Whether you are buying or selling real estate, it is critical that you have the property inspected and that you disclose any issues that are required by law to disclose. For example, you may be legally required to disclose lead, asbestos or other toxins in the home. Failure to do these things can result in fines or other issues. However, it isn't always easy for real estate buyers and sellers to know what they need to do. Hi, my name is Mary. I have been investing in real estate since the week after I left uni. I love it, and I have learned a lot along the way. I want to help and inform others so I decided to make this blog. I hope you find it useful.
When planning to rent out your real estate investment property, making it pet friendly could fetch you more demand and higher rental returns in the long run, so you might want to consider this choice for your house. More importantly, pet-friendly homes could attract long-term leases, reducing your hassle of looking for new tenants regularly. But making a home pet-friendly comes with certain inevitable damages to your home. Here are some ideas to protect your real estate investment property from pet damage.
Establish a Policy for Pets
A pet policy is a written agreement with your tenant with respect to the pets living in your property. You should include certain clauses that contain details about the number of pets in a home, refundable pet deposits, type of pets, property inspections, places where the pets will be housed and any other expectations you may have. Be sure to discuss your concerns with your tenant in advance, and establish a pet policy mutually accepted by you and your tenant.
Inspect Your Real Estate Property Regularly
You should ideally employ a regular property inspection strategy for visiting the home every few months to check for any pet damage. This inspection will help you establish whether your real estate property is maintained in good condition, despite the presence of pets. During every inspection, look for damage to walls, furniture, carpets and tiles in every room. As a responsible landlord, keep in mind that you should give proper notice to your tenant to establish a convenient time for your inspection.
Modify the Property for Easy Maintenance
To make your real estate property pet-friendly, be sure to use easy maintenance materials that are less susceptible to damage. Strong ceramic tiles are much better flooring solutions than carpets. This is because carpets are easily destructible and are subject to fur and urine stains. Similarly, adding proper ventilation to the home will ensure that there's enough circulation to prevent bad odours from being retained indoors. You may also want to install fences and gates around the home to ensure the safety of your tenant's pets.
Obtain Landlord Insurance with a Pet Clause
To better protect your interests, it's probably a good idea to obtain landlord insurance that includes pet damage. You will need to tailor the landlord insurance policy to meet your specific needs. Before signing the insurance contract, make sure that the policy covers all types of pet damage, including scratches, tears, blemishes, breakages and other problems.
For more ideas, contact companies like McGrath Real Estate Group.Share
28 October 2015