Many landlords struggle with the decision of whether or not to allow their tenants to have pets on the property. The struggle usually comes from the fact that they themselves like pets but don’t particularly want to deal with the damage that can happen to a home when a pet is allowed to live there. Those landlords that are struggling with the decision should know that there’s a right way and a wrong way to let pets on the property.
Here is the right way to go about it:
Check the legalities. You may not even be able to allow pets on the property as a result of regulations by your insurance company. Check the details before proceeding with any decisions.
Determine what types of pets are okay by you. A large, aggressive dog may be a no on your list but perhaps you’re okay with cats.
Get an extra pet security deposit. This way, if the pet does damage to the home then you don’t have to worry about paying for it. And if it doesn’t, then no one is out of luck.
Charge an extra monthly fee. The pet security deposit may not be enough to cover extensive damage to the home but you might find that it’s worth it to you to make the repairs if you’re getting more from the tenants every month. If they’ve got a good pet, you benefit from the extra money and they benefit by finding a home that allows them to keep their beloved pet. It’s a win-win situation.
Outline some basic terms that can terminate the pet’s right to be on the property. If you know that you’re going to kick the dog out if it bites another tenant on the property, you need to say that up front.
Write it all down in the lease agreement.
Make sure that you know what you’re getting into in advance and then go about it the right way. Going through this process will help you allow the pets that are okay with you and even benefit from it.
Category: Rental Property Management