After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
If you have a rental property, a property management company can help you to get the property rented out and keep up with maintenance. However, you still get to call some of the shots and decide what you will allow in the house and what you won't. One thing you need to decide is whether you will rent to someone who has a pet or not. There are pros and cons to renting to someone with a pet. Learning these pros and cons will help you decide whether this is something you should allow or not. Here are a couple of the pros and cons of renting to someone with a pet.
Cons of Renting to Someone With a Pet
One of the biggest drawbacks to renting to someone with a pet is that the pet can cause a substantial amount of damage to your home if the pet chews or is not potty trained. And unfortunately, not every pet owner is honest. You never hear someone say that they are moving in with a pet that is not potty trained. While you can charge a higher deposit if someone is moving in with an animal, that extra deposit still may not cover the damage that can occur.
The other major disadvantage to renting to someone with a pet is that you, the homeowner, can be on the hook or have to file a claim with your homeowners insurance policy if the renter's pet bites or injures someone. Many owners who do allow pets will not allow aggressive breeds and will want to meet with the dog to see that animal's temperament before renting to a pet owner. However, you can't always gauge what an animal will do when they are stressed out.
Pros of Renting to Someone With a Pet
One of the advantages to renting to people with pets is that you increase your potential rental pool. Many renters have pets. If you have a strict no pet policy, you are cutting out a large portion of the renter pool and limiting your options. If you are having a hard time renting your home, you may want to consider increasing the potential pool and allowing pets.
The other benefit to renting to pet owners is you can charge more rent. It is very common to see a rent increase of $25 to $50 per month for those who are looking to rent with pets. This amount may seem small, but it adds up quickly, helping you to earn even more on your rental property.
Deciding whether to rent to a pet owner is a big decision. If you are on the fence, talk to your property management company. They know if renters in your area typically have pets and whether it is harder to rent your home if you do not allow pet owners in.