- By definition, a vacant home is one that is without occupants. But this identification is always up for interpretation. In fact, depending on your insurance carrier, your home may be considered vacant if it contains no personal belongings or occupants. And in this case it may also fall under the title "abandoned."
- Homes may lay vacant for a variety of reasons. Summer homes are usually left vacant nine months out of the year, while winter homes may be used more often throughout the changing hunting and ski seasons. Still other homes are vacant in between rental agreements. In some cases, a homeowner who is faced with the possibility of losing his home will rent and occupy a second home, leaving the original vacant with the intentions of a "quick sale." But if the home goes unsold, the bank will then completely take possession, causing the house to sit vacant even longer.
- Earlier this year it was noted that 1 in every 171 homeowners has received a foreclosure notice, default notice or auction notice. These statistics show an increase of 121 percent compared to the previous year. There are also no signs at this time that things are getting any better. This downward spiral is causing the number of vacant homes to increase at a devastating rate. With the large number of vacant and available homes on the market, and the tightening of the credit market, it is becoming increasingly difficult for homeowners to sell these homes. And in some cases, homeowner's are carrying more than one mortgage, in hopes of selling their original home before it is foreclosed.
- If you are in the process of selling a home that you no longer live in, remember that it is important to continue its upkeep. Even though it may be lying empty, it must still be maintained. The grass and bushes still need to be trimmed; the inside will continue to need a quick cleaning and dusting, the utilities need to remain on to prevent the pipes from freezing and lights will be needed for evening showings. During the winter, the sidewalk and driveway will also need to be plowed. Excess snow and ice accumulation may make your home inaccessible for a showing, so to avoid this scenario, keep it shoveled and salted regularly, or hire someone who can.
- It is important to note that if you are the rightful owner of a home that is now vacant, it is important to contact your insurance company. In most cases, a homeowner's policy is written to cover a home that you are currently living in. If you are planning to vacate, or rent, but still maintain ownership, your original policy may not be valid. Insurance companies have a different type of policy that covers unoccupied residences. Therefore, if a pipe bursts or vandalism occurs and you have not made a policy change, you may be out of luck.
- With vacant homes on the rise, the dynamics of neighborhoods that were once deemed safe are changing. Because of the increase in squatters, vandals and thieves that are taking advantage of unoccupied homes, crime is on the upswing. And the longer that homes stand empty, the more negative an impact they impose on the neighborhood and on property values. For this reason advocate groups and government agencies are finding it increasingly important to help keep families in their homes that are faced with the risk of foreclosure. Communities are also asking homeowners that only use their property on a part time basis, to make an appearance every now and then and make it look lived in. If a house looks like it is kept up instead of cold and vacant, the better it is for the community as a whole.
