There are plenty of pet people on planet earth. From cats and cockatoos to puppies and chinchillas, people love pets. For real estate investors, however, tenants who bring Fido in tow can post some unique challenges — and costs — for your investments. Many property managers and real estate investors have pet policies that outright say “no”. After all, they shed, the damage furniture and floors, dig up prized petunias and can be quite the liability.
But should we be so quick to rule out man’s best friends? Perhaps not. Pets aren’t just pets for people — they’re valued and loved members of the family. There are tons of tenants out there who immediately rule out any property that doesn’t allow pets. When you allow pets, you open yourself up to a new demographic of tenants — pet owners — that aren’t always as bad as horror stories would have you believe.
If you’re considering making allowances for pets on your investment property (beyond service animals, which you have to accommodate by law), check out these tips.