Vacant homes are not an eyesore, but a financial drain on the neighborhood. A recent study on vacant homes in Toledo found they cost the city $3.8 million in direct cost and $2.7 million in lost revenue. Here are a few other consequences of owning a vacant house
1. Homeowner’s Insurance Does Not Cover Vacant Homes
Standard homeowner’s insurance does not cover you for theft, vandalism, or damage if the property has been vacant for over 30 days. Vacant homes are at a greater risk of damage since there’s no one to watch it over. Your claim may be denied, or worse, you could be sued for insurance fraud for knowingly making such a claim.
However, you may speak to your insurance company, informing them you are leaving the property to avoid huge losses.
2. Pest Infestation Can Be a Huge Problem
Abandoned homes offer the perfect habitat for various disease-carrying pests like rats, rodents, and roaches. Mold and other toxins can also thrive in vacant homes. Standing water, weeds, litter, and other deteriorating conditions attract pests and pose a serious health problem to neighbors. For example, plants such as poison ivy and poison oak can grow unchecked and cause skin allergies to those who come in contact with it. Similarly, the pollen from weeds could trigger respiratory problems like asthma and hay fever.
3. They Bring Down Property Prices in the Neighborhood
The report about vacant homes in Toledo estimated that vacant homes cause $98.7 million in lost property value and $2.68 million in lost property taxes. These losses are from the perceived decline in value.
4. It Could Attract Squatters
Vacant properties attract squatters, and squatters may damage the house. Also, without utilities, they could improvise with what’s left to survive. For example, they could be using the fireplace for cooking and placing candles carelessly for lighting, making the home prone to fire. If they’ve been living in the house for a long time, evacuating them can also be a legal challenge.
5. They Could Cause Water Damage
A slight leak or pipe burst could lead to severe and expensive water damage. The problem is especially acute during the winter when pipes are freezing. In the summer, without dehumidifiers, there’s a real threat of mold growth. Small leaks are usually noticed when someone lives in the home. But without someone living in the house, a small problem can quickly be amplified.
What’s a Better Solution?
To avoid these problems, consider selling the house to cash home buyers in Dallas. We buy houses in and around for Dallas as-is and irrespective of its location.