Are you thinking of leaving your house vacant for a year? You may want to think again. According to recent studies, homeowners who leave their homes vacant for just one year can see a decrease in the value of their homes by up to 10 percent.
And that’s not all – there are plenty of other reasons why you may not want to leave your home unoccupied for an extended period of time. Let’s take a look at some of them.
Leaving your house vacant for an extended period of time can be a risky proposition. However, if you take the necessary precautions, you can minimize the risks and ensure that your home is well-protected while you’re away.
Table of Contents
• What Happens When A House Sits Vacant
• What To Do With Utilities When House Is Vacant
• How Long Can A House Be Vacant
• Why Do Empty Houses Deteriorate
• What Are The Risks Of Leaving A House Vacant
• What Does Vacant Home Insurance Cover
➥Vacant Home Insurance Cost
• Checklist For Leaving House Vacant
• Tax On Unoccupied Property
• Can You Sell A Vacant House
➥Why Should You Sell to ASAP Cash Offer
What Happens When A House Sits Vacant?
When a house sits vacant, it is more susceptible to break-ins and vandalism. This is because there are no people around to deter criminals from breaking into the home. In addition, houses that are unoccupied for long periods of time are also more likely to be damaged by weather and animals.
Another reason why you may not want to leave your house vacant for an extended period of time is that it can be difficult to find someone to take care of the property while you’re gone. If you’re planning on leaving your house vacant for more than a few months, you’ll need to find someone who is willing to check on the property periodically and make sure that everything is in order. This can be a challenge, especially if you don’t have any friends or family in the area.
What To Do With Utilities When House Is Vacant?
If you’re leaving your house vacant for an extended period of time, you’ll need to make sure that the utilities are turned off. Otherwise, you could be faced with a hefty bill when you return.
You should also consider changing the locks on your doors and windows to deter criminals from breaking into your home.
How Long Can A House Be Vacant?
There is no set time limit for how long a house can be vacant. However, most experts agree that it’s not a good idea to leave your home unoccupied for more than six months at a time.
If you’re planning on being away for longer than that, you should consider renting out your property or finding someone to take care of it while you’re gone.
You can also contact your insurance company to see if they have any restrictions on how long your home can be vacant. Some insurers will not cover homes that are left unoccupied for more than 30 days, so it’s important to check with them before you leave.
Why Do Empty Houses Deteriorate?
Houses that are left vacant for extended periods of time tend to deteriorate more quickly than occupied homes. This is because there is no one around to take care of the property and make sure that it is in good repair.
In addition, houses that are unoccupied are more likely to be damaged by weather and animals.
What Are The Risks Of Leaving A House Vacant?
As you can see, there are a number of risks associated with leaving your house vacant for an extended period of time.
1. Your home could be damaged by weather or animals.
2. Your home could be broken into and vandalized.
3. It can be difficult to find someone to take care of your property while you’re gone.
4. Your insurance company may not cover your home if it’s vacant for more than 30 days.
5. Squatters could move into your home if it’s been vacant for too long.
What Does Vacant Home Insurance Cover?
Most standard homeowners insurance policies will not cover vacant homes. However, there are a few companies that offer vacant home insurance. This type of policy typically covers damage from weather, vandalism, and break-ins. It does not, however, cover damage from neglect or deterioration.
Vacant Home Insurance Cost
The cost of vacant home insurance depends on a number of factors, including the value of your home, the location of your property, and the length of time that you plan to leave your home unoccupied. In general, you can expect to pay around $500 per year for this type of coverage.
If you’re planning on leaving your house vacant for an extended period of time, there are a few things that you need to do to prepare.
- Notify your insurance company that you will be leaving your home unoccupied for an extended period of time.
- Make arrangements for someone to check on the property periodically.
- Turn off all utilities.
- Change the locks on doors and windows.
- Leave a contact number where you can be reached in case of an emergency.
- Make sure that your home is in good repair before you leave.
- Remove all perishable food from the house.
- Leave a note for the person checking on the property explaining what needs to be done while you’re gone.
- Contact your local police department to let them know that your home will be vacant.
Tax On Unoccupied Property
If you own a vacant property, you may be subject to a vacant property tax. This tax is designed to discourage people from leaving their homes unoccupied for extended periods of time. The amount of the tax varies from one municipality to another, but it is typically around 1% of the value of the property.
You may also be required to pay a higher rate of property tax if your home is considered to be a “nuisance property.” This designation is given to properties that are in poor repair or are often the site of criminal activity. If your home is designated as a nuisance property, you may be required to pay an additional 2% vacancy tax.
Can You Sell A Vacant House?
It is possible to sell a vacant house, but it can be more difficult than selling an occupied home.
Buyers may be concerned about the risks associated with a vacant property, and they may be unwilling to pay as much for a vacant home as they would for an occupied one.
Why Should You Sell to ASAP Cash Offer?
ASAP Cash Offer buy vacant houses for cash. We are not concerned about the condition of the property, and we are willing to pay cash for your home. This means that you won’t have to make any repairs or improvements before selling, and you can close on the sale of your home as soon as possible.
If you’re thinking about selling your vacant house, contact us at (805)427-8312 today for a free, no-obligation offer. We can close the sale process within 7-28 days.