Although there is no universal definition for the two terms – vacant and abandoned, the real estate experts agree on one point – all these properties should be rebuilt. If you find a lot of abandoned space and vacant properties around you, take some proactive steps to allow for a transformation. Here are some reasons why you cannot avoid this responsibility:
Get a Financial Perspective of the Damage Caused by Vacant Properties, First
If you go by statistics of the financial damage caused by vacant properties, the figures will look somewhat intimidating. In the US, the average selling price of a home that has consistently been occupiedis $235K. The cost of the same house when abandoned and distressed drops down to less than 45 percent of its original value. Also, when up for sale, the average loss for these homes vary between 20 and 25 percent. Further studies have shown that a considerable amount of money is spent on maintenance and repair of the otherwise neglected issues in the foreclosed properties. Going by these figures, leaving a mortgaged home unutilized for a long time is never a profitable affair. And the loss incurred is directly attributed to the value of the property that erodes over time due to abandonment.
Safety Issues – A World Bigger Than Finances
While considering the negative aspects of abandoned homes, the financial perspective isn’t a mutually exclusive one. An extended period of abandonment may turn the place into a breeding ground for illegal activities. Enforcing law is necessary to maintain a healthy community life, and the Federal bodies have termed this growing racket as ‘Broken Window Syndrome.’ Whether it is a fire that breaks out or a crime that is plotted in these abandoned properties, a negative impact is felt by the residents in the community.
Urban Health – Abandoning Hygiene Can Never Be an Option
Urban planners have always considered understanding the impact of vacant land on the health issues. Studies have shown that cases like premature mortality, diabetes, suicide or gonorrhea have increased since 2017 in uninhabited areas in the US. While finding alternative strategies, the urban planners had to look for both stronger market and shrinking cities as well. The stronger markets still give multiple options for owners reoccupying homes that went vacant for a long time. The strategies set for these stronger markets will not hold true in the shrinking cities. Rehabilitation is the keyword when it comes to taking over vacant lots and giving them shape. However, a mature implementation of these strategies requires skill growth and able management.
Empowering the policymakers is required in eradicating the vacant lots and opting for sound urban planning. Making the community stronger is our responsibility, and revitalizing them is essential to improve the quality of life. To combat this growing menace, call in Tampa’s on-your-lot builders to and give your community a facelift. An effective citizen-builder teaming can go a long way to turn abandoned, vacant and unused properties into assets.