If you’ve invested in Jacksonville real estate, you’ve probably done so because you know it can be profitable. The trap that some investors fall into, however, is holding on to vacant properties for too long. The consequences of letting a Jacksonville house or building sit empty for too long are many. In this article, we’ll go over some of the big ones.
Squatters May Move In
If a house or building is vacant for an extended amount of time, it may become inviting to people looking for a place to live rent-free. Jacksonville squatters are people who move into vacant spaces permanently, without your knowledge or consent.
Getting rid of squatters isn’t as easy as telling someone to leave. Some squatters are arrested or evicted, but others aren’t. Making squatters move out can be a complicated process for homeowners. Avoid this issue by keeping your property occupied!
Jacksonville Property Values Can Decrease
If you let your property sit empty for too long, and especially if the property isn’t well maintained, its value can depreciate quite a bit. When it comes time to sell the property, its value may have decreased by thousands of dollars.
The longer the property sits with no one in it to pay you rent, the more money you’ll lose in passive income. Additionally, you’ll be missing out on money that could be put toward repairs and upgrades.
Structural Problems May Develop
Over time and with lack of proper maintenance, a host of problems can develop in a vacant property, like mold, water damage, pest infestations, and more. These issues can cause serious structural damage, requiring expensive professional consultations, replacement materials, and repair work. It may even be permanent damage that ultimately condemns the property.
You Won’t Be Paid Rent
As we’ve mentioned, regular rent payments are a form of passive income and they can also fund repairs and upgrades to the property. The longer you keep your Jacksonville property unoccupied, the more rent payments you miss out on. Once you decide to fix up the house or building, the cost of materials and labor will be coming out of your wallet.
If you’ve been holding on to a vacant property, we suggest you take immediate steps to rent it or sell it for profit.
Sell it to a Jacksonville Home Buyer
We’ve covered four problems that you’ll face if you keep your Jacksonville property vacant for too long: dealing with squatters, losing property value, addressing structural damage, and missing out on rent. Additional issues that may come up include insurance difficulties, pressure from neighbors and the local council, and even vandalism to your property.
If you don’t want to deal with any of the various problems that come with keeping a vacant property, consider selling it to a reliable Jacksonville investor like LocklearOffers. We’ll purchase your home as-is, and we make all-cash offers. Avoid the stress repairs, hidden fees, and other complications.
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