Owning a vacant property comes with risks. Today we will discuss the challenges and offer solutions for owning vacant property.
We at PGH Property Buyer aren’t the only people who perceive a property that sits vacant as a negative. Did you know that homeowner insurance for property is automatically quoted higher if it is not occupied?
Vacant properties around Pittsburgh are easy targets for squatters and vandalism because many homes are very old and contain valuable copper pipes. Copper pipes are at the top of the list for what intruders desire to take.
Risks:
-higher insurance
-higher probability of break ins, vandalism, squatters, stolen pipes
-no cash flow
-harder to maintain landscaping
-higher probability of wildlife pests accessing and destroying the interior
-greater likelihood of mold accumulation and pipes freezing and breaking
-greater likelihood of trespassers and accidents happening on the premises
Solutions:
-Make friends with the neighbors, and ask them to watch over your home. Exchange contact info and be supportive with each other.
-Hire a property management company.
-Install a camera and security system.
-Hire a landscaping company to maintain the grounds regularly.
-Rent, move in, or sell the property.
-Arrange a seller finance or rent-to-own scenario in which the occupant is responsible for the entire property upon executing the agreement.