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Risks of Having a Vacant Property and How to Reduce Them

Posted on: May 30th, 2017 by , No Comments

having a vacant property

If you’re worried about having a vacant property, keep it safe anytime of the year with these quick tips!

Having a vacant property doesn’t mean it has to be in distress to be a vacant property. We probably don’t have to tell you that it can take a while for a home to be sold. For example, if you move to another house and leave your property vacant, there are a lot of risks that can come with that while you wait for it to sell. Especially since after 60 days of vacancy, important coverage is removed from your homeowner’s insurance policy. There also aren’t a lot of insurers willing to insure a vacant house.

We’re glad you came across this blog post because we’ll cover the top risks you’ll face if you currently have a vacant property and what you can do about it!

Damage Is An Added Expense

This happen due to basic wear and tear while living in the house as you maintain it. Unless you’re regularly inspecting your property for things like mold and damage, costly repairs can go unnoticed and worsen. Everything from a hail storm causing a flood in the basement to anyone that may treat your house as a target for graffiti, check up on the home regularly. Be sure to check areas like the basement, attic, roof, and gutters. Installing smoke detectors that are tied to a centrally monitored fire alarm system is also highly recommended. According to HomeInsurance.org, “Damage caused by a fire in a vacant home will not be covered if the home was vacant at the time of the fire.”

A Free Place To Crash And Party

Nobody likes a moocher expecting a free lunch -or in this case a free place to crash. This ties in with damage, break-ins can result in things such as broken windows or even a burnt down house. To keep trespassers away, It’s important to make your property look like it’s occupied. Keep the landscape maintained, install a security system and have your mail forwarded or picked up regularly. Notify local authorities that your property is vacant so they can keep an eye out for criminal behavior. Also, it doesn’t hurt to have those automatic lights that go off when motion is detected, you know, the ones that the youth despise when sneaking out of the house.

You’re Still Responsible for having a vacant property

Liability and litigation are pretty sizable risks, so it’s crucial to ensure your property is devoid of things that could cause injury to anyone who visits the property such as the mailman, neighbors, firefighters or even the trespassers as mentioned previously. Fix broken steps or railing immediately. Treat your home as if children are at play, meaning no combustible chemicals or paint canisters should be left in the open for anyone to access. Keep track of how long your property is on the market and that it doesn’t go past 60 days and avoid potentially losing your homeowners insurance. Don’t forget this when having a vacant property.

How else can you avoid having a vacant property risks?

We’ve talked about a few things that may keep you up at night, always best to be aware and prepared! Let’s talk about some more solutions you can use to keep your vacant property safe. You can rent your property out on a monthly basis, you can have a property preservation company or caretaker help or even ask a friend or relative to keep an eye on it if you live further away.

Another thing you can do is call up a house buying company such as Adam Buys Houses! If you want more information about how we buy houses, give us a call direct at 303-997-2045 and we look forward to helping you soon!

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