If you’ve inherited a home recently or have had to relocate to a new city for a job, there’s a chance you may consider leaving the house unoccupied. If you own a rental home, it’s impossible to ensure 100% rental occupancy. But there are some genuine dangers of letting a property sit vacantly. We’ve listed some for you.
Insurance Has Restrictions
There’s a difference between vacant and unoccupied properties. Vacant properties are empty, and there’s little or no furniture in there. Unoccupied homes still have belongings inside them, but no one is living there.
Insurance companies allow you to leave your home unoccupied for a certain period, usually 30 to 60 days or more. But you must contact the insurance provider to check for specific requirements. If you fail to notify your insurer, any potential claim on the property will be rejected, and the policy could be dropped. Also, insurance for vacant homes is expensive—almost twice the price. It also includes several restrictions.
Irrespective of whether you live in the house, you’ll still have to pay taxes, which could be thousands of dollars per year. You may also have to install a security system to keep the property safe and prevent theft.
There’s also the dilemma about keeping the utilities on in a vacant property. If you’re disconnecting them, selling the house can be difficult because home inspectors cannot check gas, electricity, heating, or appliances. But keeping the utilities turned on is expensive.
The Danger of Theft, Vandalism, and Squatters
You may have kept your valuables in a safe place, but there are plenty of things that could be stolen. Thieves could steal pipes, AC components, or appliances, and someone could break into damage to the house or draw graffiti.
There’s also the added threat of squatters taking over your home. If you don’t act quickly, it can be challenging to evict squatters. Sometimes you even need to seek legal counsel to take care of the problem.
A Better Solution
You can avoid all of these problems by selling them to cash home buyers. We buy houses in Calgary, irrespective of their condition and location. You don’t have to worry about repairs or cleaning. We work with homeowners who need to sell their house fast in Calgary, and we’ll buy the house in seven days and pay for the closing.