So, you have a vacant house in New Jersey. Maybe you inherited it, moved for a new job, or a renovation project is taking longer than you thought. Whatever the reason, that empty house is costing you more than you think.
It’s easy to underestimate how much a vacant property can drain your finances. Between property taxes, insurance, utilities, and maintenance, you could be looking at $1,500 to $3,000 a month. That’s up to $36,000 a year for a house no one is even living in! Holly Nance Group are experts at dealing with these issues – contact us today.
New Jersey has the highest property taxes in the country. The average homeowner pays over $9,500 a year, and in some areas, it’s more than $12,000. Whether your house is empty or not, you still have to pay the full amount. If you miss a payment, the government can put a lien on your property with interest rates as high as 18%.
Property tax bill and utility statements stacking up
Your regular homeowner’s insurance probably doesn’t cover a vacant property. After 30 to 60 days, you’ll need to switch to a “dwelling fire” or vacant property policy, which can cost 50% to 100% more. If you don’t, and something happens, like a fire or a burst pipe, your claim could be denied.
Even an empty house needs basic utilities. You can’t just turn off the heat in the winter, or you risk frozen pipes, which can cost $5,000 to $15,000 to fix. Add in water, electricity for a security system, and lawn care, and you’re spending at least $200 to $400 a month.
Vandalized or weather-damaged vacant property
Vacant homes are a magnet for trouble. Theft of copper pipes, broken windows, graffiti, and squatters are all common problems. A single break-in can cost you thousands, and your insurance might not cover it if you didn’t tell them the house was empty.
Many towns in New Jersey require you to register a vacant property and pay an annual fee, which can be anywhere from $500 to $3,000. If you don’t, you could face daily fines.
For a typical New Jersey home, the monthly cost of vacancy can be between $1,300 and $2,500. In just six months, you could spend up to $15,000 on a house you’re not even using.
Many people hold onto vacant properties, hoping the market will improve. But the numbers don’t lie. If your home’s value goes up by 3% in a year, that’s a $10,500 gain on a $350,000 house. But if you’re spending $24,000 a year to maintain it, you’re still losing $13,500.
Selling to Holly Nance Group can stop the financial drain immediately. We can close in as little as seven days, so you can stop worrying about the costs.
We buy vacant houses in any condition, all across New Jersey. Whether you inherited the property, are downsizing, or just need to sell, we can help.
Do I have to register my vacant property?
Most likely, yes. Check with your local government to be sure. Failing to register can lead to fines.
Can I just rent it out?
Renting is an option, but being a landlord in New Jersey has its own challenges. If the property needs repairs, it might not be worth the investment.
What if the property needs a lot of work?
We buy houses in any condition. We’ll make you a fair offer and handle all the repairs after we close.
Ready to turn your vacant property into cash? Call Holly Nance Group at (856) 215-5474 or get your free cash offer online.
Every day you wait, you’re losing money. Let us help you turn that empty house into cash.
Helping New Jersey & Pennsylvania homeowners sell with clarity, confidence, and speed. No matter how complicated it gets.
