Benefits of bringing a empty property back into use
Owning an empty property costs the homeowner money, whether this be through a mortgage, council tax, utility bills, house insurance or general maintenance and repair bills.
If occupied, the property could provide a regular rental income which would cover such bills, or a capital sum if sold. The property could also provide a valuable housing resource for someone in need in the local area. Every property brought back into use provides a home for somebody.
If occupied, the property could provide a regular rental income which would cover such bills, or a capital sum if sold. The property could also provide a valuable housing resource for someone in need in the local area. Every property brought back into use provides a home for somebody.
A two-bedroom property that has been empty for 1 year could cost a home owner £18,870 per year:
| Loss of rental income | £13,5001 |
| Council tax | £4,0002 |
| Utilities standing charges | £520 |
| Insurance cost | £350 (if you are able to get insurance) |
| Repair and dilapidation costs | £500 |
2 approximate figure for a band B property
There are a number of options available to owners of empty homes that would see their properties re-occupied.
Reusing empty and derelict properties can positively impact the community by:
- Greatly improving an area’s appearance – boosting people’s pride and confidence where they live
- Providing a valuable source of accommodation for a family in need, at a time of housing shortage
- Reducing the health hazards relating to empty homes
- Reducing the opportunity for crimes against the property and person
- Attracting inward investment, helping the area to be an attractive place to live and work
- Reducing the need to build new homes on green field sites
