Being in charge of empty homes could be challenging. At times it costs thousands of pounds in repair bills; need a keep up with energy and utility bills, mortgage payments and much more. Occasionally, a property can remain empty for lengthy periods of time, owing to a number of reasons. Landlords may be struggling to find tenants, a property owner may have passed away or perhaps a property is in a bad state of repair and is too dangerous for anybody to reside in it unless major work is carried out to restore it. Whatever the reasons are, it is a good idea to try and bring it back to its original state particularly as there is such a housing shortage within the UK. So whether you look to invest in developing the property or aim to get a quick house sale, it is important to deal with your empty property as soon as possible to avoid further on-going costs.
Firstly, you will need to investigate the problems the property may have. Whether you are aware of existing problems or you have just inherited a property, a home survey is a good start which can help to identify any underlying issues that need resolving. This is a good idea whether you choose to live in the property yourself, rent it out or put your home on the market. If you are on a tight budget, there may be help you can get from government schemes as well as asking friends to help with general maintenance. If you own the property outright, it may be worth considering getting a re-mortgage to help pay for any major repairs, which in the long run may help to avoid making a loss due to the state of the property. Otherwise you could opt to get a secured loan, or enlist volunteers to help with heavier work. If you are unsure or need advice, you can contact your local council or speak with an independent property or financial advisor who can help advise you with regards to budgeting or any help that may be available to you. While your property is empty you may be entitled to a discount on your council tax, so it is also worth checking as this could be economical.
Once your property is in a good state of repair you can then opt to rent it out which can help to recover some of the cost of repairs through rental income or put your home on the market. You could also consider marketing the property yourself in order to get a fast house sale which could also help to avoid fees from estate agents. However if you feel you are unable to carry out any repairs at all, you can still opt to sell the property in the state it is in. You may obviously make less money but you can then invest that money into a savings scheme and begin earning interest on it rather than having your property stood empty for any length of time. Often, you could sell property quick within a matter of weeks.