5 top tips to maintain value

Empty properties have become an unavoidable consequence of today's economic climate. Prior to sale or re-development it is important to maintain value by reducing criminal risk & dilapidation.

At any one time there are a considerable number of vacant commercial properties throughout the country. Without adequate protection these properties can be subject to misuse and either deliberate or unintentional damage. The provision of good physical protection can help minimise and often prevent misuse and damage to these properties.

Vacant buildings are at heightened risk from fire, deterioration and criminal activity. The reputation of property owners can be damaged and relations with neighbours put under strain. In addition, insurance premiums for long-term vacant properties can often be high unless those responsible can show they have taken a broad range of sensible precautions. Arson is responsible for more than half of the known causes of
fire damage in commercial and industrial property. It is very important to take every possible step to minimise fire risks. Owners and managers of vacant property have a ‘duty of care’ to anyone entering the building.

The following provides 5 simple steps to follow to ensure the effective management of a vacant property portfolio. 

5 top tips to maintain the value of your vacant property

1. Risk assessment - act fast and identify the security requirements of the site.

2. Insure the property is effectively secured & all keys are accounted for.

3. Regular inspections - keep a detailed log of all visits.

4. Clear out - remove any portable materials of value & combustible materials from the site.

5. Tell your insurer as soon as the property becomes vacant & ensure you are covered.

Do you have a property at Risk? Call Camelot today on +353 (0)1 8809270 to find out more about our full repossssion, security & property management services.