The Downsides of Leaving Your Rochester Home Vacant

The Downsides of Leaving Your Rochester Home Vacant

Maybe you’re traveling overseas for work, or you’re heading on your dream vacation around the globe for a few months. You may have a rental property between tenants, and your Rochester home is vacant. Perhaps you’ve relocated and placed your old property on the market.

No matter the reason, leaving your Rochester home unoccupied could prove to be a hazardous and costly mistake. Although your home will likely be fine for a two- or three-week vacation, long-term vacancies can be problematic. In this article, we’ll discuss the implications of locking up and leaving your home unattended for months. Here are the worst-case scenarios.

Your Lender Might Lock You Out

If you’re behind on your mortgage payments, the first thing lenders do is check if the owners have abandoned it. Banks hire field service companies to do the job for them. When a field service agent visits your property and finds it abandoned, they change the locks on the doors, effectively locking you out.

You can no longer enter your own home, and you have to go through the complicated and time-consuming negotiating process with the lender. Sometimes you will even have to go through the courts to regain ownership of your property.

You Have to Deal with Liens, Fines, and Credit Troubles 

Even if you no longer use the property, you still have to pay all the bills. They don’t stop when you vacate your home. These payments include property taxes, utility bills, newspaper bills, and possibly dozen other bills.

By allowing bills to remain unpaid, you open yourself up to many financial troubles. The utility company usually terminates the service. You’ll have to pay anything you owe and a steep penalty or reconnection fees if you want to resume these services in the future. Unpaid bills remain on your credit report and can hurt your credit score, making it difficult to take out loans or credit cards when you need them later.

You Lose Home Insurance Coverage

Most standard homeowners’ insurance policies do not offer coverage for homes left vacant for an extended period (usually 30 days or more). When you lose home insurance coverage, you can no longer claim for losses due to theft, vandalism, fire, or other damages while you’re away. If you attempt to make a claim, you might be denied the coverage, or you may even be charged with insurance fraud.

You Might Find Squatters Occupying Your Home

Vacant homes are the perfect spot for squatters. These uninvited guests can be a big problem, especially in neighborhoods where the neighbors do not know each other. Even if squatters don’t move in, vacant homes commonly have issues with thieves and vandals. You might return from your long vacation to find your home ransacked and your personal belongings gone.

The Bottom Line: Don’t Leave Your Home Vacant

If your home remains vacant for a short time, you can get the help of a friend or neighbor to check in on your property and collect your mail while you’re away. If you’re going to be away for longer and want to get rid of the property, it’s best to reach out to cash home buyers in Rochester, NY. These companies offer you a fair price for your home, making it easy to sell a house fast in Rochester, NY. You don’t have to jump through the hoops of a traditional sale. Sell your property quickly, and carry on with the next step adventure without worrying about a vacant property.

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