The Vacant Property Problem
Abandoned and vacant properties are not just eyesores, they pose a real threat to public safety. When not properly secured, a vacant property, especially in a distressed area, will attract criminal activity. Drug and theft calls to the police are more than double in communities with abandoned buildings.
Another threat to public safety results from fires in vacant buildings. Arson and accidental fires in vacant structures cause numerous deaths and injuries and cost millions of dollars in property damage annually. Fires in vacant properties unnecessarily put the public and firefighters at risk.
Homeowners also pay the price
The true costs to communities with vacant properties affect homeowners who take on the financial burden associated with abandoned buildings and crimes that take place. Studies reveal that property values are decreased in neighborhoods with vacant properties. In addition to plunging property values, homes in close proximity to abandoned properties often times have higher insurance premiums. Higher premiums are assessed due to the risks associated with abandoned properties.
Steel Door and Window Guards Stop Break-ins
A vacancy not properly secured only exasperates these problems. The issue raised by a lack of security is what should be done with abandoned buildings to reduce or eliminate these problems. In distressed neighborhoods, the only sure way to stop break-ins and reduce crime is with DAWGS steel door and window guards. DAWGS recently surveyed Property Investors, Rehabbers and Real Estate Professionals who have used steel door and windows guards to secure their vacant properties. These property stakeholders agreed that steel is the most effective material when it comes to safeguarding a vacant property in distressed neighborhoods.
With the help of DAWGS steel door and window guards offering a security solution for abandoned houses, investors may feel more confident about turning liabilities into assets when it comes to a vacant property. The repurposing of abandoned buildings presents opportunities not only for financial growth for investors, but it also presents an opportunity to reduce levels of crime associated with vacant properties.
Tips for Investing in Vacant and Abandoned Properties – vacant and abandoned properties turning liabilities into assets
When it comes to buying vacant and abandoned properties, the first thing to note is that a vacant property has the potential to encounter a few more problems than usual. Since the property is sitting vacant, there may be damage from bugs, mice, or vandalism. While these issues could create a small speed bump for your investment deal, they should instead be thought of as factors that would increase the likelihood of a sale from the owner’s point of view.
Similarly, vacant properties, like any, demand upkeep. They may fall victim to a number of issues simply by sitting untouched over a given period of time. Depending on the amount of time a property has been vacant, sellers may not even realize how much upkeep should be going into the home. For those wondering how to buy a vacant property, consider the seller’s motivation: they may be ready to part ways with the home because of their current holding costs.
Find out what you need to know to successfully invest in and profit from repurposing vacant properties.