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Abandon equals leaving and never coming back.
you don't have to pay taxes or upkeep and it does not take up any room in your account (no penalty). You are not required to "fix them up"
You are not the only one to own that house(s). It is common for me to walk out of one of my houses and run into another player either going in or coming out. They are just a different instance when we are in the house, thus the long loading screen.
On the Plus side it gives you a place to free travel to.
Also if you create a new toon you can use that house to travel to that zone, if your not already in that zone of course. i.e. A'likr dessert zone.
If you are on PC, I would wholeheartedly recommend the Essential Housing Tools add-on, which allows you to teleport to any house owned by any player also using that add-on. There is also a network of Open Houses, that is showcases of other players, usually nicely decorated houses, often using the additional effects and furniture items added by the EHT add-on.