Vacant homes cost money, even if they are owned free and clear. Consider these costs:
- Lost opportunity costs on your equity
- Miscellaneous expenses and your time
Number five, lost opportunity costs on your re-invested equity, may cost the most money. If your property has a mortgage on it, then you can even add a seventh cost. If you put your equity in other investments, it could appreciate faster than top of the market real estate may in the next few years.