Should I Allow Pets in my Lancaster County Investment Property?
This is a great time to purchase an investment property! Prices are low, interest rates are at an historic low, and there are many choices of inventory. One of the things a landlord needs to consider is whether he or she will accept tenants with pets.
The obvious downside is that pets may damage the property and cost the landlord money to rehab the home when the tenant leaves. However, there are more things to consider. For one thing, there's no guarantee that tenants without pets won't damage the rental, either. An extra pet security deposit may (or may not) cover pet damage. An added pet rent premium acceptable to the tenant may also be negotiated.
With the current level of foreclosures, there are plenty of families who used to own their own homes who now need good rentals to live in. Many of these families own pets, and most rental homes and apartments don't allow pets. This means that if you do allow pets as a landlord, you will have a greater pool of potential tenants, and hence a lower vacancy rate between tenants. Tenants with pets may also be more loyal and stay longer, since it can be hard for them to find other landlords who accept pets.
There are about five breeds that insurance companies don't want to cover at all because of their dngerous records. I have long had a policy of not accepting pets of any kind other than small, caged animals like birds or hamsters. Having said that, I've endured plenty of damage from tenants without pets, or those that started out without one and acquired one later without permission.
These days I'm more inclined to think that a well-qualified tenant with a reasonable pet, and an extra security deposit, might be a better policy than waiting vacant longer between tenants.
If you'd like to discuss how investment property in Lancaster County, PA can bring you tax advantages and a great retirement income, feel free to contact me.