What Could Happen if you Leave Your Property Vacant?
Managing your property can be a time-consuming job, particularly when a tenant moves out and you do not have another tenant lined up to occupy your now vacant property. In such cases, your property could be in danger of fire, theft, vandalism, water damage, and trespassers who may render your property uninhabitable. You might also end up with a hefty bill to cover any damages that might have occurred between the time your previous tenant vacated your property, and the time it takes for you to do a walk-through inspection and find another tenant. This is where a property management company can help to reduce the burden associated with the challenges that can accompany the owning of rental property.
Theft and Vandalism
Houses and the surrounding property can be quite luring when they appear to be vacant. Laura Agadoni over at Landlordology points out that even if there are no furnishing within your property, vacant homes still have high dollar items, such as copper wiring and appliances, which, when stolen, can lead to costly repairs. If you suspect that your vacant property is at risk of theft and vandalism, such as graffiti, hiring a property management team and/or installing motion detectors and a home security system can help to deter would be ne’er-do-wells from causing costly damage to your property.
Trespassers
If your property is vacant during the cooler months of winter, it can be the target of squatters and trespassers who do not have the best interest of your property. Individuals seeking shelter in your vacant home can be a problem, not only regarding how your property is treated, but it may be difficult to remove them once you have become aware of their actions. In some states, squatters rights can equate to a tenancy at sufferance if the squatter is a previous tenant, in which case legal actions might have to be taken. See more about that here. Ways to reduce the likelihood of squatters or trespassers include the mounting of security cameras to catch any potential vandals from coming onto your property, as well as hiring a property management team that can help you to ensure that your investment remains safe through keeping your property occupied by approved tenants.
Water Damage
Whether from the chilly temperatures or from the normal process of wear that occurs with aging plumbing, water damage can lead to costly repairs. During the cold months of a Colorado winter, the water in the pipes can expand, resulting in burst pipes. According to BreAnn Stephenson at Affinity Loss Prevention Services, you can prevent water damage from occurring in your vacant property through securing the water supply at the street, opening the water faucets located at the lowest part of your property to drain any excess water, and insulating the pipes located on your exterior walls. One source of potential water damage that many may not think about is your water heater, which can cause water damage if it leaks or bursts while your property is vacant. Drain and secure the power to your water heater while your house remains vacant in order to prevent water damage, as well as damaging the heating element on your water heater if it is left on while the tank is empty.
Conclusion
If you have a rental property, it is inevitable that it will be vacant at some point in between tenancy. As such, it can leave your investment open to damage caused by both nature and man. Water damage can lead to costly repairs, while theft and vandalism can decrease the value of your property, thus the ability for you to rent it out to a responsible individual. Due to the dangers posed by leaving your property vacant, hiring a property management team can help to reduce the costs associated with repairing damages, as well as protecting your investment and putting your mind at ease.
References
Agadoni, L. (2015, December 28). How to get rid of squatters. Retrieved from http://www.landlordology.com/how-to-get-rid-of-squatters/
Agadoni, L. (2018, January 31). Risks of leaving a property vacant. Retrieved from http://www.landlordology.com/risks-of-leaving-a-property-vacant/
Stephenson, B. (2017, December 3). Protect your vacant property from water damage this winter. Retrieved from http://affinitylps.com/protect-your-vacant-property-from-water-damage-this-winter/
