Towergate Connect

Get a quote

You are here:
Home page>
News>
Earn from your unoccupied home

Make money from your unoccupied home

19 May 2009

Leaving a property unoccupied could cost you as much as £135 per week according to the Empty Homes Agency. So why do it? Why not consider making money from your empty property or using it to provide a short term home for someone in desperate need.

A property might be unoccupied because you've inherited it and can't sell it, or you just don't know what to do with it. It might be that you have a parent who has been taken into care or hospital and you don't know when, or if, they will be able to come home.

You have the choice of leaving a property empty for a while, but you need to be aware that if you leave a property empty for more than 30 days it can invalidate your home insurance policy and mean if you are vandalised or someone decides to squat, then you won't be covered. It also may come as a surprise, but the local authority now has increased powers to force you to bring your property back into use, or even sell it to them!

So it might be worth considering your options which include temporarily letting your home to a housing co-op or association for a short license or lease. You wouldn't then have to worry about the property or tenants at all, and they might rent the property from you for between six months and two years. At least this way the property isn't unoccupied so it's safer. This is a particularly good option if the property is some distance away from where you live and you are not that worried about securing maximum income.

In some cases you might not be able to rent out or even sell your property because it needs refurbishing. You can turn to the local authority for a grant or indeed a local housing association may be interested in taking on the refurbishment. Both may consider buying the property from you outright. The best person to speak to about bringing your empty home back to life is your local authority's 'Empty Homes Officer'.

But be warned! Do nothing and you may lose your property anyway! If you have an empty property in England or Wales, councils have been given powers which will allow them to take over the property and rent it out on your behalf, or even force you to sell them the property.

Although this sounds a bit draconian, it's important to bear in mind that the reason for these increased powers is that there are over 700,000 empty homes in the UK and with a housing shortage – particular in social housing, communities can't afford to have these properties lying empty for years going into disrepair.

So, don't be too frightened by the increased powers, find out more about them and see if they may help you earn money from your empty home or if your home is exempt from these powers.