Owning a vacant property can be beneficial if you are waiting for the perfect moment to sell, or the property needs to be empty so it can be refurbished.
However, there are some dangers attached that put many people off from leaving their home or business empty for a prolonged period of time.
In this article, we are going to examine some of the biggest and answer some common questions that many of our clients have about how to protect themselves.
Why is owning a vacant property a risk?
Criminals love the idea of vacant properties as they tend to be easier to get in and out of without arousing suspicion. For this reason, statistics show that vacant properties are far more likely to be the target of theft or vandalism than occupied ones.
Will my insurance go up?
Very possibly, lots of home and business property insurance policies can come with a built in clause that increases in the event that the property is left unattended for a prolonged period.
If you are unsure if this applies to you it is certainly something that is worth checking if you think you are likely to own such a property in the future or your property is already vacant.
The last thing that you need is for the devastation of criminal damage to be compounded by finding out that you aren’t covered by your insurance either.
Will a property being vacant affect its value?
Potentially. If someone has just moved out and you are looking to sell, the effect on the value of the property will probably be pretty limited. However, if the property is neglected and allowed to deteriorate, this will change pretty quickly.
Similarly, there could well be a knock on effect on the value of the surrounding properties, as the neighbourhood itself becomes less appealing.
What do I do about squatters?
One of the biggest concerns of any vacant property owner is the risk of squatters moving in. Squatter’s rights can be devastating for vacant property owners, leading to lengthy legal battles that can quickly escalate into the thousands of pounds in legal fees.
Fortunately, there are security companies such as https://select-solutions.co.uk/security/property/security-guards/ who offer a squatter removal service but this can only be used once you have the legal permission to remove the squatters in the first place.
The easiest thing to do is simply to make sure that squatters are unable to access your site in the first place and that they are identified in an instant if they do manage to do so.
What is the best way to prevent vacant property issues?
Prevention is always better than attempting to find a cure for vacant property security issues as by the time you discover a security breach it is often already too late to do anything about it.
Owning a vacant property brings a number of unique challenges and only by taking them seriously will you be able to tackle them effectively.