For most property owners, making the decision whether to allow pets or not to allow pets is not a black and white choice. Two of the most important goals for an investment property owner are to attract tenants and keep the unit or home in good condition. Allowing pets can have both positive and negative implications on this, with many property owners finding it difficult to get a balance between the two. The following are just some of the benefits and disadvantages of pet friendly properties and what this means for your investment.
Pet Friendly
A property that allows pets will undoubtedly open up the market dramatically for you, as there are many tenants looking for homes that allow pets. This may also mean you can ask a higher rent, as many owners say no to pets. However, this also means maintenance will likely cost more and it may increase the ‘wear and tear’ on the property. It is also important to only make your house ‘pet friendly’ if the home has enough space for the animal, appropriate fencing etc. A ‘Pet Application and Agreement’ is also required to be submitted, which includes the prospective tenant providing the full particulars of the pet as well as a photo, which allows the owner and agent to make an educated assessment on the acceptability of the pet. Special terms and conditions are also included into the lease which require the tenants to, for example, have the property treated for fleas, both internally and externally, at the conclusion of the lease.
No Pet Zone
While this will limit your tenant selection, it also reduces the possibility of potential damage and additional wear and tear on the property. Some people also find these properties more desirable, particularly in complexes, as some tenants do not want to live with animals in neighbouring units or homes.
A Little Bit of Both
Some property owners choose to allow pets within certain limitations i.e. Pets Negotiable. For example, a tenant may be allowed to have a small pet or a pet that lives within a cage or tank, but owners of larger, more energetic pets may not be allowed. This opens up the market to small pet owners without compromising the condition of the property too much.
Whether you allow pets in your investment property or not is ultimately based on your personal preference and is 100% at the discretion of the owner. Both options have their advantages and downsides and it is important to find the best choice for you. For more advice and assistance, talk to the rental property managers at Templeton Property in Brisbane on (07) 3368 1988.