Do You Own a Vacant House in Oshkosh, WI?
In this article I am going to go over the things to be aware of in a vacant house. Not only for when you own one, but for maintaining & selling as well. In each paragraph I will elaborate on what to expect if you are the owner of a vacant property.
#1 Owning a Vacant House
For whatever reason you have a property that is sitting vacant that you haven’t been to in months. The yard is probably overgrown, there is mail sitting on the front porch, the neighbors are calling & complaining about pests, the list can go on & on. The problem with owning a vacant house is there are still bills to pay. Even if the mortgage is paid off, you still have property taxes & utilities you are responsible for. It’s very common to let the bills fall behind & sooner then you realize you haven’t paid the taxes or utilities in 1-2 years.
#2 Maintaining a Vacant House
If you are still located in the same area as the vacant house this should not be as difficult. However, as time goes on your willingness to go over to the property every week to mow lawn or snow blow will go down. You will take on 2x the responsibility for a property that you may not even want. You might say, “well I can hire someone to do those things”. And the answer is Yes You Can. However, that is going to cost you more money out of pocket each month, along with the utilities, taxes, insurance, & other miscellaneous bills. Another thing about leaving a house vacant is the fact that it starts to deteriorate much quicker than if someone is living there. Pipes can burst, rodents can enter, & people will notice that no one is living there. This can lead to break ins or someones possibly getting injured on the property if they are messing around.
#3 Selling a Vacant House
Selling a vacant house can be fairly simple. It really just depends upon the current condition & what type of sale you are looking to do. If you are looking to get the most amount of money possibly & don’t have a specific timeline I would recommend listing it with a Realtor. Now if the property is in severe disrepair, you need to sell it quick, & it might not qualify for a mortgage I think a home buying company is your best option.
Now moving forward you have some decisions to make. What are your plans with your vacant house? Do you want to hold onto it & keep paying all the expenses? Do you want to sell it & capture the equity? Or do you want to remodel it yourself & make a quick dollar.
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