With COVID-19, more young adults are moving back home, and adults of all ages are downsizing as they are no longer able to afford the same monthly rent they could previously. With limited relief coming, landlords increasingly have to worry about what to do about their vacant rental properties.
The Problem With Vacant Rental Properties
The most obvious problem with a vacant rental property is the financial aspect, but this is not the only concern. Unless you find a solution like cash home buyers, you will have to deal with several concerns as a landlord.
The most apparent issue with a vacant rental is that you are not making any money from it. Regardless of your financial situation, this will require you to reorganize your budget. It may require some sacrifices to make ends meet.
Property Costing More Than It Makes
To make the loss of income even worse, empty properties will cost more to maintain than they make. The only exceptions are multi-unit buildings where only some units are empty. After all, just because there is no one living on the property, that does not mean you can miss your mortgage payments, skip paying property taxes, or stop taking care of regular maintenance. Of these, regular maintenance is the most avoidable, but doing so will typically cost more in the long run due to the need for repairs.
Vandalism and Theft
You may think that if your property is empty, there is nothing for thieves to steal. However, they may steal movable appliances or just take copper from the wiring in the property. Others may cause damage by breaking in to find something to steal, only to leave empty handed. At the very least, this will result in expensive repairs in the near future.
Squatters can also be a problem, especially if they decide not to leave. Depending on your local laws, you may not be able to kick them out without a legal hassle. During that time, your property is costing you even more money, and you cannot even try to rent it out.
Even if no one goes into the property to intentionally damage it, issues can occur. After all, water heaters burst, and pipes freeze. When there are tenants, you find out about these problems immediately, minimizing damage and costs. Without tenants, the problem can get worse.
How to Fix the Problem: Sell Your House Fast for Cash
The best solution for many landlords dealing with vacant properties due to COVID-19 is to sell your home for cash. If you sell the house, you no longer have to worry about trying to find a renter, maintaining an empty house, paying the mortgage or property taxes, or squatters. All of that will be the responsibility of the Vegas cash buyers who buy from you.
You would get similar benefits by selling your property to anyone, but that is not as easy as it sounds. You will be hard-pressed to find cash home buyers who want to purchase a property during a pandemic. This could lead the house to stay on the market for months, if not longer, continuing to cost you money.
If you choose to sell your house fast for cash in Las Vegas, this is not a concern, as the buyers will purchase it quickly. As a bonus, when you sell your house fast, you get cash in your pocket right away and no longer have to worry about mortgage payments or property taxes. You could even save as much cash as possible and use it to buy a new rental property after the pandemic.
Want a no-obligation cash offer? Call our team today! (702) 718-0555