How much is your empty property costing you?
An empty property is a wasted home that costs you money. It should be lived in by someone who needs it. It should be an asset to you and the local community.
Your empty property will be costing you between £2,049 and £5,268 a year in council tax, utilities standing charges, minimum insurance (if you can get it), damage and deterioration.
Now add the rent you could be earning if someone lived in it.
If you live in NORTH or EAST Manchester the lost rent is:
- 2-bed flat: £4,740 to £8,700 a year
2-bed house: £4,200 to £6,780
3-bed house: £4,740 to £10,200
4-bed house: £6,540 to £13,200
If you live in SOUTH Manchester the lost rent is:
2-bed flat: £3,600 to £15,000 a year
2-bed house: £4,800 to £13,200
3-bed house: £6,300 to £18,000
4-bed house: £8,400 to £23,400
Your empty home can also have financial knock-on effects because it:
- attracts vandals, vermin, crime and dumping, which you can be charged for
- deteriorates faster
- reduces in value