An Empty House Still Costs Money

An empty house may not have anyone living in it, but that doesn’t mean it isn’t costing you money.

I talk with homeowners who have properties sitting vacant for all kinds of reasons. Maybe they inherited the home. Maybe they already moved into another property. Maybe a family member moved into assisted living. Or perhaps they simply haven’t decided what to do with the house yet.

Whatever the reason, doing nothing is still a decision—and it can be an expensive one.

The Bills Don’t Stop When You Move Out

Even when nobody is living in the home, there may still be expenses such as:

• Property taxes

• Homeowners insurance

• HOA fees

• Electricity, water, and other utilities

• Landscaping

• Pool maintenance

• Pest control

• Repairs and general upkeep

Individually, some of these expenses may not seem significant. Add them together month after month, however, and a vacant property can become surprisingly expensive.

There’s Another Cost: Risk

A vacant home also needs attention.

Here in Arizona, an air-conditioning problem during the summer can quickly become serious. A plumbing leak that might have been discovered immediately in an occupied home could go unnoticed in a vacant property.

Storm damage, roof leaks, pests, landscaping problems, vandalism, and other issues can also become more expensive when nobody is regularly checking the property.

Insurance can be another consideration. If a home will remain vacant for an extended period, talk with your insurance professional about whether your existing coverage is appropriate for a vacant property.

Selling Isn’t Automatically the Answer

Just because a property is vacant doesn’t mean you should immediately put it on the market.

You may have several options.

You could keep the property. You might consider turning it into a rental. You may decide to make improvements before selling. Or selling now and putting the equity to work somewhere else may make more sense.

The important thing is to make the decision based on the numbers—not simply because you haven’t decided what to do yet.

Start With One Simple Question

What is this house costing me every month?

Add up the actual expenses of keeping the property. Then look at what the home may be worth, its condition, your available equity, and what you ultimately want to accomplish.

Once you know those numbers, you can make a much better decision about whether keeping the property still makes sense.

If you have a vacant property in the Tucson area and you're wondering what your options are, let's talk.

I can help you look at the property, discuss its potential market value, and consider your options—whether that means keeping it, preparing it for sale, or putting it on the market now.

There’s no obligation to sell.

Sometimes the first step is simply knowing what you have and what it’s costing you.

Wes Stolsek

OMNI Homes International

520-404-9773

www.wesleystolsek.com

Real Estate Consultant — Helping you make informed decisions about your property.