As a rental property owner, you are probably no stranger to the occasional vacancy in your Long Beach rental. There can be short and long vacancies while finding new tenants, making it rent-ready, and turning over the rental. However, if it stays vacant for too long, it can become prone to multiple dangers, which may cost you a fortune.
Here are some of the most common dangers of leaving a property vacant in Long Beach.
The most definite danger of a vacant unit is loss of rental income. Prolonged vacancies can turn investments into liabilities because even in the absence of such income, you have to handle maintenance expenses, shell out turnover costs for advertising and renovation, and even take care of your mortgage payments single-handedly.
The Threat Of Illegal Activities
A vacant property is significantly prone to becoming a breeding ground for illegal activities.
Vandalism And Theft
If your rental is unoccupied, it is at a high risk of getting robbed. Thieves can easily steal any or all of the appliances, furniture, artifacts, or any valuable items from the unit. They may even intentionally damage your property.
An empty property is a squatter’s hub. If you are an out-of-state landlord, or you barely visit the property, anybody could move into the house and live there illegally. Besides, some states protect the squatters and can make it very difficult to remove squatters from your property.
Lack Of Maintenance And Early Deterioration
When you have tenants, they take care of the property as they live there. Plus, you can also keep a check on the unit by paying regular visits, conducting routine inspections, and ensuring that the home is habitable, pest-free, and clean.
Empty properties, though, are at great risk of deterioration. If anything like the roof, the doors, windows, or any appliances break, there would be no one to inform you and request urgent repairs. The lack of maintenance might also lead to mold, grout, overgrown shrubs, or pest infestation in and around the house, leading to heavy expenses.
The Risks Of Unused Appliances
A vacant property can also pose a threat to the home appliances that you have installed. They might get stolen or damaged beyond repair or even become inefficient due to lack of use and maintenance. As a result, some or all of the amount you had invested in the appliances could go in vain.
Fire And Water Damages
Anything like a broken heating system, lighters, or in worst cases, arson can cause a fire in your vacant property. Besides, there is also a high risk of water damage due to broken pipelines, leaky faucets, frozen water systems, or broken flushes. It can lead to excessive moisture retention, deteriorating the paint on the walls, causing molds or marine fungi, and pest infestation.
It is challenging to manage an occupied rental, but looking after a vacant property can be even more stressful. To keep your property safe even when it is vacant, we advise you to hire a property manager as they can protect your home from such dangers and can get it occupied sooner.
Partner with us at HCM Property Management. We have helped landlords enhance their rental business for over decades. We aim at keeping your properties occupied and help you gain optimized profits through your investment.
For more information, contact us at HCM Property Management.