Risks With Vacant Properties.
Is your house going to be vacant if you sell it and relocate to another state?
You could get stuck with a vacant house without careful planning. Owning a vacant house – particularly if you moved to a different state – raises some very serious concerns. Empty houses are susceptible to a lot of bad outcomes.
What happens if there is an unanticipated problem at the house? Pipes burst, roofs leak, pests break in, electrical problems, weather events can damage windows or sheds in the backyard. You could have a friend, family member, or property manager check in periodically, but if a pipe breaks, water is going to be pouring in and that’s just going to keep going until someone stumbles by and notices something.
Unforeseen disasters at a house are part of life. If no one is around, they can spiral from a little to big problem.
Squatters can be an issue depending on your climate. If you take your eye off the property a few months, there’s a good chance you will end up needing to go through the eviction process.
Another risk is thefts at the house – particularly if you were not able to move all your belongs out when you relocated to another state. Vacant houses are easy targets. Although it’s obvious to take expensive personal items, people often take central AC, windows, and copper wiring. Vandalism is an additional concern. At a minimum, you should install a security system to notify you of any new problems.