Owning an empty property
Be under no illusions – an empty property is an asset at increasing risk.
Owners of empty properties could be losing money, when they have an asset which should be making money.
An empty home can have the following problems:
- Increased insurance premiums or companies refusing cover.
- Ongoing Council Tax payments.
- Risk of squatters&legal fees to remove them.
- No Rent
- Dilapidation whilst empty.
- Increased risk of vandalism.
- Increased risk of fire
- Boarding up costs.
- Unnoticed leaks and damp penetration.
- Ongoing security costs.
- Ongoing neighbour complaints.
- The value of empty properties depreciates rapidly, and there is a huge demand for housing.
Does it really make sense losing an average of over £7,000 each year keeping your property empty – with nothing but hastle in return?
Letting out a flat or house can provide a significant income stream.
The introduction of Empty Dwelling Management Orders (EDMOs) puts owners at risk of losing control of the property. We are able to offer advice and support to owners of empty properties.