Despite reports that the housing market is on the mend, a spike in interest rates, an unsteady economy and other factors are still preventing many people from making the commitment to a decades-long mortgage. With more and more people choosing to keep renting instead of buying a house, properties are being left vacant for long periods of time. Why are people choosing to abstain from buying, and what can property owners do to protect their properties while they’re empty?
Real Estate Hot Spots
When certain parts of town and specific neighborhoods become trendy or “the place to be,” people might choose to rent instead of buy. Renting may cost people more initially, but similarly, in those popular neighborhoods, housing prices go up when the area becomes desirable. The burst of popularity can be due to new retail or entertainment developments or gentrification, but when real estate prices are high, people are more reticent to purchase homes. Locking into a lengthy mortgage can be nerve-racking if an area is on the rise—will other housing costs, like property tax, price them out after a few years? Will the area change again, leaving buyers upside down on their mortgages? These are things that people consider when deciding against buying.
Securing Empty Buildings
Of course, when people decide not to buy, that means more buildings get left vacant for longer. For property owners and banks, this can be problematic as it leaves the buildings at risk for vandalism and damage from break-ins. In order to protect homes and other properties from crime, using a door guard system and window guards is a good solution. These products effectively close off entry points so that people can’t get inside. Aside from that, owners should maintain the property so that it appears not to be vacant. Overgrown lawns, broken windows, and other signs of negligence may make an empty building a target for criminal activity.
To learn more about security options like a door guard system and window guards, contact DAWGS.
