There’s a large population of pets in Australia….approximately 25 million of them according to the ASPCA.
Each of these pets are owned by people who need accommodation.
While some of these pet owners own their own homes, many of them are renters in search of a home that will welcome their furry family members.
Should you disregard such a large pool of potential tenants in need of shelter (60 percent of renters, per the Australian Companion Animal Council) or is there more potential gain than loss in allowing pets into your investment property?
Some forty percent of investors, according to a survey by the Real Estate Institute of Australia, don’t allow pets with twenty-eight percent unsure whether or not they would rent to pet owners.
Were you to allow pets into your investment property you’d certainly be among the minority…and you’d find a huge pool of tenants ready and willing to pay more, just to keep their pets with them.
So should you rent to pet owners?
Ultimately of course the decision is yours, but there are benefits to renting to animal lovers.
- Higher rental returns from pet owners who are willing to pay above suburb yields just so they can keep their beloved animals with them.
- A large pool of potential tenants means fewer weeks your investment property sits empty.
- As it’s more rare for renters to find pet friendly accommodations, tenants are much more reluctant to leave. The Real Estate Institute of Australia (REIA) says that animal owners will stay put longer to avoid disrupting their pets’ lives. If you’ve found good tenants who take care of the property providing housing that allows animals is of benefit to both you and your tenant.
- Dogs are a great deterrent to vandals and burglars.
- While property damage can be a concern, the onus for repairs falls on your tenants, especially when you’ve included a ‘make-good’ clause into the contract.
- Clauses that can be included in the contract include restrictions or guidelines to:
- The type(s) and number of pets allowed (e.g. cats, fish, small breeds of dogs, one animal only, etc.)
- Whether or not the animals must stay outside, such as larger breeds of dogs.
Should you decide to allow pets you can protect your investment by following some common sense guidelines.:
- Provide a clause in your contract requiring all pets to be disclosed, so that you’re aware of what to expect.
- Ask to meet your prospective tenants’ animals. Your property management agreement should include this as part of the agent’s management tasks.
- Consider your property’s size and location when determining which pets are viable. For example, if your property only has a small outdoor space, it’s suited more for smaller breeds.
If you want to meet with like-minded people sharing the same interest for property investment, you should register to attend our next Property Investor Night.
At these FREE events held all across the country we discuss where the growth markets are right now, and share ways you can navigate your way to financial freedom through investing in property.
Seats fill up fast, so book yours now!
by Sam Saggers | Apr 7, 2017
What does financial freedom look like to you? You could ask a hundred people this question and you’d get back perhaps a hundred different answers. If, however, you were to dig deeper you’d discover that “control of my time” is the common theme. To achieve true...
by Sam Saggers | Apr 5, 2017
The number of properties you own has little to do with your ability to live comfortably off of your investment property portfolio. What does matter is the combined value of those assets...and the returns they provide. When beginning property investors first start to...
by Sam Saggers | Apr 3, 2017
When we first start out investing in houses we know that we have a lot to learn so we focus a great deal of our effort towards learning how to invest in property. After time, however, when we’ve been at a it a while and we’re living our day to day lives, it’s easy to...
by Sam Saggers | Mar 29, 2017
You realise that your personality has an influence on your relationships with others, but have you ever considered how it impacts the way you look at, and manage, money? Take a look at the following personality types. Individuals don’t have to fall squarely within one...
by Sam Saggers | Mar 27, 2017
If you’ve been investing for any length of time you likely will have heard that property investing “takes time” and that you should exercise patience while waiting for capital growth to increase your wealth. Although this is true, it’s only partly true. Yes, it does...
by Sam Saggers | Mar 24, 2017
Different property types deliver different results. The property type you choose will depend upon a number of factors.: Your personal risk profile - how much risk you’re comfortable with Your financial capacity What stage of growth you’re in When you expect or need to...
by Sam Saggers | Mar 22, 2017
Property investing is a tried and true means of wealth building that delivers benefits to investors in terms of capital growth and tax reduction. While we have no real control over investment property gains we do have control over what we claim on our taxes....
by Sam Saggers | Mar 20, 2017
Budgeting, together with saving is the foundation of every successful wealth creation plan. If you don’t know where your money is going, and if you’re not diligently saving it, you’ll lack the resources to build a comfortable future for yourself and your loved ones. A...
by Sam Saggers | Mar 18, 2017
We don’t often think of homes as having a “reputation”, but they do. Consider, for example, the home at 6 Collins Street, North Ryde in New South Wales. The former home of Sef Gonzales and his father, Teddy, mother Mary and sister Clodine was the subject of litigation...
by Sam Saggers | Mar 16, 2017
There’s a large population of pets in Australia....approximately 25 million of them according to the ASPCA. Each of these pets are owned by people who need accommodation. While some of these pet owners own their own homes, many of them are renters in search of a home...
The post Pets: Should You Allow Them In Your Investment Property? appeared first on Positive Real Estate.