There are many reasons why you might own an empty property, ranging from a change in your own circumstances to inheriting a home. Whatever the reason, you’ll find that owning an empty property will be both costly and time consuming.
So what are your options when it comes to selling a vacant property, and what issues could you face finding a buyer for an empty house? In this guide, we’ll look at some of the problems of owning a vacant property and why it makes sense to sell it fast. We’ll also show you the benefits of using a cash homebuyer to sell an empty house.
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Why should you look to sell an empty house quickly?
We’re all brought up with the idea that owning property is the dream. So surely owning more than one property is double the dream, right? Wrong! Owning an empty property can be more like a nightmare, eating up all your spare time and a lot of your spare cash.
Owning a vacant property can cost you in a number of different ways, including:
- Problems with damp and damage – if your property is empty, then there will be no one to spot that slipped roof tile, and the rain that comes through the roof, before it causes major damage. Empty properties are also prone to mould and damp problems as you can’t leave windows open to allow for ventilation or air circulating in the building.
- Squatters and vandals – word will soon get out that your property is empty, attracting casual parties and hang outs as well as long-term squatters. These people often cause damage by setting fires and vandalising the property. Once squatters have moved in, they can be very difficult to get out, and this will cause big problems when you come to sell.
- Fly tipping – the gardens of an empty house can quickly become a dumping ground for anyone who can’t be bothered going to the local tip. This not only makes your property look unsightly, it also advertises its status as an empty home to squatters. Clearing this waste can be costly, and you could find it just gets replaced by more.
- General deterioration – even without major damage or squatters, the condition of an empty home will quickly deteriorate as forces like the weather and encroaching nature take their toll on your bricks and mortar, windows and roof tiles.
- Expensive insurance – for many of the reasons above, insuring an empty property is expensive, and many insurance companies may not even offer cover at all. With limited options, you will have no choice but to fork out for a costly premium.
- High council tax bills – many councils charge a premium on empty properties, with some charging as much as double the standard rates. With council tax bills already rising fast, you could be facing a bill of several hundred pounds every month, even if you’re not using the council services.
- Loss of property value – over time, an empty property will inevitably decline in value as it deteriorates, and the mould and mildew take hold. While a chain-free home is attractive, many potential buyers will be put off by the damp and dank feel of a property that has been empty for some time. This in turn will reduce your pool of potential buyers, further driving down the price.
How to sell an empty house quickly
As you can see, the sooner you get round to selling an empty property, the easier it will be and the more money you’re likely to get for your home. Here are a few suggestions about how to sell an empty home fast:
- Visit the property regularly – many of the costly problems discussed above can be dealt with by visiting the property regularly to check on its condition and make sure it’s secure. If you’re unable to do this yourself, consider employing a property management company to take care of it for you. That way it will always be ready for viewers.
- Revamp the exterior – first impressions count, even for an empty home, so make sure you keep the lawn mowed, the fences in good repair and painted, and all windows and doors looking their best. If your home looks rundown, buyers may not even bother viewing.
- Clean the interior – the same is true of the interior. Just because the property is uninhabited, doesn’t mean it should look uninhabitable. Keep it clean and tidy so viewers can see it at its best.
- Fix any obvious issues – minor problems can quickly deteriorate into major issues when a house is empty, so fix the small stuff straight away. This will show potential buyers that the property has been well maintained.
- Consider furnishing it – not all buyers have the imagination to see themselves in your home when it is empty, so consider furnishing your empty property to show its full potential.
- Air the property before viewings – even the best maintained properties will start to smell musty and damp if left unaired. Make sure you air the property thoroughly when you’re expecting viewers so that it feels fresh and welcoming when they arrive. Always make sure you arrive before they do, so they’re not left peering through windows at your vacant property.
- Be flexible with viewers – if you don’t live at the property, you won’t always be home for viewings. Nonetheless, you should still be as flexible as possible to accommodate as many viewers as want to see your home, whenever they want to see it. If they can’t make an appointment to see your home, they’ll soon find another property where they can.
- Invite a friend to move in – one of the best ways to look after a vacant property, and make it look homely for viewers, is to get a friend or family member to move in temporarily. This will bring life to the property and help viewers to picture themselves there.
- Consider selling at auction – to sell an empty house fast, you could consider auctioning it. Selling an empty property at auction will generally achieve around 90% of the market value and could take as little as two months. However, there is no certainty that it will sell and no guarantees of how much it will sell for.
- Consider selling to a cash buyer – selling an empty property to a cash buyer is by far the quickest and simplest solution. You will be able to sell your empty property fast, in around 14 days, and you’ll achieve around 80% of the market value, with a guaranteed sale. Given how quickly the costs of owning an empty property can mount up, and how swiftly the value can go down, selling an empty house to a cash buyer can make a lot of financial sense, as well as freeing you from the ongoing burden of responsibility.
Is the sales process going to be more difficult for a vacant property?
In some ways, it is easier to sell an empty property, as there will be no ongoing chain. Your buyers will be able to time their move to suit themselves and there is much less risk of the sale failing due to problems further along the chain.
Unfortunately, many people are put off by an empty property, even if it is well maintained and attractively presented. Vacant properties lack the energy and life that many buyers are looking for, and they struggle to see how a cold, vacant property works as a warm, welcoming home.
It may be counter-intuitive, but empty rooms with no furniture can actually appear smaller than the same room when it is full of furniture. This can make your vacant house seem too small for their needs.
All of this means that your empty home could sit on the market for a very long time. With every passing month, the costs will add up while deterioration, damp and damage will be constantly bringing the value down. That is why selling an empty property fast is crucial. Fortunately, the process of selling a vacant property to a cash buyer is as easy as selling any other home.
Are cash buyers the best solution in this scenario?
Yes. A cash buyer will buy any house in any condition, including empty properties. Cash buyers don’t care whether your home has recently become vacant, or if it has stood empty, growing mouldy and mossy for months.
Cash house buyers will make an offer on your vacant home within 48 hours, and if the figures work for you, you can sell your vacant home fast, in as little as 14 days. You’ll get a little less than you would by selling on the open market, but you’ll sell a whole lot sooner, saving a fortune on the costs of maintaining a vacant home.
Often properties are left vacant due to issues with damp or subsidence that make the home uninhabitable. Even in this scenario, a cash buyer can still help. With a cash buyer, you can sell a home in poor condition quickly, just like any other property. This can solve your property problems fast, with no stress or hassle, leaving you free to get on with life and enjoy your main residence.
Cash buyers are also an excellent choice if you have inherited a property that now stands empty. Selling an inherited home to a cash buyer means everyone can get their inheritance fast and begin to move on and rebuild their lives after the loss. Even if the property is not empty, you can still sell an inherited home to a cash buyer, and they will arrange the clearance for you, to save you the heartbreak of clearing it yourself.
Whatever the circumstances, selling an empty house quickly to a cash buyer will solve a whole host of problems, from the time-consuming stress of looking after the property, to the ever-present risk of vandals and squatters, fly tippers and window smashers.
In as little as two weeks your empty home could be sold, and you could be free of the burden with cash in the bank.
Use our Cash Offer Calculator below to see how much you could get selling an empty home to a cash buyer:
Expert Insight from Kelvin Elliott
We asked Kelvin Elliott, founder and buying director of myhomebuyers.co.uk why you should sell an empty home to a cash buyer.
“An empty home is nothing but a pain in the neck. It will constantly cost you money and it will take up so much of your time taking care of it. And if you let things slip, you can be sure the value will slip even faster.
“By selling a vacant home quickly to a cash buyer, you can dispose of the property fast, for cash, and say goodbye to all that responsibility. Cash buyers might not pay as much, but we do pay it a whole lot sooner. A quick cash sale for your vacant property will save you so much time and money and avoid your sale dragging on for months, or even years, as your property slowly deteriorates and depreciates in value.”
Can you sell a vacant property on the open market?
Yes you can, but it may take a while. Many buyers can’t picture themselves in an empty home. If it has been empty for a while, problems like damp and mould will put buyers off.
Is it easier to sell an empty house?
Yes and no. It is easier because there is no ongoing chain, but it can be harder to find a buyer who will take it on, especially if it has stood empty for a while.
Should I sell my vacant property?
Yes. Empty houses will only deteriorate and lose value over time. They will also rack up significant costs in maintenance, insurance and security, as well as council tax, which can be as much as double the standard rate.
Why is a fast sale important with an empty home?
The longer your home is empty, the greater the risk of problems, ranging from undetected water ingress to squatters. These will make it harder and harder to sell and chip away at the value. The longer you leave your sale, the more it will cost to look after your home and the less you will get when you do sell.
What does it cost to own a vacant property?
It costs more than usual to own a vacant property. Insurance costs will be much higher, and some councils charge as much as double their council tax rate on empty homes. You’ll also have additional costs such as maintenance and security to protect your home.
Conclusion
Action on Empty Homes estimates that there are nearly 700,000 empty homes in England, with over 265,000 of these classed as long term empty. Including holiday homes, this equates to one in twenty-five homes standing empty. Each of these is costing their owner money, when they could sell fast and have money in their bank instead.
Cash homebuyers are experts when it comes to selling an empty property quickly, and they can help turn your responsibilities and costs into freedom and financial security fast.
To see what you could get for a fast cash sale of your empty property, click below. Your cash offer estimate is free and there’s no obligation to accept the offer: