Deciding whether to allow pets or not in your property is not an easy decision for many of the property owners. Various factors need to be taken into consideration before taking a final decision. On one end, allowing pets can broaden the income generation sources and retain tenants for longer, however there are high risks associated with having pets in your property. As with any decision, there are pros and cons associated with the choices you make. If one is on the fence about deciding whether to allow pets in rental property, the reasons listed below can ease your decision-making process.
Factors to consider before allowing pets:
After weighing the pros and cons, if you have decided to make your property a pet friendly one, there are certain factors that must be considered before accepting one. Just as selecting a tenant and signing a pet lease with them, asking questions about their pets, and signing a landlord pet policy is crucial to avoid any kind of disputes later.
Likewise, if you are not allowing pets at your property, it’s important to add a no pet clause to the agreement and possible consequences will apply if an unauthorized pet is brought into the rental.
Few questions to ask tenants with pets are:
Moreover, you need to create a detailed lease for having pets in your property. This should clarify all rules regarding having pets so that tenants are well informed and there would be no surprises at the occurrence of an incident. You could specify which kind of pets are permitted in the property. By signing the lease, the tenant agrees to all your terms and violating any of the clause would be a breach to the lease with necessary implications.
Implementing tenants to have insurance and receiving a substantial advance/ registration deposit for pets could mitigate the chances to cover up for any possible damages.
With pets comes a lot of responsibility and risks. With a well described lease, insurance and higher rent, the risks and damages could be alleviated. As more people are choosing to have pets and if you want to turn your property into a desirable one, turning your property to a pet friendly one would be great. It is important to weigh the pros and cons before you make such a big decision.