Australian real estate agents know that the biggest benefit property owners get from rental property is the added income. But with rental properties abound all over Australia, investors find that they need to stay competitive in order to always have a renter willing to let the property. Your real estate agent can give you some ideas for appealing to renters, but there is one way to stay competitive in the Australian rental market, and that’s by allowing pets.
Many renters don’t allow pets on their rental properties because they fear that the animal will destroy the yard, the interiors, or leave behind an odor that will be unappealing to future renters. Since so many property owners don’t allow pets, you can increase your applicant base by being a letter that allows pets. To keep yourself from having damaged property, you simply need to add a detailed addendum to your regular rental agreement.
Deciding on Your Pet Policy
Before creating an addendum, you need to determine what you’re willing to accept when it comes to pets. Some Australian property owners only allow small pets, such as cats, small dogs, turtles, or small animals such as hamsters or guinea pigs. It’s much harder for a person with a large dog or an aggressive animal to find a rental property. If you really want to guarantee that you’ll always have a renter providing you with income, you can allow renters with large pets. Depending on the types of pets you’re going to allow will determine what you need to put on your addendum.
Creating a Rental Addendum
An addendum is paperwork you add to a traditional contract. It lays out terms that are unique to that person’s contract. With a pet addendum, you want to lay out all cases of liability that the pet owner is responsible for if the pet damages your property. You want to lay out that the pet owner is financially responsible for any damage, that they provide an additional non-refundable deposit that’s used for deep cleaning of the property at the end of the lease, and lays out rules for the animal living on the property. You may want the family to use an outside kennel so that the landscaping stays nice, or you may require that the animal is penned up when no one’s home to avoid damage to the property. You can speak with your real estate agent or a real estate attorney about the most ideal pet addendum.