Owning an empty property is a wasted asset. The biggest loss will be a monthly rental income, followed by maintenance costs. An empty property can deteriorate rapidly if it is not maintained and can become a target for vandalism or crime.
The financial cost per annum of keeping homes empty is borne by the property owner. These costs include:
| Rental Loss | £10,800 (2 bed at £900 pcm) |
| Dilapidation | £500 |
| Security | £280 |
| Insurance | £280 (where obtainable) |
| Council Tax | £1,200 (levied at 100%) |
| Total | £13,060 |
By owning an empty property and not utilising it, the owner can be losing over £13,000 every year.
Bringing an empty home back into use gives owners considerable advantages:
- capital sum realised, if the property is sold
- income from rent
- increased property value
- reduced outgoings. ie Council Tax, fuel costs, Water Rates etc
- an occupied property is more secure and less likely to be vandalised.