Approximately 1% of Surrey homes are standing empty. This situation generates a range of problems for the Surrey property market, but did you know it can create problems for the owners of these properties too?
In this blog, we look at the reasons behind properties standing empty, why it’s a problem and what you can do if you’re the legal owner of a vacant property.
Why are properties vacant?
Properties become vacant for a variety of reasons. Sometimes they have been bought as an investment and are being renovated. Sometimes the original owner has died without leaving a will and the case is going through probate, meaning that no one can take ownership until all the paperwork is sorted out. And sometimes the owner just can’t bring themselves to take action, either because of personal issues, sentimental attachment, lack of funds for renovation or something else entirely.
Why are vacant properties a problem?
Vacant properties are a problem because they take property away from someone who needs a home. The property market is under great pressure at the moment, with not enough houses to go around. As estate agents, we always feel frustrated when we see a house standing empty.
Uninhabited houses can also become unsafe. Without people living in them, opening the windows, turning on the heating and repairing things that break, vacant properties can become vulnerable to damp and structural damage. They might also attract vandals or squatters who could cause further damage. This means that if you can’t face renovating the house now, it might not be worth renovating in future.
Vacant homes are also bad news for the rest of the street. No one wants to live next door to a vacant home. If the vacant property develops structural problems, it can affect its neighbours too. And if you’re selling your property, a vacant property nearby might put buyers off.
Lastly, vacant properties can be a problem for the owner. In addition to the stress associated with having a vacant property on your hands, after two years many councils (including Guildford Borough Council) charge an empty homes premium on top of regular council tax. This can increase your monthly outgoings considerably.
What should you do if you have a vacant property?
1. Acknowledge why the property is empty
The first step is to recognise the reason the property is empty. If there’s a practical reason, like probate or refurbishment, and you are supporting the process, you can feel confident that everything is moving in the right direction.
However, if the property is empty for a negative reason and you can’t face tackling it, it’s time to get help. If there’s a financial reason why you’re stuck, start by talking to your bank. If it’s a family dispute, consider mediation. And if poor health is holding you back, talk to your GP – they’ll point you in the right direction. Surrey also has a community helpline which can help you find the right support to get back on track.
Once you’re ready to make your vacant property habitable again, there are a number of things you can do.
2. Clear the property out
Assuming you’re going to sell the property, the first step is to clear it out. If you were attached to the person who used to live there, keep one or two special items that were important to them. If there’s anything obviously valuable, sell it and let a house clearance firm take the rest.
However, resist the urge to research every item to see if it’s worth something – remember, getting the house sold or rented is your priority.
3. Carry out repairs
The next step is to work out whether the property needs repairs and whether it’s worth doing them. For example, if you inherited the property and it didn’t cost you anything, you may decide to sell it as it is. However, if it lacks modern essentials like central heating or double glazing, you may need to make these improvements or accept a lower price.
Similarly, if it has sustained major damage while standing empty, you will need to repair it or you may struggle to find a buyer.
It’s generally not worth installing a new kitchen or bathroom before selling, as the new owners may choose to replace it anyway.
4. Tidy it up so it’s ready to sell
Once any major work is completed, paint the walls in neutral colours and give the property a thorough clean. Make sure the garden is tidy as well.
You might be surprised how quickly the renovation moves along once you’ve made the decision to act.
Sell property in Guildford
If you have property to sell in Guildford, Cobbles are here to help. Whether you’ve just prepared the property for sale or you’ve been living in it for years, we’ll use our local knowledge and experience to help sell your property quickly and for the right price.
Get in touch today to find out more.
