Why it Can Be Risky to Leave an Empty Home on the Market

July 12, 2022

One of the challenges of selling a home is figuring out whether you will stay in it during the sale or leave it empty. There are many advantages to leaving your home empty while it is on the market, but it also comes with many problems that need to be addressed. If you are thinking about having your home empty while you are selling it, it is important that you understand the risks involved.

Risk of Vandalism

One problem with having an empty home is that you face a higher risk of vandalism. Since no one is at your house to take care of it, it is easier for vandals to enter your property and cause trouble. You can address this issue by making sure that your home is always properly locked and that you check in on it regularly. Having regular movement in your home helps to discourage vandalism and make it look used. You can also check in with your neighbors to have some extra help in preventing vandalism.

You Lose Money

Selling a vacant home can cause you to lose money on the end purchase price in some cases. This is mostly a problem if your home is going to be vacant for a while. As long as you still own your home, you will still be responsible for any maintenance or expenses it incurs. An empty home still has ongoing costs you need to pay. So it is important that you take your time and decide whether you can afford the loss of paying for your current and new home at the same time while you wait for it to sell.

It’s Harder to Make Changes

Throughout the selling process, there are certain points where you may need to make changes to your home. If you aren’t living in the area, it will be much more difficult for you to initiate those changes and make sure your home is ready to sell. During the negotiation stage, especially after the inspection, there are many potential problems you might need to address. One option is always to pay for the repairs through a closing credit, rather than making the repairs yourself.

The home you are selling needs to be shown in the best possible light. You can do this if you aren’t living in the space, but there are some disadvantages you will have to deal with. In the end, you just need to decide what your priorities are and which option will serve you best.

Check out this article on how to make sure you’re not walking into a money pit!

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