You may just think of the vacant home as an eyesore, but did you know that it can cause already more problems then just not being nice to look at. In this article we will look at a few ways that vacant homes can hurt you and your neighborhood and some things you can do to counteract the problem.
You will receive a low appraisal value for your own home.
If you are thinking about selling your home, you may be surprised to find out how much lower the value of your home as become because of foreclosures in the area. When there are a small number of foreclosures in the area, an appraiser can measure the value of your home against the homes that are comparable and in good standing.
However, when the number of foreclosures and short sales in the area becomes meaningful, the price of these homes will affect the price of your character in a negative way. Worse, are foreclosed and vacant homes that will affect the value of the character from a price point of view in addition lower the desirability of the whole neighborhood. If a home buyer is interested in your character, he or she may also have trouble securing a federal housing loan if your neighborhood has several foreclosures in which the bank has consistently failed to pay homeowner’s association fees. You yourself may also have trouble refinancing a loan for this reason.
Uncared for homes become a playground for pests. When the yard is not trimmed or the structure of the home is not maintained, your new neighbors may be termites, mosquitoes, and spiders. Damaged wood can be a nice feeding ground for termites and standing pools of water becomes a breeding ground for all manners of flies and pests. This can spread throughout your own neighborhood costing a fortune in pest control measures.
Vacant Homes invite Crime.
Vacant homes are also a chief area for arson, vandals, and vagrants. If the crime rate goes up the homeowner’s insurance and any associated HOA fees may also increase when compared to a home with a lower crime rate.
Waste Of Tax Money
Attending to pests and crime takes money and this could be tax money from the community when it becomes a large enough concern. This method instead of money going to popular community endeavors such as its school systems, municipal parks, and safety efforts, it is going towards mitigating the trouble caused from damaged, vacant homes.
What you can do about it.
As we have shown in this article vacant homes can be much more then a simple eyesore to the neighborhood and can truly reduce the value of your home. There are luckily a few things that you can do in order to counteract these problems.
Make sure you let the authorities know that a house is being abandoned. Depending on the area, there may be laws requiring edges to continue homes, and it does not hurt to call the bank yourself notifying them of the home’s overgrown lawn or broken windows. If your town does not have such fines, consider suggesting this idea to officials. Start a VPN (vacant character registration) in your area, so that contact information of who owns the character is maintained. When you know a bank is not taking responsibility, consider publicizing your concerns with the local newspaper and edges may take care of it just to minimize the negative publicity. You may have to join your neighbors and take turns mowing the lawn or parking a car out front to keep the home from looking vacant to would be buyers. There are companies that buy houses, so consider calling your local real estate investor to see if there is an interest in the character being bought by another party.