It is estimated that there are more than 16 million vacant properties in the United States, accounting for around one in every 10 homes. In Ohio, there are more than 500,000 vacant housing units out of a total of 5.2 million houses, putting the vacancy rate at 9.64%, similar to the national average. Some states, such as Vermont, Maine, and Alaska, have a vacancy rate of above 20%.
There are a number of risks associated with owning a vacant property, which we will highlight in this blog post. These risks include theft, vandalism, squatters, criminal behavior, water damage, dampness, and fire.
We will also share how you, as a vacant property owner, can avoid the associated hassle by selling your vacant property fast. In Ohio, your premier option for selling vacant property for cash is John Buys Homes Ohio. Let’s get started.
A vacant property can be a squatter’s dream. Having squatters living on your property can result in a mess, such as plumbing issues and food waste pile-up, which can be costly to clean/repair. It can also make the property almost impossible to sell on the open market.
Removing squatters from a property can also be a challenge, one that many property owners simply don’t have the time or the expertise to make happen. Selling your house for cash is still possible even if it has been illegally occupied by squatters.
Theft and Vandalism
If it is clear that a property is vacant, this fact also makes it a likely target for both theft and vandalism. In many cases, a vacant property will still be fully furnished, meaning that it is attractive to thieves. It never takes long for news to spread that a particular property is empty.
Not only are the obvious contents of the property liable to be stolen, such as furniture, but everything from copper pipping and radiators are at risk of being taken. This can affect the very structure of your house.
Vandalism, such as broken windows and graffiti, is also more likely to occur at a vacant property compared to one that is occupied. Damage to a property will result in costly repairs and make it even more difficult to sell on the open market.
One example of criminal behavior that may take place in a vacant property is drug manufacturing. Drug dens shelter drug dealers and users, as well as being places where drugs are grown or synthesized.
This, and other types of criminal behavior, can cause serious damage to property and require large-scale cleaning/repairs as well as intervention from police.
Water Damage and Damp
In vacant properties, water damage is most common in the wintertime, when pipes are liable to freeze and burst. With no one around to take care of the property or to spot potential issues, any water damage that occurs is likely to cause significant damage. By the time the leak or burst is detected, the cost of repairs may have skyrocketed.
With regards to damp, properties that are sealed up and lack proper ventilation often succumb to damp. Mold and mildew can set in and cause a number of issues, including affecting the health of anyone who moves into the property in the future.
At a vacant property, fires can start both by accident and by design. Arson, unfortunately, is a common issue with vacant properties that can cause enormous damage. Accidental fires may break out, for example, if a heating system has not been properly maintained.
How to Sell a Vacant Property Fast
When it comes to selling a vacant property quickly and without hassle, your best option is to sell it for cash. Even if a vacant property is in poor condition or requires repairs, it is possible to sell it without delay. Here at John Buys Homes Ohio, we buy all types of properties, including ugly ones!
We have an easy process when it comes to buying a property for cash. The first step is for you to contact our team and tell us a little about the property you would like to sell.
We will then determine a fair cash offer based on a number of factors. This includes comparable properties in the local area and their sale price. We are always transparent in our pricing model.
We’ll also inspect the property that you are selling and determine the cost of bringing the property up to a condition where it can be sold at a comparable price to others in the area.
We’ll then discuss an offer with you and, if you are happy to proceed, get started on the closing process. We’ll take care of all of the paperwork and aim to close within just five to 15 days. You will be able to choose your preferred closing date, giving you the flexibility you need.
Top Problems With Vacant Properties
As this article has highlighted, there are a number of issues that can arise when a property is vacant. Often, it’s not worth the hassle of owning it and the best solution is to simply sell it on. If you are looking for a quick and easy sale, then your best option is to sell for cash to John Buys Homes Ohio.
We operate in Central Ohio, particularly within Franklin County and surrounding counties. For a quick, convenient, and fair sale, contact our experienced and friendly team today to learn more. We look forward to speaking to you.