Making your investment property pet friendly

Many investors think allowing pets in their rental properties is asking for trouble, but the reality is very different. In fact, making your rental properties pet friendly can have distinct advantages and it isn’t difficult to ensure your property is ready for our furry friends.

Why allow pets?

Over 60% of Australians have pets and most people consider their pets to be part of the family and would hate to be parted with them. Which means, that pet owners who rent are often desperate for pet friendly accommodation.

Benefits for landlords allowing pets are numerous and include opening up the pool of potential tenants, and reducing the time it takes for your property to be rented since properties allowing pets are so in demand.

There is also the potential for more rental income as pet owners are usually willing to pay more rent. On top of that, research shows that responsible pet owners can be great tenants, who once they find a pet friendly property will want to stay longer and look after it.

While there are many advantages to allowing pets, damage could still occur so make sure you protect your property.

Practical updates to property

It is is wise to ensure that floorings and other fittings in your property are pet friendly. Hard floors are preferable to carpet. Choose durable, easy to clean paint when decorating and choose hard-wearing, easy to clean blinds over curtains.

Don’t forget the outside where keeping pets secure and safe is important. Make sure your property is well fenced and check there are no plants that could be poisonous to pets.

As an added bonus to attract responsible pet owners you might want to consider allowing a pet enclosure or at least a pet door. Having a pet door can reduce potential damage as animals are less likely to scratch at the door asking to be let out.

Putting protections in place

Remember that considering pets doesn’t mean you have to allow any pet. Look at each application individually. You can have safe guards in place, such as specifying the number and type of pets. Having a Pet Agreement allows you to specify any requirements you might have, such as what type of extra cleaning and pest control may be required.

You can even ask for a pet resume so you know whether any individual pet would be suitable for your property.

Insurance

Another way to protect yourself is to have sufficient Landlord Insurance which offers protection for accidental damage caused by pets. This can give you real peace of mind and ensure that if any damage does occur, you will be in a good position to repair it cost effectively.

Making your property pet friendly can be a huge boost for your investment. With a few minor changes to your property and having some protections in place you can look forward to a long and happy relationship with your tenants, who will be happy to keep their family together.