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Letting pets into your properties: Is this a good move for investors to make?

By Andrew Bell

Owners of rentals in Surfers Paradise have a number of things to content with when opening their portfolio’s up to tenants. There are a wide range of factors that need to be considered before moving forward with the decision to choose renters for your property. However, one of the main things to come up these days is simple: are tenants allowed to bring their pets into your home?

Making a choice about this should be at the forefront of your thoughts before you even think about putting your home on the market. From the get go, it’s important to have a hard line about this and be able to provide inquisitive people with a straight answer. Of course, the choice is entirely up to you – after all, it’s your hard-earned money that has gone towards purchasing the property and if you’re not keen to have animals living in it, that’s your prerogative.

However, keep your mind open to the fact that many tenants these days do have pets and will be more willing to flag your home and move on than get rid of their pets. Therefore, by denying pets in your real estate, you’re effectively sectioning off an entire group of potential tenants who could be reliable and tidy. This can limit the people looking into your property – and who knows, maybe the your perfect tenant will only want to bring their furry friend along?

What are the benefits of considering pet-owning tenants for your Surfers Paradise property?

There are a number of potential silver linings that can come from opening up your home to pet owners. For one, taking care of another living creature shows a pretty large degree of responsibility and integrity, which translates into desirable traits for tenants in the long run. If they’re affectionate, attentive owners, these tenants may be good at paying their rent in full – and on time.

This could also be a wonderful change up after having terrible, selfish tenants prior to this. Furthermore, tenants with pets of their own are more likely to stay in your real estate in Surfers Paradise for a longer period of time. This is simply due to the difficult many have finding rental properties who are willing to have them with their pets – the difference that sets you apart.

If you build a strong, friendly relationship with these tenants, this can work out to be a lucrative opportunity for you, allowing you to reap the rewards of constant cash flow from responsible tenants without worrying about them up and leaving. While this is guaranteed, keeping pet owners for extended period of time is more likely than renters who aren’t hindered in their property searches.

Potential for higher asking rent from pet owners

Allowing people into your rental property with pets is a wonderful way to open yourself up to a wider range of tenants. However, it’s also possible to potentially charge a slightly higher rent, due to the inherent risk of having animals living in the property.

Of course, this is entirely up to your discretion and could do with some thought before committing to a flat rate increase. For example, charging tenants with a cat or bird the same as someone with a big, outdoor dog doesn’t make sense.

However, this type of move may need to be discussed with a real estate expert to gauge the appropriateness of the decision. Get in contact with a professional in your local area to chat about the options available to you concerning your investment real estate in Surfers Paradise.

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