What to do with an empty property in Blackpool: Your options are explained

We spoke to Chris Hodgkinson, Managing Director of property buying specialist House Buyer Bureau.

Chris says: “Whether you’ve inherited an empty house or you’re a landlord with no tenants, an empty property is the last thing you want to have for any length of time.

“Empty properties cost money to maintain, and the longer they sit vacant, the more they deteriorate.

“Council tax, insurance, heating bills to prevent freezing, and general maintenance all add up. Plus, there’s the constant worry about damp, mould, and burst pipes.”

What are your options?

1. Selling up: A clean break: The most straightforward option is often a traditional sale. You put the property on the market, find a buyer, and hand over the keys.

The pros: -

· Cash in the bank as selling up will give you a much-needed cash boost.

· No ongoing responsibility. You eliminate the burdens of maintenance, insurance, and council tax.

· Potential profit: If the property has appreciated in value, you could make a profit, but make sure you do your homework around capital gains tax.

The cons: -

· It is time-consuming. Finding a buyer can take months, especially for properties that have been empty for a while. As Property Sale Watchdog** highlights .. . “empty properties can take longer to sell, as buyers may be concerned about potential issues that have arisen from the property being vacant”.

· Estate agent fees, legal costs, and repair costs can be significant.

· Empty properties often need work to bring them up to a sellable standard, and the longer a property is empty, the greater the risk of issues from damp, mould, water ingress, or even squatters!

2. Renting: A steady income stream?: Renting out your second home can provide a regular income, but it's not without its challenges.

The pros: -

· Renting it out can bring in regular income, but you must declare it to HMRC as part of your tax return.

· Tenants are likely to report issues, helping you stay on top of property maintenance.

The cons: -

· Dealing with difficult tenants, late payments, or property damage can be stressful and you have to handle repairs as well as your legal obligations to your tenants.

· There may be periods when the property is vacant, resulting in lost income.

3. Auctioning: A quick sale? Auctioning your property can lead to a fast sale, but it comes with risks.6

The pros: -

· Quick sale: Auctions can generate a sale within weeks.

· Competitive bidding: You might achieve a higher price than expected if there’s strong interest.

· Definite sale: Once the hammer falls, the sale is legally binding.

The cons: -

· Uncertain price: You have less control over the final sale price.

· Auction fees: Auction houses charge fees, which can be significant.

· Risk of not selling: If the reserve price is not met the property won’t sell and there will be a public record of this for any future buyer to see (which is likely to reduce the property’s value).

4. Selling to a property buying specialist: A stress-free solution. If you simply want to sell your empty property quickly and have the certainty that the sale will go through in weeks (not months) then you could explore a company like House Buyer Bureau.

The pros: -

· A fast sale: Complete your sale and get cash in the bank in weeks, not months.

· No fees: You won’t pay estate agent fees or legal costs.

· Any condition: They buy properties in any condition, so there is no need to clean the property, or pay for repairs.

· Certainty: You’re guaranteed a sale in a timescale that you choose.

The cons: -

· A lower price: You will get a lower price than selling on the open market, reflecting the speed and convenience on offer.

Chris Hodgkinson emphasises: “Selling to House Buyer Bureau is a simple and stress-free process.

“We understand the challenges homeowners face when trying to sell an empty property, and we provide a quick and efficient solution, turning that empty property into cash in weeks, not months.”

“Ultimately, the best option depends on your individual circumstances and priorities. Consider your financial needs, time constraints, and willingness to manage the property.”

“If you’re willing to invest time and effort, renting or a traditional sale could be more profitable.

“Take your time, weigh the pros and cons, and choose the path that aligns with your goals.

“Remember, your empty property has the potential to become a valuable asset, whether you choose to sell, rent, or explore other avenues.”

Find out more about selling your home through the House Buyer Bureau on the website here.

*Information sourced from www.actiononemptyhomes.org

** Information sourced from propertysalewatchdog.com