possible.
Ignoring your unused property is like leaving your retirement fund exposed on the pavement for someone to snatch. Be sure to watch out for any of these flags that might arise if you do not act quickly; this could result in financial loss, legal trouble, or worse.
If you a house that has been vacant for more than a few months, problems can arise if it is not properly maintained. Many people assume nothing will go wrong when nobody lives in the home, however this could not be further from the truth. Be mindful of these potential issues and take steps to ensure your vacant house remains well-maintained and protected from any damage or destruction.
Vandalism
Much like California during the Gold Rush, an unoccupied home is a tempting target for criminals. To discourage burglars from attempting to break-in, it’s essential that your house does not seem vacant. But if someone discovers you’re away and decides to try their luck anyway, only time will tell how long until they succeed in breaking into your home.
Burglars often target expensive wiring or other home components like the HVAC system and kitchen appliances. Not only are these items costly to replace, but thieves can go one step further and destroy walls as well as remove fixtures in order to get their hands on them. This is a particularly desperate situation that not only requires replacing what was stolen, but also extensive structural repairs due to the damage caused by intruders.
Even if nothing is taken, intruders can still enter your home and cause mayhem. Vandalism or the breaking of items for amusement are a few possibilities. When criminals witness that no one respects the space, they often ask themselves why they should show respect too?
Someone Could Start Living There
The city is currently struggling with a homelessness crisis, and this has created a problem for the neglected or empty properties in its limits.
IIf not addressed in time, squatters can latch onto your unoccupied home and remain indefinitely. Naturally, this will cause considerable damage to your property since they might neglect it, resulting in gradual degradation of the premises.
Squatters are often hard to remove from your home, and if they refuse to go, then you may be forced to let them stay. In the worst-case scenario, after living in your house for an extended period of time, squatters might have legal rights that give them authority over the property.
The House May Get Damaged Costing Thousands of Dollars In Repairs
To make sure that your home is safe and comfortable for living, it must receive regular maintenance. Not keeping up with this basic need can lead to considerable damage snowballing over time.
These needs include:
Water is infamous for causing costly damage – from broken pipes, faulty water heaters and damaged roofs or gutters that let H2O into your home resulting in structural and interior destruction.
Even if a heating system is maintained, vacant properties are especially vulnerable to fires caused by arson or squatters. This can result in catastrophic damage and put lives at risk. To protect yourself against the possibility of such an incident, it’s important to take all necessary steps to ensure that your property is secure and well-maintained.
Vacant homes are often plagued by animals eager to explore and wreak havoc, whether it’s a door left open or window broken. Termites can also be a major nuisance in the Baltimore area, especially for older wooden houses that require regular treatment.
Liability
Whether you reside on or manage your property or not, you are still obligated for any happenings that take place within its boundaries.
If an individual is hurt on your premises, you will be held accountable for any resultant damage. Likewise, if a neglected home sparks a fire or explosion that causes injury to someone else or damages their property, then the responsibility falls upon you.
Property Expenses
Even when no one is occupying your home, government fees continue to be applied. You will still encounter the same expenses as with any other asset you possess. This consists of:
Taxes: Regardless of your home’s occupancy status, you must pay property taxes.
Fines: Failing to comply with city codes for your vacant property could result in costly fines.
No matter how much your house deteriorates, you will still be accountable for the same mortgage payments. The bank won’t reduce them just because there have been repairs that needed to be made or if it is no longer being occupied.
When bills are not paid in a timely and comprehensive fashion, there can be serious repercussions such as penalties or even incarceration. Additionally, it is possible that the bank or government has the right to seize possessions for nonpayment.
How To Make Money Quickly On A Vacant House in Baltimore
Not only are there plenty of other difficulties associated with a vacant home, it is also an incredible waste of potential income. Perhaps you feel that your house has become worthless and unsaleable, but the truth is, selling this property quickly could be far simpler than you think. You can turn that untouched investment into hard cash in no time at all.
If you’re unable to make repairs that would render your home livable or rentable, selling it to a trustworthy real estate investor could be the answer. Property Pro Solutions offers assistance in exchanging your vacant house for prompt cash and obtaining full value on your investment. If you have a Baltimore house that is in major disrepair or needs extensive cleaning, we want to hear from you! We are here to help turn your property into cash quickly and easily. Click here to find out more about our process.
With no hidden fees, closing costs, or commissions associated with our services, you can receive a competitive offer on your property within 24 hours. Plus if accepted we will expedite the process and close in less than a week! Take advantage of this amazing opportunity today by speaking to one of our helpful professionals.
We hope to hear from you soon. Call us today at 443-775-2768.