Do you allow tenants to own pets? This really is frequently a tough one for property owners to resolve. On one for reds, that they like animals but alternatively they are worried about damaged screens, carpets, furniture, cat scratch marks on door frames and odour, which could devalue the house. As there are the chance from the tenant getting noisy pets that annoy neighbours. What direction to go?
Property Investors have to take their business hat onto decide the solution and then try to leave the emotion from the decision. Let's have a look at some details.
In a recent Northern Territory News article was the headline, "Pet Hates Reducing Landlord's Income". An interview was conducted with Investment Club President, Mr Kevin Young. According to Mr Young, Australia has one of the highest pet ownership in the world with 63 percent of the population having one. Half of those who don't have a pet say they might want to own one soon. He claimed that there has been considerable growth in one-person households over the last three decades and many of those have pets as companions. "It is a reality that pets are becoming an inescapable part of the rental property market in Australia and it is an issue that Australian landlords will have to address in the future if they want to achieve a higher rate of return from their investment property," Mr Young said.
Mr Young's observations seem to be backed up by an article in the Courier Mail. Interestingly, the article claimed that up to 15 percent more rent can be achieved for pet rentals and that tenants with pets often want to sign longer leases. The article also noted that property managers say that up to 70 percent of their rental inquiries are from pet owners.
The RSPCA NSW also mentioned they receive numerous queries from concerned pet owners who're discovering it tough to secure a dog-friendly apartment.
Exactly what does a house investor want? Demand in their apartment, the very best rental yield and consistent tenancy. Possibly it truly is time for any re-think.
You will find risk- minimization measures that may be set up to help ease the mind about letting your home to pet owners. Request your home manager to:
Find out whether the pet owner has up to date records which prove that the pet is properly vaccinated, registered and similar.
Include conditions within the lease that suit together with your level of comfort, for example outdoors pets only or pets permitted, using the owner being accountable for any damage pets cause. The second is essential because Landlord Insurance doesn't cover that type of damage.
Incorporate a clause which states the tenant accounts for getting pest management for fleas carried out following the tenancy. Request for proof it has happened.
Take particular note of things such as pet droppings in the garden that need to be cleaned up and to look out for stains on the carpet resulting from pets having accidents etc while they are conducting property inspections. This will enable issues to be quickly resolved.
Undertake a reference check on pets. Check with the previous landlords / property managers about the condition of the property, if damage occurred and how it was handled. So will you allow pets in your rental properties? There would seem to be several good financial reasons to do so.
Property Investors have to take their business hat onto decide the solution and then try to leave the emotion from the decision. Let's have a look at some details.
In a recent Northern Territory News article was the headline, "Pet Hates Reducing Landlord's Income". An interview was conducted with Investment Club President, Mr Kevin Young. According to Mr Young, Australia has one of the highest pet ownership in the world with 63 percent of the population having one. Half of those who don't have a pet say they might want to own one soon. He claimed that there has been considerable growth in one-person households over the last three decades and many of those have pets as companions. "It is a reality that pets are becoming an inescapable part of the rental property market in Australia and it is an issue that Australian landlords will have to address in the future if they want to achieve a higher rate of return from their investment property," Mr Young said.
Mr Young's observations seem to be backed up by an article in the Courier Mail. Interestingly, the article claimed that up to 15 percent more rent can be achieved for pet rentals and that tenants with pets often want to sign longer leases. The article also noted that property managers say that up to 70 percent of their rental inquiries are from pet owners.
The RSPCA NSW also mentioned they receive numerous queries from concerned pet owners who're discovering it tough to secure a dog-friendly apartment.
Exactly what does a house investor want? Demand in their apartment, the very best rental yield and consistent tenancy. Possibly it truly is time for any re-think.
You will find risk- minimization measures that may be set up to help ease the mind about letting your home to pet owners. Request your home manager to:
Find out whether the pet owner has up to date records which prove that the pet is properly vaccinated, registered and similar.
Include conditions within the lease that suit together with your level of comfort, for example outdoors pets only or pets permitted, using the owner being accountable for any damage pets cause. The second is essential because Landlord Insurance doesn't cover that type of damage.
Incorporate a clause which states the tenant accounts for getting pest management for fleas carried out following the tenancy. Request for proof it has happened.
Take particular note of things such as pet droppings in the garden that need to be cleaned up and to look out for stains on the carpet resulting from pets having accidents etc while they are conducting property inspections. This will enable issues to be quickly resolved.
Undertake a reference check on pets. Check with the previous landlords / property managers about the condition of the property, if damage occurred and how it was handled. So will you allow pets in your rental properties? There would seem to be several good financial reasons to do so.
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