A pet-friendly property can open up a raft of opportunities for a savvy investor, but that doesn’t mean there aren’t risks involved
As a landlord, two of your most important goals are attracting tenants and keeping your property in good condition.
If you decide to allow tenants to have pets, this might help you achieve one of those goals, but would it hinder your ability to achieve the other?
Is allowing pets a smart decision or not? Here are a few points every landlord should take into account before deciding to rent out a pet-friendly investment property.
What’s in it for me?
The greatest benefit of adopting a pet-friendly policy is an immediate increase in your prospective tenant pool.
If you own an inner city apartment or suburban home in an area which has traditionally had a no pet policy, you will gain an immediate advantage over your competitors without having to lower your asking price.
Most pet owners see their furry companions as part of the family and this can be great news for savvy landlords.
A pet-owning tenant is likely to feel extremely comfortable in a pet-friendly property. This means they will be less likely to leave, ensuring you continue to enjoy a steady rental income.
You will also find it easier to increase your rent when needed as you are offering something that very few landlords offer – and something that pet-owning tenants will be willing to pay that little bit extra for.
What are the dangers?
The first question that springs to a landlord’s mind, of course, concerns how much damage the property is likely to suffer from claws, teeth etc
If you are unsure about allowing a pet onto your property, why not take the time to meet your new tenant and their furry friend.
Arrange a time that suits both you and your tenant and inspect how the new addition to the property interacts with its surroundings.
If you have questions or doubts, negotiating a ‘trial’ period can be a great way to see how the pet might affect your property, while minimising any potential damage.
During the trial period, be sure to inspect both the inside and outside of the home, including checking for any odours.
There are without doubt problems that can arise from allowing pets into your property; however, depending on the specific situation, the benefits can also very easily outweigh the disadvantages