If you’re a property owner, you’ll know sometimes you have no choice but to leave a property unoccupied. It might be that you need to leave your home while you work abroad for a few months, or that your rental property is left empty for a while in between tenants. Perhaps you have a commercial property you wish to develop, but have to wait for finances and construction contractors to be confirmed. A property guardian can help reduce the risks associated with this.

The risk of empty properties

However, leaving a building unoccupied for months or years comes with significant risks. Most obviously, you will have no income from the property despite still having to cover insurance, mortgage repayments and local taxes.

There is also a threat from squatters and vandals. The procedure for evicting squatters can be time-consuming and expensive, not to mention the possibility that they could damage the property or carry out criminal activities such as cannabis farming, drug dealing or storing stolen goods.

Empty properties can quickly fall into disrepair, for example through an undetected roof leak or the build-up of mould. Properties which are vacant can be easy to spot, with broken windows and overgrown gardens acting as signposts for vandals to enter and strip out furniture or even piping and fittings.

How property guardians can help

Property guardians are growing in popularity, particularly as young people struggle with high rents and rising house prices. The guardians move into a property in order to take care of it, a little like a live-in security guard. The guardians are not tenants, so they do not have the same rights such as requiring the property to be kept to a suitable standard. They usually pay a small amount – much less than market rent – to the property owner each month.

Almost any property can be suitable for property guardianship and many candidates relish the air of adventurousness that comes from living in an unusual building such as an office, old hospital or pub. They do need basic amenities – toilet facilities, a bed and running water. Often these can be improvised with portaloos, portable showers and using a microwaves and hotplate for cooking.

Property guardians can report any problems with a property, such as broken windows, water leaks or vermin. They protect a property from unwanted intruders, provide some income for the property owner, and also bring a major benefit in reducing insurance costs.

Bringing down the cost of insurance

Many insurance policies do not provide cover for properties which are left empty for long periods. For example, a standard residential property policy will require that the house is not left empty for more than 30 days. By using a short-term property guardian when you travel, you can keep to the terms of your insurance.

Insurers usually also insist on specialist, more expensive insurance for buildings which are left unoccupied for long periods. The vast majority of property guardians live in commercial buildings which are empty in the long term. This not only saves on insurance premiums, it saves the costs of boarding up and securing a property.

Could you use a property guardian to safeguard your property and save on insurance? For more information on landlord or other commercial insurance contact us on 01132500377.