Whether you are holding on to your house with the intent of someday renting it, remodeling and moving in, flipping it or passing it down to your family, holding on to a vacant property in Northern Virginia can be risky.
While we understand that there can be sentimental value in a property or that you may be thinking about the future money it may be able to bring in, there are several risks you may not be aware of if your house is vacant:
1. Your Property Could Be Deteriorating
When a property goes vacant and no one is around to check in on it, the home regresses in looks and integrity. With no one moving in or out of the property and likely no air conditioning or heat moving through the home, the air becomes stagnant. A lack of proper circulation and ventilation can lead to issues with mold and dampness.
There will be a lack of proper temperature control overall. When a home has constant temperature fluctuations, wood floors, doors, and cabinetry can become warped or bubbled, and paint can begin to peel from the walls.
Additionally, with a lack of proper maintenance and a little TLC, your home’s structure can begin to crumble. The foundation can begin to weaken, leading to an unsafe environment. This can all make it harder to sell when the time comes.
You May Have Unknown Infestations
A common occurrence in dilapidated homes is an infestation of insects and critters. Much like maintenance work that goes unchecked, if no one is around to spot mouse droppings or ants, the animals can make themselves at home without any resistance. In some instances, such as cockroach issues, getting them out of your home can be expensive and time-consuming.
When you are living in a home, little issues can be caught quickly and addressed in a timely manner. However, when there isn’t anyone in the home, there isn’t anyone there to catch problems before they become significant issues. Your vacant lot may be crumbling, and you don’t even know it.
2. Your Property Can Become an Eyesore
You have certainly driven past a house that made you think, “Whoa, no one has lived in that for years; how ugly!”
Well, since no one is looking after the home, your property might elicit those thoughts. Your lawn has likely become overgrown, ivy or other invasive plants may be climbing up your walls (which also damages the integrity of your house), and the paint or siding may be chipping away. Even if you have a landscaper or groundskeeper looking after the lawn, the likelihood of cosmetic damage is high in a vacant lot.
Houses that lack a clear sign of life are also often the targets of vandals. Since no one is around to care for the property or catch vandals in the act, empty properties are an easy target for graffiti and other forms of intentional property damage.
3. Your Property Could Be Eating Your Money
Even if you aren’t making costly mortgage payments on your vacant property, it is likely still costing you money. The longer you go without maintaining your property, the more it will cost to repair and the less value it will have on the market. If your property has become less-than-ideal in the looks department and stays that way for a long time, it can bring down the property value of the whole area. When it comes time to sell, you may not be able to get as much out of it as you would like.
As much as the phrase “don’t judge a book by its cover” is used in everyday life, it isn’t entirely true, especially when buying a home. The longer your home goes vacant and its looks begin to fade, the more the value of the property tanks. When it comes time to sell, you won’t be able to get the same amount for the home as you could have if you had sold it sooner.
So, How Do I Protect Myself?
Unless you want to invest money into a local property manager and monthly maintenance, selling your vacant lot is the best option to mitigate these issues and save you money in the long run.
If you don’t want to worry about fixing up your already dilapidated home, you can sell your house to as-is home buyers in Northern Virginia. These buyers buy houses in almost any condition and often have the resources to put into restoring homes to their former glory.
Selling your vacant home sooner rather than later can lead to fewer issues, less stress, and more money in your pocket. You can avoid much of the risk of keeping a vacant home and enjoy more peace of mind when you decide to sell to a company that buys houses in Northern Virginia.