Options for owners of empty homes

There are many great options for owners of empty properties, whether you sell, rent, or renovate your empty home. Read on to explore the options available.

 

Selling an empty home

Immediate cash inflow

Selling the property provides a lump sum of cash, which can benefit other investments, debt repayment, or immediate financial needs.

Avoidance of ongoing expenses

You won't be responsible for ongoing maintenance costs, property taxes, and other expenses associated with home ownership.

Capital gain potential

Depending on market conditions, you may profit from any increase in property value over time.

Simplified finances

Selling the property simplifies your financial portfolio, eliminating the need to manage property-related expenses.

Selling an empty property can be challenging. It's difficult to know where to start. If you're putting your empty home on the market, you should get a valuation from at least two estate agents. Most estate agents offer a no-obligation market valuation service. Discuss the valuation, marketing options, and sellers' fees before deciding who to go ahead. 

Renting out an empty home

Renting out your empty home has several advantages:

Steady rental income 

Renting out the property generates a regular income stream through monthly rent payments.

Property value appreciation

While renting, you may benefit from any potential increase in property values over time.

Tax deductions

Certain expenses related to property management, such as maintenance costs and property taxes, may be tax deductible.

Asset retention

You retain property ownership, potentially benefiting from long-term appreciation while generating rental income.

Renovating an empty home

Increased property value

Renovations can enhance the property's value, making it more attractive to potential buyers or renters.

Personalisation

Renovating allows you to customise the property according to your preferences, potentially increasing its appeal in the market.

Competitive advantage 

A renovated property may stand out, attracting higher selling prices or rental income.

Potentially higher returns

Well-executed renovations can result in a higher return on investment, particularly if they align with market demands.

If you need cosmetic work, like redecorating and updating bathrooms and kitchens, an experienced estate agent can guide you through your options. For more significant projects, like rewiring and plumbing, structural issues, or damp, get advice from a qualified surveyor.

Always check whether you need planning or building permission when working on your property.

Financial assistance for renovating properties

There are personal loans and mortgage options available to help you with renovations. Contact lenders to discuss your needs and what options may be available to you.

If you face challenges financing improvements to an empty home, we would like to hear from you. Your feedback can help us develop new policies and initiatives, including making empty home loans available in the future. 

Considerations for all options

When considering the above options, please take into account the following: 

Market conditions

Assess the current real estate market conditions to determine the demand for buying or renting properties.

Financial goals

Consider your short-term and long-term financial goals and your risk tolerance.

Property location

Location plays a crucial role in the success of selling, renting, or renovating. Evaluate the desirability of the neighbourhood and local property market trends.

Maintenance and renovation costs

Consider the costs of maintaining the property or undertaking renovations and weigh them against potential returns.

Time commitment

Evaluate the time and effort you are willing to invest in managing the property or overseeing renovations.

Local regulations

Be aware of local laws and regulations that may impact selling, renting, or renovating a property. 

The optimal choice depends on your unique circumstances, financial goals, and preferences. Consult with real estate professionals or financial advisors to make an informed decision based on your situation.

Inheriting an empty home

If you have inherited an empty home and need advice, contact us.

Tax information for empty homes

If you own an empty property and are bringing it back into use, you need to be aware of the tax implications.

Income from renting out your property is taxable and must be declared on your annual tax return, alongside any allowable deductions. 

Further advice and guidance 

We can offer advice and guidance to help you bring your empty home back into use. To get in touch, contact us by email or phone at:

Email: 

empty.home@north-norfolk.gov.uk

Telephone: 

01263 516176

Mobile:

07887 408922