We are about to take ownership of our first IP and it is suitable for someone with a dog/pets.
– Do you charge extra for a pet?
– can you have a pet bond? How much?
– Can you specify on the rental agreement that pets are not allowed in doors (there is carpet)? If so, and they violate that, can you evict them?
Same with smoking, can you specify no smoking indoors?
Pet bonds vary from state to state some cases you cannot charge a pet bond. Which state are you in?
Most state governments have a website with tenants/landlords guides. Suggest a search and you'll track down an official guide.
Hi there
Is it being professionally managed? If so, the PM should be on the ball in respect to how much to charge and how to manage the risk.
For what it's worth, we've allowed pets in all our properties and (touch wood) have had some excellent, long term tenants.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
if you're based in NSW, then you could check out the "Being a Landlord" Guide from the NSW Govt.
There's also a really useful document called "Renting with Pets – a Landlord's Guide" from the Australian Companion Animal Council. You can check it out here. It may be of help to you.
I am in Vic, i allow cats in unreno'd property, tenants has to sign a separate pet agreement saying they are liable if the pet does any damage. You cannot claim pet damage on your insurance so charging extra would be wise. I'd say $20 per week for a dog, but in the ad just say "pets negotiable" or tenants might lie about having a pet and then one magically appears after they move in. If there is no pet agreement, put a clause in the lease saying no pets so it can be used as an eviction reason if a problematic pet moves in
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
A couple of things
Firstly, if you allow pets you can potentially appeal to a much larger population of tenants as many people have pets and many landlords don't allow them. However not all pets are created equally and although I often rent to tenants with pets they can result in more wear and tear on carpets, flyscreens and lawns. But a well behaved dog can frequently be better than a couple of badly behaved children…
However the most important thing is to be focused on the overall objective of the investment which is to sell at a good profit. It's therefore important to not be losing sleep over what the tenants and pets might be doing to the property. Chill out – leave it with the agent. Stressing over it is a psychological cost to you.
One last thing – expenses will always be more expensive than you think. I have found over a large length of time with several properties the breakdown of expenses goes thus 10% of the rent goes on Council Rates, 10% on agents fees, 10% on repairs, and 10% on sundry other stuff. 60% of the rent ends up in your pocket at the end of the day.
Good Luck
As a pet owner I think its awesome if you let the renter have a pet.
it depends., but for assurance purposes i suggest you include it in the your contract, if like them to no pets, if its ok include a clause that any damage done by the pet shall be charge to the tenant. in my opinion a pet in the house make it more conducive for the tenant, it brings a sense of relif from stress from a hard days work.
If you live in UK, you can have a look at the sample of Pet Policy in http://www.letswithpets.org.uk/letting-agencies/policy. In Pet Policy #6, it is clearly specified that as an owner you should not leave your dogs for more than 3 to 4 hours. If they are left unsupervised the owner must take responsibility to ensure that the dog will not cause damage to the property. That sounds sensible!
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