Managing the Risks of Owning a Vacant House Part 1
If a loved one has passed away or transitioned to a different living space and you’re left holding the keys to a home that you don’t live in, you may be feeling a bit overwhelmed with your new responsibility. It’s not easy sifting through a loved one’s possessions and figuring out what to do with them. These things take time and our cash house buyers in Tampa, FL understand how complicated it can be to handle legal matters where family legacy is concerned.
We do know, however, that the longer a home is left unoccupied, the more your risk grows. An unoccupied home can leave you with headaches you never thought imaginable. Managing these risks is critical. This is why we recommend selling the home to reputable cash house buyers in Tampa, FL. We’ll tell you why. Learn more in part two of our article.
Potential Risks of Owning a Vacant Home
Vacant homes are a magnet for problems. To make matters worse, in Florida, homeowners insurance covers occupied homes. Once the home is unoccupied for more than 30 days the coverage drops dramatically. Consult your insurance policy for what is reduced or excluded once a home is vacant. You will be financially responsible for damaged that’s not covered which could include anything from theft, vandalism, arson, water damage, and squatters. Can you deal with a total stranger taking up residence in your home? It’s difficult to get rid of them once they’ve “squatted” in your home for some time. What if someone steals that copper piping you installed years ago? Imagine a leak left undealt with for weeks.
We know that everything isn’t a quick fix, so here are few tips to help you manage your vacant home until you’re able to part ways with it for good:
Monitor the Home Regularly
Your home should be monitored on a weekly basis either by family, friends, or a property management company. Your neighbors can also help deter criminal activity or squatters, so get to know them.
Maintain Your Property
Criminals and squatters find ways to outsmart the system. They do their own research to find vacant homes. The more abandoned your home appears, the more susceptible it will be to criminal activity. Keep up normal home maintenance such as mowing the lawn and picking up mail regularly or stopping mail altogether. Also, be sure that you are not violating any codes.