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The Risks of Owning a Vacant Property

Vacant properties can be likened to that box of forgotten chocolates stashed away in your closet. It might seem like a good idea at the time, but neglecting it for too long could result in a sticky situation. Now, you wouldn’t want that, would you?

Statistics on Vacant Properties

Maryland has its fair share of vacant properties. Numbers speak volumes – in 2020, 1.6% of properties in the state were vacant, placing Maryland in the top five states with the highest vacancies according to real estate analytics. But what does this really mean?

Well, for starters, a high number of vacant properties often signals a deteriorating neighborhood, which can pull down property values like a hungry black hole. Additionally, it often leads to increases in crime rate and community instability, making it even harder to turn the situation around. It’s a classic case of cause and effect, adding a layer of complexity to the real estate dynamics in the state.

Risks of Owning a Vacant Property

Owning a vacant property is not exactly a walk in the park. While it seems simple—just lock it up and leave it— reality likes to roll the dice. It’s time we dive right into those risks that can make your property owning experience anything but smooth sailing.

Theft and Vandalism

Leaving your property vacant is like putting up a sign for miscreants that says, “Hey, feel free to waltz right in!” In fact, the National Insurance Crime Bureau found that vacant properties were more likely to be targeted for theft or vandalism. These missteps can lead to serious damages, impacting both your property’s value and your peace of mind. It’s not only the burglars you need to be concerned about—it’s often the pesky neighborhood kids who think it’s cool to spray-paint your beautiful brick wall.

Trespassing and Squatters

Empty homes also run the risk of attracting unwanted squatters. Don’t brush this off as an easy-fix issue—it’s the modern-day Goldilocks Syndrome, and it doesn’t always have a fairytale ending. In Maryland, trespassers can claim adverse possession if they’ve illegally occupied your property for a certain period. So inadvertently, you might find yourself engaged in an intense property battle, courtesy of a stubborn squatter.

Water Damage

Picture this. You decide to check on your vacant property after months, only to open the door and find a personal indoor pool you never installed. Water damage is a common nightmare for unoccupied property owners. A small drip can escalate into a flooding catastrophe in the blink of an eye. Unattended leakages and unexpected storms often result in large-scale water damage, causing mold growth and structural issues.

Fire Damage

This one’s a doozy. With nobody around, minor electrical glitches can escalate into full-blown fires. According to the National Fire Protection Association, vacant residential building fires accounted for nearly 30% of all residential building fires. Not only does this potentially ravage your property, but it also poses a great threat to surrounding habitats.

Code Violations

Every city has its own set of property standards, enforced through municipal codes. Marilyn from the local homeowner’s association might just be keeping a close eye on your unkempt lawn. Consistent neglect of these responsibilities can lead to code violation fines, gradually building an unwanted mountain of monetary penalties.

Issues With Insuring a Vacant Property

Insuring an unoccupied property can be as tricky as eating spaghetti with a spoon. Many insurance companies are wary of the above risks and may refuse to cover vacant properties. Even if they offer insurance, the chances are that the premiums would be much higher than an occupied one. At this rate, your dwindling checking account might just prefer the theft!

no trespassing sign - squatters rights in Maryland

Sell Your Vacant Property in Maryland For Cash!

Sometimes it’s better to flash the peace sign and move on from a burdensome property. That’s where we at Yes I Pay Cash come in. We offer a hassle-free, no-nonsense process to buy your vacant property in Maryland.

Why us, you might ask? Well, for starters, we offer competitive cash deals—no checks that take an eternity to clear. Secondly, we buy the property as-is. Be it fire damage, water leakage, or a tagging spree on your exterior wall; you don’t have to spend a dime on repairs. Lastly, we provide a fast-moving process, because we understand time is money and you’ve got plenty on your plate. No need for unnecessary waiting. Let’s get you that sweet cash!

Yes I Pay Cash - local house buyer - sell my house quick

The Risks of Owning a Vacant Property In MD - Related Questions

Why is a high number of vacant properties problematic?

A high number of vacant properties often signals deteriorating community stability and rise in crime rates. Also, it can pull down the overall property values.

What legal risks can vacant properties pose?

Vacant properties can attract unwanted squatters who, if residing illegally for a certain period, can claim adverse possession in Maryland, turning into a complex legal situation.

How can water damage affect my vacant property?

Unattended leakages or storms can cause extensive water damage leading to mold growth and structural issues, which are often expensive to repair.

Why is it challenging to insure a vacant property?

Insurance companies often consider vacant properties as high risk due to the increased chances of theft, vandalism, and unnoticed damages. Hence, they typically charge higher premiums or might refuse coverage.

What advantage does selling my vacant property to 'Yes I Pay Cash' offer?

We offer competitive cash deals, buy the property in its current condition without requiring any repairs, and provide a swift transaction process.

ugly house - yes i pay cash

Bottom Line: Owning a Vacant House in Maryland

Owning a vacant property in Maryland comes with a fair share of risks and challenges. From potential damages to hurdles in getting proper insurance, it’s a ride filled with possible bumps and hitches. But, by understanding these risks and exploring smart options like selling to a reputable house buying company such as Yes I Pay Cash, you can steer clear from the potential pitfalls.

If you need to sell your house that is vacant in Maryland, contact Yes I Pay Cash today. We buy houses all throughout Maryland. You can reach us at (443) 200-4882 to get a fair cash offer or fill out the form below.

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Tariq Thomas

Tariq Thomas, has been a full-time real estate investor since 2002 and has personally flipped hundreds of properties. He is the founder and owner of Yes I Pay Cash - We Buy Houses. Tariq's goal is to help home sellers find the best solution for their real estate needs, whether that's selling their home quickly, getting top dollar, or avoiding the hassle of a traditional home sale.

Additional Resources For Maryland Home Sellers and Home Buyers