The Dangers of Owning a Vacant Golden, Co Rental Property

When you think about the downfalls to owning a vacant rental property in Golden, Colorado, you likely think about the fact that there’s no rent coming in. That disruption to your cash flow is certainly a danger, but there is also a lot of liability that comes with vacant property. You run the risk of vandalism, undetected repairs, fire and other losses.

Protect yourself against these dangers that are common with unrented and unoccupied properties.

Out-of-Pocket Maintenance Costs

When you’re paying taxes, insurance, and keeping the lights on at your vacant rental property, you’re paying more than you realize because you aren’t making money off of this property. So, every dollar spent is cost negative. You’re essentially paying for something that you aren’t using. That’s a huge money leak, and it’s going to be hard to make up what you lose.

The best way to reduce your negative cash flow is to fill the property quickly and keep your vacancy time to a minimum. Increase your tenant retention efforts to reduce turnover.

Deferred and undetected maintenance is also a risk. With a tenant living in the home, you’re typically notified right away when something is wrong. With an empty property, you won’t know when a sink begins to link or a toilet backs up. That could lead to higher repair costs later.

Inspect your vacant property regularly. If you aren’t available to do it, send out a Golden property management or an individual you trust. Make sure you have a landscaping service visit the property regularly. If the home is vacant in the winter, watch out for frozen pipes and keep everything shoveled and safe when it snows.

Potential for Vandalism and Trespassing

Vandalism can happen anywhere, even if your rental property is in an HOA or a building with great security. You never know when someone is going to decide to break a window, take off with an appliance, or cause problems at your property simply because it’s vacant.

If you find yourself with a squatter, the situation is going to become even more complicated.

Check Your Insurance Requirements

Insurance companies aren’t fond of vacant rental property and that’s because they understand all of the risks associated with a home that is left unoccupied. Check your policy for any occupancy requirements. You might have to purchase additional coverage for a home that’s left vacant for an extended period of time. To avoid this extra cost, you’ll have to make sure it isn’t classified as vacant. Every company has different standards, so find out what they are with your insurer.

Leasing processThese are just a few of the risks associated with a vacant home. We can help you avoid them with a fast and effective leasing process. If you’d like to hear more about how we can help with Golden property management, please contact us at Laurel Property Services, Inc.

4.9/5
4.9 /5
89 Reviews

Google
5.0/5
Oct 15, 2021
Google Laurel Property Services
Laurel Property Services, Inc. started managing my rental property in 2005. I cannot say enough about this company! They are extremely professional and are very proficient at what they do. They handle every aspect of the leasing and management process. One time they were able to coordinate making the property ready immediately after a tenant moved out in the morning so the new tenant could move in that same afternoon! This is a great company!
Google
5.0/5
Sep 16, 2021
Google Laurel Property Services
Crystal and her team have quickly and professionally rented our duplex in Golden. Always finding great tenants with little turn over time.
Google
5.0/5
Aug 30, 2021
Google Laurel Property Services
We've worked with Laurel Property Services since 2012. They keep our property rented; and in addition to keeping us informed of any needed maintenance work, Laurel has the staff to perform it promptly and professionally.
Google
5.0/5
Aug 18, 2021
Google Laurel Property Services
Laurel Properties has been a real pleasure to work with so far. Crystal and Dacia have been superb to work with. This is my first experience with a rental property management company and I don't see any reason why I would ever go with a different company. Crystal is very responsive to email and phone calls and always has an informed answer for me. Dacia, in charge of Maintenance, seems as competent as they come, and Laura, my book-keeping contact is personable and friendly. Additionally, their book-keeping software streamlines my accounting and taxes. I strongly recommend Laurel Property Services.
Google
5.0/5
Aug 11, 2021
Google Laurel Property Services
rent me a place pleaaassee
Survey
5.0/5
Jul 14, 2021
Laurel Property Services
Technician(s) were knowledgeable and helpful.
Survey
5.0/5
Jul 13, 2021
Laurel Property Services
Great experience
Google
5.0/5
Jul 8, 2021
Google Laurel Property Services
Attentive, courteous and personable! Laurel Property Services has made our most recent move stress free and has ensured our property is in the best of shape for our stay.
Google
5.0/5
Jun 16, 2021
Google Laurel Property Services
Laurel Property Services is hands down the best management company in Golden and surrounding area! The office staff is the best and very professional and always available to assist with any needs or answers any questions.
Google
5.0/5
Jun 12, 2021
Google Laurel Property Services
They have manages properties for me for over 20 years. and I found them to be professional, honest and prompt in dealing with any situation

Got Questions About Property Management?

  • This field is for validation purposes and should be left unchanged.

Our Location

14143 Denver W Pkwy #100 Golden CO 80401

Monday – Friday : 9am to 5pm