If you plan to be a snowbird or going for a long extended vacation during your retirement years. This article discuss some of the issues that could happen if you leaving a house vacant for a long time, including:
- Theft: If you are living in a single detached house with no security, it might become an easy target for buglers as they might realize that it’s vacant for a long time.
- Fraud: There have been many cases in Ontario where fraudsters pretended to be home owners and sold the house. They were able to host open houses and let other people see the property because the house was vacant for prolonged periods of time.
- Higher Insurance Premiums: Home insurance policies may have clauses that limit coverage or void the policy if a home is left vacant for an extended period. As a result, homeowners may need to pay higher premiums or purchase additional coverage to protect the property.
- Home Vacant Tax: In Ontario, there are multiple home vacant tax that might be applicable to you.
- Damage: A vacant home is at risk of damage from natural elements, such as water damage from leaks or floods, or mold growth from high humidity levels. Additionally, vacant homes may be more susceptible to vandalism or break-ins, which can cause damage or theft of personal property.
- Pest Infestations: A vacant home can become a haven for pests such as rodents, termites, and insects. Without regular maintenance and inspections, pest infestations can quickly get out of control, causing damage to the property and potentially leading to health hazards.
- Deterioration: Without regular upkeep and maintenance, a vacant home can deteriorate quickly. Over time, structures and materials can break down or decay, leading to structural damage or the need for costly repairs.
- Increased Risk of Squatters: A vacant home is more at risk of becoming a target for squatters or unauthorized occupants. These individuals may cause damage to the property or pose safety risks to the neighborhood.
To prevent these potential consequences, homeowners should consider taking steps to maintain their vacant property, such as hiring a property manager or caretaker, regularly inspecting the property, and securing the premises to prevent unauthorized entry.