While the demand for animal-friendly properties is to be met, can opening your investment door to furry companions in our country be your next profitable venture?
"Rentals that accept pets can certainly increase the market base," says Nicola Parisi, head of property management at Village Property, a real estate and value-oriented real estate management agency.
"In general, it's a good move. Moving with one's time and adapting to modern lifestyles is a great way to increase the number of inquiries and include tenants' requests with pets that a owner would not otherwise have received. "
This trend was closely followed by Emma Power, a senior researcher in geography and urban studies at Western Sydney University. After tracking Australian attitudes toward pets in the properties over the last 13 years and conducting several case studies, Power says owners could benefit from several investment advantages in their homes. They chose to welcome pets.
"A study done in the United States shows that people are willing to spend more on a property that accepts pets. There is anecdotal evidence in Australia in my research that shows that properties that accept pets are more expensive and will pay more for a property if it accepts pets, "she says.
"Although pet-friendly properties are less commonplace in the market, they can potentially give homeowners a competitive edge for tenants' safety. The real estate agents with whom I spoke also said that it was much faster to rent a pet-friendly property because the demand was still strong. "
5 tips for owners who accept pets
1. Ask for an "animal resume" and references to determine if it is suitable for your pet.
2. Have easy access to a park, yard or common area where dogs can be walked.
3. The temperament and socialization of pets are better indicators of whether or not the animal is suitable for its property than its size.
4. Review your current stratum regulations and make sure your tenant is aware of any particular condition, for example if the animal needs to be transported to public areas of the building.
5. Set up an appropriate insurance coverage.
Source: Emma Power, Senior Research Fellow in Geography and Urban Studies at Western Sydney University
To learn more about the benefits and potential benefits of integrating pets into your investment property, read the full article in the July 2019 edition of Your Investment. On sale at Coles press agencies and supermarkets from June 5 to July 3, 2019; or download the magazine now.
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