A pet-friendly property can deliver a major competitive advantage to an investor, but allowing those furry friends into your property does come with some risks
As a landlord, your top priorities will usually include finding and keeping tenants and ensuring your property remains in good condition.
However, by adopting a pet-friendly policy, especially if the area has traditionally had a ‘no pets’ approach, you will automatically open your property up to a raft of potential new tenants.
After all, whether it’s the big puppy dog eyes or the fact that they are often just happy to sit with you for hours, pets are widely considered to be part of the family.
You may also find that tenants with pets are easier to work with, pay their rent on time and stay longer because it can be harder to find rental properties that allow pets.
Likewise, you may find it easier to increase the rent when the time comes. The difficulty in finding pet-friendly properties means tenants are likely to agree to the rent increase if they can keep their pets (provided the increase is reasonable, of course).
But while having reliable tenants in your property ensures a steady rental income, should you really sacrifice the condition of your property for extra money?
It is important to consider this on a case by case basis. Some animals may be great with new surroundings and fit in with the property easily. On the other hand, other animals may struggle and the consequences will obviously be seen around the property.
To ensure the tenant and their furry friend are right for your property, arrange a time to meet with them at the property and see how the animal interacts with the space.
If there is any doubt, consider a trial period. Make sure you inspect both inside and outside the property for any damage or odours.
There are, without doubt, problems that can arise from allowing pets into your property; however, depending on the specific situation, the benefits can very easily outweigh the disadvantages