Pinecrest Florida Real Estate and More...: Try To Have Your Home Sold Before You Have To Move

Sometimes you have no choice but to vacate your home before it sells, this is really not the best scenario; it can be very costly and risky to do so.  Of course you still have to pay your mortgage, property taxes, utilities, etc, but here are some things I want to share with you that you may not have thought of.  These can add up to some very serious expenses.

Once you move out of your house, someone needs to check on the house regularly and actually go inside and check for problems and also walk around the yard to make sure everything is fine.  There are several things you need to think about once your property is vacant; the first thing you need to worry about is vandalism.  When kids find out a property is vacant it just becomes an adventure for them; a great place to try to get into and cause mischief.  Even if you have an excellent security system; there’s always the pool and patio.  Just one easy jump over the fence and its party time!

Another thing to consider is storm preparation.  If we have severe weather coming our way, who is going to put up the storm panels, or close the accordion shutters, secure the property and come back after the storm to inspect the property and handle any damages and clean up?

In case of an emergency, let’s say your security system goes off or there is a water leak, how will that scenario be handled?  Who will answer those emergencies and be able to make decisions?

Naturally you still have to pay and handle the arrangements to make sure the lawn, garden and pool are regularly maintained; and make sure these are trustworthy people!  Also, remember to leave your air conditioner on, if not, you might be facing some very serious mold issues.

You should speak with your insurance agent because homeowners’ insurance policies typically require that the owner live in the house.  Homeowners' policies generally don't cover vacant houses because vacancy increases the possibility of damage and vandalism.  Once you move out, you need to tell your insurance company that your house is vacant; and this is a double edged sword.  When you tell them, your policy may be terminated or your premium will go up significantly.  Some insurance companies have policies for vacant homes, some don’t insure vacant homes.  If you don’t let the insurance company know the house is vacant, and should something happen to your property, such as appliances have been stolen, storm damage, broken windows, etc, it will probably not be covered by the insurance policy.  Your claim will be denied and you will have to pay for all the damages yourself.

Once you transfer your homestead exemption, and if your property stays on the market long enough, your tax bill will certainly be higher.  Since the property is no longer your primary residence, your real estate property cap will be removed; so get ready for a higher tax bill.

The bottom line is, try to sell your home before you have to leave.  You really don’t want to leave behind a vacant home; the probability for costly problems is just too high.  Get it sold and move forward with your life.