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There are a number of reasons why properties ca be stood empty for long periods of time. A property may have been left to someone who hasn’t been informed as yet, or there may be a debate ongoing over ownership of a probate property. The owner may live a long way from the property or not have the money to carry out essential repairs, and many owners may not know what to do with their property.
However, as the demand for housing continues to grow, it’s important that people try and utilise their properties the best they can, whether you choose to rent it out or get a quick sale. There are a number of options available to bring it back to use no matter what state of repair it is in.
You could begin by refurbishing the property. If your budget is very tight or you don’t think you can afford a contractor to help redevelop it then consider the skills you are your friends have that may be useful to bring the property up to a good standard. You could then consider either renting out the property to generate some income or sell your home quickly to release capital. You can get lots of information and advice on refurbishing your property both at places like citizens advice or online. The council may also be able to advise you on your rights and what your obligations for council tax may be on an empty property.
You could then choose to let your property providing it is in a good state of repair. You can opt to do this privately and manage the property yourself or go through a letting agent. Depending on the type of property you have you may choose to rent it out to students or families. You will also need to consider whether you would be willing to accept housing benefit and your intended market for rental.
If you feel you don’t have the money or time available to refurbish the property, rent it out or manage it yourself then you could look to sell your house fast where you could then be earning interest on your capital. You could sell the property in any condition, without needing to refurbish it first. Remember to get lots of advice and shop around, but you could potentially have your home sold within a matter of days or weeks.
If you are unsure as to what the best option would be then try and get advice on what the best option may be for you and your property. You could also talk to your local housing association who may consider using it for social housing needs. There are lots of options available. Whatever you choose to do though, you need to avoid leaving the property empty for any significant period of time, as you could be liable for things such as council tax which will increase your costs further and the council may be within their rights to take action.
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