Advice for empty home owners
Owning an empty property is an expensive responsibility and can become a source of unnecessary anxiety and stress. There is a greatly increased risk of vandalism and crime with empty properties, and they can be difficult to insure, which could result in high repair costs or even mean a complete loss of asset.
For an average 2/3 bed terraced empty property in England it is estimated that the total cost per year is in the region of at least £8,000 - £10,000. This includes rental loss, maintenance, insurance and council tax, for which there is currently a 50% premium applicable if a property has been empty for over two years.
The value of an empty property also depreciates rapidly. By renting out or selling empty property not only are the main issues resolved, but there is the added advantage of gaining regular rental income or the capital from the sale of the property.
There are lots of places you can go to for help and advice on the options for what to do with an empty property. Most high street estate agencies will be able to advise on the sale and rental values of a property, and what measures could be taken to increase those before marketing a property. Homes from Empty Homes also offers useful advice and information to empty property owners or people thinking of buying an empty property.
If you own an empty property in Shropshire and want to explore your options in returning it to use please contact us. We can provide information to help you, and we also currently offer empty property incentive grants to assist with works necessary to bring properties up to the current housing standard. We are also contacted regularly by individuals looking to purchase empty properties in the county, to renovate.
So don’t put it off! There are lots of options for empty properties and places you can go to ask for help and advice.