Whilst it’s usual for vendors to make sure their homes look their best when they come to sell, not all properties are spick and span. Some are neglected, vacant or unmodernised, while others are described as derelict. Open Property Group looks at what constitutes a derelict property, what problems it can cause and what your options are if you have one to sell.
What does a derelict property look like?
In a street of tidy homes, a derelict property can stick out like a sore thumb. Common signs of a derelict property include:
- Wooden boards or metal screens over the doors and windows
- No one coming or going from the property
- Overgrown gardens
- Dumped rubbish
- Pests and vermin
- Broken windows and doors or holes in the roof
- Signs of vandalism and anti-social behaviour
What is a derelict property like on the inside?
As a derelict building has been abandoned or mistreated, the interior would be in serious disrepair, including things like:
- No central heating system, or the central heating system has been removed
- Missing floorboards
- Collapsed ceilings
- Missing staircases
- Water or fire damage
- No windows or doors
- Invasive plants growing inside the property
What are the disadvantages of owning a derelict property?
Owning a derelict property can cause big headaches. Firstly, there is the financial impact. Bills, mortgage payments and council tax demands will continue to drop through the letterbox. In fact, council tax can increase by an eye watering 50% or more if the property is left empty for more than two years - a deterrent to get the owner to sell up or inhabit the property.
Next, there’s diminishing value. When a property is neglected or not lived in for a period of time, rack and ruin can set in quickly. This can be made worse through vandalism or squatters, harming the property’s value, and creating a huge repair and maintenance bill.
Derelict properties lack appeal among buyers
Selling a derelict property is not the same as selling a ‘doer upper’ project. A truly derelict property won’t be popular with the majority of buyers as it will present a financial headache. It is unlikely purchasers would be able to get a mortgage on a derelict property as most lenders have a minimum requirement for a home to be considered habitable, such as having a usable kitchen and bathroom, running water and a watertight roof. If you’re selling a derelict property, a cash buyer will be your best – and possibly only - option.
Sell your derelict property direct to us
Open Property Group specialise in buying problem and derelict properties. We’re happy to provide a free cash offer regardless of the property’s state of repair, and we have a wealth of expertise in the diagnosis and valuation of derelict properties. Get in touch to find out more about our quick, hassle-free way to sell.
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