If you own a vacant property in Pittsburgh, you could be setting yourself up for some serious monetary and legal issues down the road. Here are the top risks of owning a vacant property and how to avoid them!
When a property sits empty for too long, there is bound to be some maintenance oversight. If a burst pipe goes unnoticed, you could be dealing with extensive water damage and costly repairs. Uninhabited homes are also at risk for fires from arson and malfunctioning heating systems. According to the NFPA, structural fires in vacant properties result in an average of $710 million in direct property damage per year.
Vandalism and Trespassing
Vacant properties can also be a target for vandalism and trespassing. If you aren’t keeping a close eye on your property, it could be weeks or months before you notice a break-in, or even worse, a squatter situation.
A neglected property can be a liability nightmare waiting to happen. Without proper upkeep, hazards that could cause injury become more and more likely. Plus, neighbors may grow irritated with the property’s appearance and alert the local authorities.
So, how can you avoid these unwanted risks?
One solution is to find someone else to occupy the property. If you need help with the mortgage payments but are set on continuing your ownership, renting the property may make sense. However, if the property isn’t move-in ready, you’ll need to invest time and money into updates to attract renters.
Install a security system
Another option to avoid damage to your property is to install a security system. This would offer some added protection in case of a burglary or vandalism, but at an additional cost. Make sure you think about your long term goals for the property before investing in added security.
Sell the property
The most cost-effective solution is to sell the property so you no longer have to deal with the added costs of maintenance or the headaches that come with renting. If you do decide to sell, opt for the hassle-free option and consider selling the property as-is!
Bottom line? The longer you hold on to a vacant property, the more likely you are to encounter the issues mentioned above. Ready to discuss your selling options? Contact Three Suns Property Solutions today!