If you’re a landlord or property investor, there will inevitably be times when your investment property is vacant. Whether it’s for a short period of time while you have rental property for sale or a longer time frame while you’re working to restore the home, one thing is certain: a vacant property is at increased risk for damage. When your livelihood depends on the condition of your property, damage to it can spell trouble. In today’s blog, we’ll review some common concerns for vacant properties and what you can do if your property suffers damage.
At Cash 4 Kansas Homes, we buy houses for cash throughout Kansas and Missouri, including rental properties. If you have a troublesome, vacant home on your hands, contact us to learn more about our innovative buying process!
What Does “Vacant” Mean?
This might sound like a silly question since the answer seems to be obvious. However, many insurance companies rely on the usual and customary meaning of the word “vacant” to determine whether or not they can cover a claim for damages to a home that’s uninhabited. As a general rule of thumb, a property is considered vacant if it is uninhabited and without any type of furniture, fixtures, or personal property. Some homes under renovation may not be considered vacant by insurance, so it’s important to speak with your insurance agent to be sure you’re properly covered if something were to happen to your investment property.
Common Damage to Vacant Homes
If you’ve never had any sort of problems with a vacant home, you might wonder what sorts of things can happen to a home while it’s uninhabited. There are many problems that can arise, and we’ve listed a few of them below.
Theft
With the scrap value of copper on the rise in recent years, many industrious thieves have taken to stealing copper pipes and tubing out of homes. This material is easily accessed behind drywall and in appliances like air conditioning units and hot water heaters. It might seem far fetched, but thieves have been known to take large appliances out of vacant homes as well.
Vandalism
There’s nothing quite as alluring to vandals as an uninhabited property. The large, undecorated walls and floors in the home make perfect blank canvases for graffiti and other kinds of destruction. In addition to this type of damage, other vandals may choose to cause mayhem by breaking windows, mirrors, and doors.
Squatting
While very common in large, metropolitan areas, squatting tenants can also pose a threat to smaller towns. Unfortunately, when these people illegally occupy an uninhabited home, they often leave behind a lot of personal property and trash. If your vacant property has been frequented by squatters, the chances of theft and vandalism damage also increase.
Water and Mold Damage
When a home is vacant during cold weather, care must be taken to ensure that the water is turned off and that heat is maintained in the home. Failure to do so can cause frozen pipes that can burst and lead to water damage. Because the home is uninhabited, damage can be extensive and lead to mold if left unmitigated.
Rental Property for Sale in Kansas & Missouri
Do you have a vacant rental property for sale in Kansas City, Leavenworth, or Independence that has been damaged by theft, vandalism, squatters, water, or something else? If so, selling the property may be more cost effective than repairs. If you’re ready to sell, the property investors at Cash 4 Kansas Homes would love to speak with you. Many times we can make a fair cash offer within 48 hours and close in less than 30 days. It doesn’t get any faster than that!
Call us at 913-276-0769 today to get started!
