An empty property can be extremely costly to a landlord. A recent study revealed that the average landlord loses £1650 in rental income every 36 months due to property voids. However you could lose more than just potential income, here are some additional costs that many landords face with property voids.
1/ Costly Mortgages
A landlords biggest monthly expense are most likely the mortgages, a huge impact on your finances if you don't have rental income.
2/ Staying connected?
Utilities that remain connected will need regular checks, such as the gas, electric and water. Check for any outstanding costs such as phone line rentals, this will need covering too.
3/ Keep the property clean for viewings
Dust and dead insects can immediately repel any potential tenants. Regular viewings and footfall result in dirty floors, so keep the property clean for any new potential tenants.
4/ Council tax laws have changed
Vacant properties are no longer exempt from council tax. Be aware that if a property is unoccupied for 2 years, council tax can be charged at a 150% rate until the property is occupied.
5/ Ensuring your insurance valid
Insurance policies typically state that if your property is unoccupied for more than 30 days, your insurance becomes invalid. Some insurance companies may also increase premiums if your property is vacant due to the higher risk of damages.