Perhaps a vacant, old, haunted house was depicted in a movie or television show you watched. Do you recall how the show portrayed it? The old and decrepit empty house was full of creaky doors, broken windows, cobwebs, dust, and other things. Do you own an empty property in the Sioux Falls, SD area? Maybe it is not as bad as the haunted houses we described, but perhaps it is or will soon be vacant. These can be inherited properties, unrentable rentals, or a property you left behind when circumstances allowed you to relocate somewhere better. We’ll talk about the dangers of letting a house deteriorate to the point where it becomes an unrecoverable asset in this piece.
Potential Issues Resulting From Vacant Homes
There are a variety of probable issues that are common in homes that are left unattended for longer than a few months. Although it may seem that there won’t be many problems if a house is empty, that is simply not the case. If you own a vacant home, be on the lookout for these issues.
1. The Worst Case Scenario is That Spooky Old House Down the Street
Did you know that in the US, one in every 65 residential properties is unoccupied? These potentially “haunted-looking dwellings” are commonly neglected and abandoned, which leads to a number of problems. In Sioux Falls, the vacancy issue has been worse recently. Earlier this year, KeloLand News reported that over 13% of houses were vacant in Sioux Falls and in a five state region, there were over 600,000 empty homes.
This is a typical situation when there is too much damage to economically address the problems, but the homeowner does not want to lose the home. This is also typical if the homeowner wants to update maximize the value of the house but is holding off until they “get to it.” The house continues to decline in appearance and structural integrity.
As we all know, It’s simple to get caught up in life and put off thinking about maintaining or fixing the home, but you shouldn’t! Even though it can seem like something that can wait, delaying it will cost you more money eventually. It’s like leaving your retirement funds on the sidewalk for anyone to take if you don’t use your vacant property as a valued asset.
2. Vandalism
An unoccupied house is like California in the 1800s to potential thieves: it might be a jackpot. Potential burglars may be discouraged if your house doesn’t look empty. However, it will only be a matter of time before your house is broken into once it is known that it has been abandoned.
Frequently, copper wire or other priceless house fixtures like the HVAC or kitchen appliances will be the target. Even though the loss of these things is expensive in and of itself, thieves often smash down doors and take out fixtures to get the valuable things. This worsens the matter because the house will need to be entirely torn down and undergo significant structural repairs.
Even if nothing is taken, unruly people may break into your house and enjoy destroying it. To them vandalism is amusement. And destruction of property is somehow a cool thing to do.
3. What Was Vacant May Become Occupied Without Your Knowledge
Although according to KeloLand News, “Newly elected City Councilor Rich Merkouris and Councilor Curt Soehl proposed a homelessness task force to study the situation and suggest actions that the city can take to curb the rising homelessness situation.” Julie Becker of the St. Francis House which helps the homeless in Sioux Falls, said, “As our city continues our homeless population will grow if we don’t create the systems to be able to provide those supports.”
As the homeless problem continues, it is possible that squatters may live in your abandoned home for however long they like if left unchecked. Your house can sustain significant damage as a result. They’re not going to take good care of the property, which could lead to deterioration.
Squatters are challenging to expel from your home once they have moved in. They might be allowed to stay if they refuse to go. Yet worse? They might have a legal claim to the property if they’ve lived there for a long time. You can read about how to deal with squatters in South Dakota here.
4. A Vacant House in Sioux Falls Can Sustain Expensive Damage Quickly
For a home to remain “livable,” upkeep and care are necessary. If this essential necessity is not upheld, serious harm will progressively worsen.
This includes:
Water:
Water can be a significant source of costly harm. Water can enter your home and cause structural and interior damage from everything from a broken pipe or water heater to a damaged roof or gutter.
Fire:
Fires and other catastrophic issues can result from poorly maintained heating systems. With abandoned properties, the threat of arson is even more of a problem. Fires might also be started by potential squatters.
Animals and Insects:
One of the most frequent issues with these properties is animals invading and causing havoc in unoccupied homes. An eager animal, a broken window, or even an open door may inflict a ton of harm. Insects can pose a problem as well. In Sioux Falls, termites are a significant issue that necessitates routine treatment, particularly in older wood-frame homes.
When the home is vacant and not being inspected regularly any of these issues and more can cause expensive damage. Some of these such as water or fire can happen literally in a matter of minutes.
5. Liability Issues In a Vacant Home in Sioux Falls, SD
You are still liable for what happens on your property even if you don’t live there or actively manage it.
You can be liable for any damages if someone gets hurt on your property. Likewise, you will be held accountable if a poorly kept house on your land ignites a fire or an explosion that results in injuries or property damage to others.
6. Property Taxes and Fines
Even when no one is residing in your home, you are still required to pay taxes. The same costs that you would have for any other property you own will still apply. Other expenses for vacant homes can include fines and HOA fees.
How To Make Quick Money On A Vacant House In Sioux Falls, SD
In addition to the various problems mentioned above, an empty house represents a waste of an excellent investment and income stream. You might think that your empty house has no value and can’t be sold, but in actuality, you can have the chance to sell it quickly for cash. Selling your house to a reputable real estate investor could provide you with cash flow and a return on your investment even though you may not be able to afford the repairs needed to make it habitable or rentable.
We at Rocket Homebuyers in Sioux Falls, SD can assist you in turning your empty house into fast cash. Homes in need of significant repair, significant cleaning, and more are of interest to us. If you have an empty house in the Sioux Falls region that you are interested in selling for cash, you can discover more about how we operate by going here.
There aren’t any charges, closing expenses, or commissions. In most cases, we can make you an offer on your property in less than 24 hours, and if it’s accepted, we can close in just over a week. Call us right away to speak with a helpful specialist. To find out more about our track record for professionalism and fairness, click on this link to read some of our reviews. We forward speaking with you soon. Call us at right now at (877) 514-7355 or fill out the form here and we will call you.