Cost of an empty home
If you own a property that has been empty for over two years, then you will be required to pay an Empty Premium Charge (EPC). This means that you will pay an extra 100% of your total Council Tax bill. For example, the annual Council Tax bill for a band D property is £1581 which after the EPC would be doubled to £3162. Once your property has been empty for over five years, the EPC will treble your Council Tax bill to £4743.
Lost rental income
Using the Local Housing Allowance rates as a guide, a three bedroom property in Chester, Ellesmere Port or Northwich would have a potential rental income of £650 per calendar month.
Other costs and issues to consider
- standing charges for gas, electricity and water, even if there is no usage
- specific insurance to cover empty properties
- damage caused through lack of maintenance
- risk of burst water pipes during winter
- garden maintenance and the potential removal of fly tipping
- risk of damage to windows or doors through vandalism
- risk of people gaining access to the property for various reasons e.g. drug use, squatting, theft