Every day your Connecticut house stays empty it costs you money. The faster you can rent or sell your house, the faster you can cut your losses. A vacant home needs maintenance, protection and comes with inherent risks..
Reasons a Connecticut house becomes vacant
- The owner has died and property is in probate
- Difficulty finding tenants for your house
- Water or fire damage has made your house uninhabitable
- You need to move because of a job transfer and cannot sell your house
Cost of owning a Connecticut vacant house
There are many costs to owning a vacant house. Some are obvious, such as maintenance costs and property taxes. Others are more subtle but can be even more distressing, specifically the constant worry and stress about vandalism, theft, and arson.
Below is a list of some of the biggest costs you can expect to pay:
MORTGAGE AND PROPERTY TAXES – You will have to pay these bills regardless of whether you occupy your house, rent it out or keep it vacant.
MAINTENANCE – You will incur basic maintenance costs such as landscape and utilities.
VACANT PROPERTY REGISTRATION ORDINANCES (VPRO) – Many local municipalities require homeowners to register their property within 60 days of the date it becomes vacant. A VPRO requires the homeowner to follow general property maintenance standards and pay an annual registration fee. A typical VPRO fee can range from $250 to $5000 depending on the municipality and the length of time the house is vacant. (Source: www.hcdnnj.org)
Increased insurance costs – You’ll find that insuring your vacant house is considerably more expensive than insuring an occupied home, since there is no one living in and regularly looking after the property. The insurance cost for a vacant house is between 1.5 and three times as much as standard insurance for occupied properties. (Source: www.insurance.com)
Increased risk of property deterioration – When a home is vacant and unattended water leaks, plumbing failures or storm damage can lead to structural issues. In addition, the drastic rise and fall of humidity levels due to the lack of heating and cooling in a vacant house can cause mold to grow throughout your house.
Loss of rent or use of capital – A vacant house deprives you of rental income and the opportunity cost of cashing out the money locked in your house and investing elsewhere.
Lack of peace of mind – Even if you’re diligent about securing your vacant house and giving it that lived-in look, you will constantly have to worry it will fall prey to vandals, thieves and arsons.
Protecting a Connecticut vacant house
Let the police know that your home will be vacant. Many local law enforcement agencies will try to keep an eye on your property by scheduling more drive-bys in your neighborhood.
Check on your home regularly. If that’s not possible, ask a neighbor to check on your home for you and to tell you if he notices anything suspicious.
Secure all the exterior doors and windows. Activate the home’s security alarm and use exterior motion sensor lights.
Alarm System Consider installing an alarm system. It will give your property added protection and as a side benefit may help your home qualify for a discount on insurance costs.
Stop the mail. Mail or newspapers on your front steps or near your mailbox is a clear sign that your house is vacant, don’t tempt vandals and thieves from damaging your home.
Landscape the exterior of the home so that your house blends in with other homes on your street. Keep your property clean, mow your lawn and prune your shrubs and trees to avoid the attention of vandals.
Weigh your options?
Rent your house
This is a great way to keep your property and generate income. However, renting your house has its issues.
REPAIRS AND UPDATE – To rent your house you will have to get it into a move-in condition. If your house has been vacant for a long time, you may need to spend a considerable amount of money.
PROBLEM TENANTS – You could get stuck with problem tenants. They could not pay their rent and disrupt their neighbors. The worst tenants will destroy your house and leave without paying their rent, setting you back thousands of dollars in repairs and lost income.
Sell with a real estate agent
It is difficult to sell your house with a real estate agent. Most traditional buyers look for homes that are in good condition, so you must make all the repairs and updates to your home before you put it on the market.
Furthermore, an agent can only promise to try to sell your house. There are no guarantees when and if your home will sell.
Contact a company that buys houses
If you need to sell your Connecticut area home fast or don’t want to deal with the headaches of making repairs, then selling your house to a real estate investor is a great option. You won’t have to deal with all the hassles of selling your home through an agent, nor the frustration of trying to find a buyer.
Call CT Cash Homes and sell your vacant Connecticut house fast
We are cash home buyers. You will get a top-dollar cash offer for your vacant house “as is”. You don’t need to worry about a thing. We’ll take care of cleaning and repairing your home and even pay for your closing costs. There are no fees or commissions for our service. We will not charge you a penny, guaranteed.
Sell your Connecticut area house to us in just one day and close in as fast as 7 days. This way you’ll eliminate the need to hire an agent, pay a hefty commission and put up with the uncertainty of finding a buyer.
We’ll guide you through the entire sales process, to make the sale of your home as smooth and worry-free as possible. And since we’re cash buyers, we eliminate the need for bank appraisals, lengthy home inspections and mortgage loan approvals.
Call CT Cash Homes now at 860-249-0950 to get a top-dollar offer. Count on us to understand your needs, help you get out of a difficult circumstance or problem property and provide you with exceptional service.
More Tips And Resources To Help You With Your Vacant Connecticut House