An empty home costs its owner thousands of pounds in maintenance, utilities charges, lost rent and council tax. We can offer advice on how to prevent this.
You may need to refurbish or repair the property before you can sell it or rent it out. Get the work done as soon as possible so you can start to recover the costs.
There is a reduced VAT rate for the cost of renovating a property that has been empty for two years or more. You can pay just five per cent instead of 20 per cent. See the HMRC website for more information.
If you cannot afford the work, or it is difficult to organise (for example, because you live a long way away), think about selling to a builder or developer at a lower price.
You can sell through an estate agent, at an auction, or by advertising the property yourself. Get your property valued by a professional property survey or or estate agent. Set an asking price, but decide how flexible you will be as potential buyers may try to negotiate the price.
Rent it out
If your home is ready to move into you can rent it out. You could do that yourself or use an agency. Renting through an agency can take out some of the hassle and responsibility, although you have to pay for the service. Or you might be able to get a housing association to take it on.
What if you leave it empty?
You must keep your property and land around it in a good condition. Make it look occupied to deter criminals and anti-social behaviour.
Please see related documents below for further information.