Crafting Effective Pet Policies for Rentals

Managing rental properties comes with its own set of challenges, particularly when it involves deciding whether to permit pets. As a landlord, this choice can greatly influence your rental market. While pets might lead to increased wear and tear, they can also broaden your tenant base and encourage longer tenancies. Here’s how to develop a balanced pet policy that benefits both you and your tenants.

Evaluate the Advantages and Disadvantages

Before making a decision, it’s essential to weigh the pros and cons. Allowing pets can make your property more attractive to a larger audience, as many potential tenants either have pets or intend to get them. However, pets can also cause damage and might lead to complaints from neighbours. Carefully consider these aspects to make a well-informed decision.

Formulating a Pet-Friendly Policy

If you opt to allow pets, be clear about which types are acceptable. Take into account factors such as size, breed, and the number of pets allowed. You might also want to include provisions for pet-related damage or require an additional pet deposit to cover any potential repairs. This deposit can be separate from the standard security deposit, offering extra financial security.

Conduct Pet Interviews

Meeting a tenant’s pet can sometimes help you make a more informed decision. This allows you to observe the pet’s behaviour and assess how well the tenant manages their pet. A well-behaved pet often indicates a responsible tenant.

Incorporate a Pet Clause in Your Lease

Clearly outline your pet policy in the tenancy agreement. Specify any rules regarding noise, leash requirements, and waste disposal. Clear guidelines help prevent misunderstandings and ensure that both parties are aware of their responsibilities.

Regular Property Inspections

For properties with pets, consider scheduling more frequent inspections to identify any damages early and address them before they become severe. This also demonstrates to tenants that you take the property’s condition seriously, encouraging them to do the same.

By establishing a clear and fair pet policy, you can attract responsible tenants seeking a pet-friendly home while protecting your property and maintaining its value. Remember, a satisfied tenant with a pet often results in a long-term and profitable tenancy.


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Finding a mortgage

Buying a house is a massive investment and getting it just slightly wrong can be costly. Unless you have big savings, chances are you’re going to have to get a mortgage. It’s a loan secured against the property which means if you can’t meet the repayments the lender may repossess your home and sell it to get their money back.

The better you understand mortgages and everything to do with them, the better armed you will be to get the very best deal. With MMR in place, you’ll need to review your finances themselves before approaching possible lenders to see whether you can afford the monthly payments now and if interest rates go up, which they will…

What is MMR?

When it comes to finding a mortgage you have several options: mortgage brokers, individual banks or searching online. Again, it’s important to do your research. Searching online first, gives you a good idea of what’s available, but an independent mortgage broker can provide a more in-depth search and help you through the process. Being independent holds great value as they are not bias to any particular lenders or deals, they will give you their honest opinion and take away the stress of working your way through the mortgage market, they work for you to find you the best package to suit your requirements.

For more information on the current mortgage rules and deals, contact your local branch today to arrange an appointment.

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