Empty property often takes longer to sell and sells for a lower price than similar neighbouring, occupied property.
There are several possible reasons for this including seller choice – running an empty property can be expensive and time consuming.
Ongoing costs (after any redecoration etc) to ensure the property is presented in the best condition can include mortgage repayments, council tax, empty property insurance, utility bills (connection charges), window cleaning, garden maintenance, travel etc.
If a property does not sell quickly, sellers sometimes find it makes more economic sense to lower the price to secure a faster sale to limit the time they are liable for the ongoing costs.
Cash flow and equity are other reasons a sellers may want to accept a lower price to secure a faster sale – while they may be asset rich, running two households can quickly make people become cash poor and in debt.
Selling an empty property fast to release equity to pay off a mortgage on their residential property can save thousands in mortgage interest charges.
Selling Empty Property Fast
Generally, the same principles that apply to selling an occupied house apply to selling an empty house – it should be decluttered, depersonalised, clean and well maintained (overgrown gardens are both off putting to would be buyers and can be a sign to criminal that a property is empty or occupied by a vulnerable or elderly adult).
If it is impractical or inconvenient to travel to conduct viewings themselves, sellers may be limited to the way they sell the property as some online options may not provide accompanied viewings.
While it may be tempting to clear empty property of all belongings, there is a risk that doing so will make the property harder to sell because it will lose all ‘homely’ atmosphere.
It is worth noting that most property builders and property developers choose to sell their properties with some furnishings as a guide to the value of leaving some furnishings.
Inherited Property
Inherited property is often dated by the nature of it’s previous owners’ age and/or health. Selling an inherited house can be an emotional and difficult time as well as a more complicated legal process as a result of shared ownership if there are multiple beneficiaries and added taxes – e.g. inheritance and capital gains tax.
Some buyers are put off buying a house where a person has previously died. There is no legal obligation to declare that a house has been inherited while selling. There is of course a moral obligation to reply truthfully if asked about your reasons for selling however many people prefer not to ask insensitive questions if they suspect a house has been inherited.
The result is people who suspect a property has been inherited may prefer to look elsewhere rather than ask the seller to confirm that noone has died in the house.
Sellers are required by law to declare if someone has been murdered or committed suicide in a property though not if someone has died of natural causes.
If noone has been murdered or committed suicide in the property, the options to avoid sellers walking away from inherited property is to volunteer the information that noone has died in the house if that is true and/or to redecorate to remove reminders of the previous owner in a ‘fresh start’ blank canvas type style.
Although a lot of people wait until probate has been settled before they sell inherited property, it is possible to apply for Grant of Probate while the estate is being settled to speed up the process of selling inherited property.
There are also companies that specialise in applying for Grant of Probate, preparing inherited property for sale and managing the conveyancing process to spare sellers of added anxiety and stress during an already emotionally distressing time – please see our sponsor’s page.