30 Jul How difficult is It to sell a vacant property?
Selling vacant properties is one of the hardest tasks to accomplish for anyone hoping to shift their home, but thankfully there are ways to help make it easier. In this blog, we’ll take a look at some of the key factors holding you back from selling your empty home, and how to work around them.
Understanding the market
There are more than 700,000 vacant properties in the UK. In many cases, they are uninhabited for clear reasons, which make reselling such homes and dwellings much more difficult. It’s important to first understand the key reasons why a property remains vacant for an extended period of time.
A major cause of long-term vacancy is the need for renovations, which can be either aesthetic in nature (ie. Surface level) or more complex and structural. For structural repairs, the cost of refurbishing could far surpass the potential resale value at market, which makes it an unappealing option. For surface repairs, likewise the costs associated with carrying them out, not to mention the investment of time, may not appeal to a seller.
- Inherited property
Another reason why lots of properties remain vacant is that they have been inherited, perhaps after a loved one has died. While these homes present a significant investment opportunity for the right buyer, the new owner may not have the time or interest in holding onto that investment for long. However, as with a property in need of repair, it takes a special kind of buyer to want to invest in homes which could easily require extensive aesthetic work in order to meet current expectations – particularly if they’ve been lived in for a long time prior to falling vacant.
What’s the solution?
Finding a cash buyer takes away much of the stress associated with selling a property. This approach is frequently much speedier than alternative forms of house selling, and it also provides the reassurance of a guaranteed purchase within a set time frame.
This will appeal to anyone who has gone through the lengthy, unsatisfying process of selling property via traditional routes. A cash sale can also remove lots of anxiety for people who are selling a dwelling once inhabited by a loved one – and likewise, appeals to customers who do not have the time to commit to repairs on properties which have been vacant for a long period of time.