We speak to a lot of people that have vacant properties they are sitting on. Often they are hoping that over time the value will go up. So is this a wise decision. The answer is that it depends, but there are a lot of things to consider that can make the value of the structure on the land to go down in value. Our founder discusses this while looking at a vacant property in Baton Rouge. Watch the video or read the transcript below.
Hey guys, Aussie Steve here from Home Buyer Louisiana. We Buy Houses in any condition in Louisiana. I’m here at a property we’re looking to purchase in Baton Rouge. This property was referred to us by a friend of an out-of-town investor who’s looking to sell.
It’s our first time walking through it, and it’s in pretty rough shape. While we do buy properties in rough condition, this one is exceptionally rough. It’s one of those “as is” properties for sure. I’ll show you around. It’s actually been vacant for a couple of years, but you’ll notice signs that people have been staying in it.
This is one of the problems with leaving houses vacant. People tend to move in, even if they shouldn’t. In this case, there’s no water, no electricity, and the house has a severe termite infestation. It’s so bad that I can’t even step into certain areas of the house. The supporting beams are compromised, and there’s mold as well.
When you leave properties vacant, you’re often losing money. We believe in keeping and utilizing properties; we’re property people. If you can hold onto your property, we always encourage you to do so. However, if you’re just going to leave it vacant and do nothing with it, you’re better off selling it.
While land values may appreciate over time, the property itself depreciates, especially when it’s been vacant for years. The termites and other issues make the house worth less. Additionally, there’s a liability concern with people staying in such a condition. What if they get hurt or sue the owner?
We’re all for keeping properties, whether you fix them up, rent them out, or live in them. But if you’re going to leave them vacant, it’s better to sell the house as is. This property could be a rental or a home for someone. We might fix it up and sell it to a homeowner, or we could turn it into a rental. Leaving it vacant doesn’t help anyone.
If you have a house like this that you want to sell, reach out to us at homebuylouisiana.com. We’re happy to discuss your situation. We are cash house buyers, which is crucial because a bank won’t lend on a house in this condition. We make the decision to buy it with cash, invest in fixing it, and either sell it to another homeowner or turn it into a rental.
Thanks, guys, and have a great day. We appreciate your time. Thank you.
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