In a market where prices are high and inventory is low, renting is a perfect alternative to buying a home. Click here to discover four reasons renting is better than buying.
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Allowing the Renters to Move in with the Family Pet? Or Say No to Fur and Wings, Scales, and More
When you have a rental, you want a tenant who is going to treat your property with the same care and consideration you do. This is your investment, and you want to make sure that it's going to pay off in the years to come. When you have a tenant who has a pet or two, it's a decision you, as the owner, have to make about whether to allow them to have a pet or not. Consider the pro's and con's of this decision.
Allowing a Pet
According to a recent survey by AOL.com, over 75% of renters have pets. Should you choose to not allow pets, you are severly limiting your chances of finding a renter, and a good one at that.
Homeowners who have pets, according to Apartments.com, tend to stay longer at their rental. Finding another rental that accepts pets can be a hassle, and if renters find a landlord who allows their pets, they may be more apt to not only stay longer, but to pay rent on time, keep the home in shape, and keep you from having to find another renter which equates in lost income and time.
Pet owners tend to be more responsible and respectful, continues the survey and make better neighbors.
Choosing Against a Pet
As an owner, you have the right not to allow pets or to put stipulations on the type of pets allowed. Perhaps you may want a size limitation or the restriction of a certain breed due to your homeowners policies.
You realize that pets can cause damage, be a nuisance to neighbors, and leave behind odors that may be difficult to remove for the next tenant. Paws can scratch floors, muddy paws can leave carpets dirty, and any number of items can be chewed, leaving you with a bill, headache, bad feelings between tenant and landlord, and repairs.
Every Situation is Different
Determine what situation is right for you and go from there. Most landlords put a limit on the number of pets allowed, which also eliminates some of the renters. Perhaps you might feel comfortable meeting the pets, taking into account the age, weight, size of the pets. Consider a monthly rental fee for the animals, which can also increase the amount you take home.
Stipulate rules-animals are to be inside between the hours of 7-9 pm. Dog litter must be picked up and discarded on a weekly basis to show consideration to neighbors and keep your property up.
Take a look at where the tenants you are considering live now and how they keep the home and yard. Ask for referrals from their landlords and friends or neighbors.
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