Q: I’m curious. There are several abandoned homes in my area. They are/were beautiful, but year after year, they sit empty. Similarly, there are a number of empty storefronts in my area, all with s…
Q: I’m curious. There are several abandoned homes in my area. They are/were beautiful, but year after year, they sit empty. Similarly, there are a number of empty storefronts in my area, all with substantially high, competitive rates.
In some situations, these homes aren’t really abandoned. The owners have died and the next of kin were, perhaps, never even aware that their relatives owned the homes. In other cases, the owners may be non-residents or undocumented. They may have purchased the homes but have perhaps died, leaving no heirs, or have left the country. And, in some cases, the owners simply don’t want to sell these homes and believe that holding on to them may give them greater value in the future.
We have seen a house that looks abandoned — except for the occasional light that goes on. The house hasn’t had any work done to the exterior in more than 20 years. The paint is peeling. The brickwork needs tuckpointing. The roof looks like it should be replaced. We’ve never seen anyone exit the property. A car in the driveway hasn’t moved in years. It has a flat tire.
Sometimes, landlords have various properties available for rent in an area and are afraid that lowering the rent on one property will force them to lower the rent on all of their properties when it comes time to renew leases. Commercial properties are valued based, in great part, on the rent they generate. Lower rent levels can have a huge negative impact on the value of their properties. It can make it very difficult for the owner to refinance or sell.
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