Lack of rent aside, there are other factors that landlords need to consider when they are faced with an empty property/rooms.
Squatters might seem unlikely but empty houses are a perfect temptation for them, even if there isn’t anything of value in the property; they may just want to take up residence. It’s important that you check your property regularly and, if you don’t live nearby, make sure you arrange for a trusted party to keep an eye on it for you.
Increased Insurance Premium
If your property is empty (especially for over 30 days), it is an increased insurance risk and you could incur an additional premium. Your cover may be restricted.
Damage caused by severe weather is one of the largest drivers of claims to insurance companies. Bear this in mind when autumn and winter are approaching. Platinum Property Partners have a great system that prompts you to check out things such as clogged drainpipes or dislodged tiles that could increase the risk of damage when extreme weather approaches.
An empty property can often attract vandalism like broken windows or graffiti. Try to make your property looked ‘lived in’ – or at least pop by to pick up post, let a trusted neighbour park in the drive, turn on lights or open windows, etc. on a regular basis.
Did you know that the tax-free period while a property is empty has been changed by many local authorities? You may get a small discount for a period of time, or possibly no discount at all! This is worth checking out so you know where you stand.