Dealing With Abandoned or Nuisance Properties And What To Do About The One Next Door
What is a nuisance property?
A nuisance house is a vacant property due to foreclosure, bankruptcy, and financial or legal reasons. Since most homes are abandoned due to financial reasons, they are typically run down and need renovating.
If you have seen an abandoned home or would like to do something about one in your own neighborhood, we’ve created a resource for you.
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A nuisance residential or commercial property creates serious problems for the surrounding community and headaches for the officials who must deal with it. If left unchecked, these blighted properties become a massive drain on the time and resources of cities and counties and adversely impact communites and homeowners by attracting criminal activity and thereby decreasing surrounding home values. A nuisance is often defined as an interference with the right to use and enjoy real property. Many types of activities may be termed nuisances, especially ones that cause the following:
• Noise
• Odors
• Dust and smoke
• Pollution of air or water
• Bugs, rodents, and other pests
• Explosions and other vibrations
• Illness
• Crime
• Light
According to the Enterprise Foundation, a national, nonprofit housing and community development organization, there are two types of property-based nuisances in America’s cities today.
1. Physical: These include violations of local building, housing, health, or sanitation codes and are often described as eyesores, health hazards, or blighted property. At the simplest level, such nuisances are often the result of the owner’s lack of maintenance combined with the property users’ irresponsible behavior — whether they are owner-occupants, tenants, or visitors.
2. Behavioral: These generally include violations of criminal law. Descriptions range from the merely bad neighbors up to the drug house, gang house, or shooting gallery. Such nuisances are typically the result of the criminal behavior of a few and the enabling behavior of many who permit the problem to continue.
These types of nuisances often perpetuate a vicious cycle and where one is, another is close to follow. Overgrown lots and garbage-strewn yards can attract drug activity, prostitution, or illegal gang behavior. Criminal behavior can lead directly to specific physical nuisances such as house disprepair and yard maintenance eye-sores.
As the behavior continues, neighborhood property values often decline and responsible homeowners are more apt to leave while potential homeowners are likely to look elsewhere.
One bad apple home can have a far reaching and wide negative effects on a community’s economic well-being on the whole.
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Home Devaluation
Abandoned Nuisance homes attract squatters and crime
Now, if you don’t like having neighbors, having an abandoned nuisance home next door might not seem like a big deal. But it is.
In addition to lowering the value of your house and ruining its curb appeal, abandoned homes are also notorious for attracting crime. According to the Association of Community Organization for Reform Now (ACORN), illegal activities associated with drugs and robberies occur more frequently in areas where abandoned homes are located. Vacant homes can be a target for squatters and even drug dealers.
Not only can this criminal activity drive down property values further, but it can also put your home and family at risk.
The point is, abandoned homes are more than just an eyesore – they can be dangerous.
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Vacant properties generate little in taxes – but, perhaps more importantly, they rob surrounding homes and businesses of their value. In a 2001 study, researchers from Philadelphia found that houses within 150 feet of a vacant or abandoned property experienced a net loss of $7,627 in value.
Properties within 150 to 300 feet experienced a loss of $6,819 and those within 300 to 450 feet experienced a loss of $3,542 (see picture below).
Other Costs Associated With Blighted and Vacant properties
It’s not just adjacent homeowners, city officials, police and fire departments, and health officials are all grappling with these properties and the cost is a staggering weight to many municipalities budgets across the country.
Police Calls
A study in Austin, Texas found that “blocks with unsecured [vacant] buildings had 3.2 times as many drug calls to police, 1.8 times as many theft calls, and twice the number of violent calls” as blocks without vacant buildings. Once a house is reoccupied the crime impacts of the previous vacancy are reduced significantly.
Arson
More than 12,000 fires break out in vacant structures each year in the US, resulting in $73 million in property damage annually. Most are the result of arson.
DEMOLITION AND ABATEMENT COSTS
Over the past 5 years, St. Louis has spent $15.5 million, or nearly $100 per household, to demolish vacant buildings. Detroit spends $800,000 per year and Philadelphia spends $1,846,745 per year cleaning vacant lots.
The longer a property remains abandoned, the higher the cost of renovation. This leads to continued abandonment even when market conditions have dramatically improved.
The 10 US cities with most vacant homes
According to a report by USA Today in 2018, the 10 cities below have the highest vacancy rates in the USA.
- Gary, Indiana – 31.4% vacancy
- Flint, Michigan – 31.2% vacancy
- Hilton Head Island, South Carolina 26.4% vacancy
- Youngstown, Ohio – 23.7% vacancy
- Montgomery, Alabama – 23.4% vacancy
- Shenandoah, Pennsylvania – 22.9% vacancy
- Indian Rocks Beach, Florida – 21.6% vacancy
- Belleair Beach, Florida – 21.2% vacancy
- Groveland, California – 20.8% vacancy
- Danbury, Wisconsin – 19.9% vacancy
Read the section below if you live in a neighborhood with an abandoned home(s) and you do not want to buy it.
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What is the Solution?
To summarize: vacant property causes losses of approximately $150,000 in its first year: $133,000 from reduced property value for its neighbors, $14,000 in increased crime and $1,500 in increased costs for the police and fire departments.
These findings clearly show that mitigating vacant and abandoned buildings is incredibly important to all parties involved, and the sooner the better.
That’s where we come in!
How We Can Help
Our passion is to take these blighted properties and return them back to productivity. With comprehensive rehab and resell, we can effectively reduce crime, create jobs, build the tax base, grow property values, strengthen affordable housing, and transform the community. Together with city officials, we can make our city an attractive and valuable place to live and work again!
Because blight begets blight, nuisance and abandoned properties cannot be ignored for too long. We can expedite the process and make it much easier and less costly for the county.
- We Help the homeowner
The homeowner is often ready for a swift remedy, but are either unsure where to go or physically or mentally unable to find it. They are strapped for cash, which is why the property is in such deterioration. They don’t have the money or the know-how to fix the problem. We find the homeowner and then negotiate with them a fair and equitable solution out of their predicament.
- We Partner with Municipalities
We then contact the city officials working on fixing the property and offer our expertise. Not only can we rehab the property, turning a blight spot to a bright spot, we can also provide the funds necessary to do so, which means the municipality is off the hook for hiring and paying for the repairs.
- We Rehab to FHA Standards
Not only do we increase the home’s value and the neighborhood’s overall appeal, we also make sure we can help deserving first-time homebuyers experience the American Dream of homeownership. All of our homes are rehabbed to FHA standards which means not only is the property improved significantly, it’s an attractive home to young families.
Through this approach, we can effectively convert the city’s most troubled properties and transform them into the most appealing, desirable, and highest valued properties on the street!
Contact us today to help solve abandoned or nuisance properties in your area TODAY!!
ResultsCapitalFunding.com
(800) 694-9296