3 Risks of Having a Vacant Property & How to Reduce Them
We probably don’t have to tell you that it can take a while for a home to be sold. And if you move to another home and leave your property vacant, there are a lot of risks that can come with that. Especially since after 60 days of vacancy, important coverages are removed from your homeowner’s insurance policy. There also aren’t a lot of insurers willing to insure a vacant home.
So how do you mitigate those risks? Glad you asked.
Here are three large risks of having a vacant property and how to reduce them.
Unless you’re regularly inspecting your property for things like mold and damage, costly repairs can go unnoticed and worsen. 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. And, of course, regular maintenance can greatly decrease the likelihood of damage.
Trespassing and Vandalism
Speaking of 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 light timers, 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, install a security system and put up signage in a conspicuous spot.
Liability is a pretty sizable risk, 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, maintenance workers, firefighters, or trespassers. Fix broken steps or railing immediately. You also want to make sure that there are no combustible chemicals on the property.
Other Ways to Reduce Loss
We’ve mentioned a lot of risks, but the good news is there are even more ways to reduce loss. You can rent your property out on a month-to-month basis, have a live-in caretaker, or have someone come and check on your property regularly.
Another option is selling the property to a professional home buyer. They buy the property as-is and handle all the repairs. Plus, they can typically close as quick as seven days.
Want more information about how selling your home to a professional home buyer works? Click here or fill out the form below.