Pet Security/Deposit
Hello.
I am renting out my townhouse and ofcourse the association allows pets. As a landlord, will I need get special insurance for pets. If so, what is it called? Also, what are some of the other steps that I should when leasing out a home to tenants with pets?
Thanks!
Contact your insurance carrier. Typically you need to get landlord insurance to replace the homeowners insurance. Each carrier has rules on dogs. Usually there are no problems with dogs under 25 lbs. Collect the highest deposit you can in case there is damage. Also call prior landlord to determine if any problems with the dog.
Consider not accepting animals.
Quote:
On 2006-05-30 15:28, finniganps wrote:
Consider not accepting animals.
Yes, I realize that many landlords do NOT allow pets. I can see why but then I also believe that every case should be handled differently. However, why do you think that one should consider not accepting pets?
Oh and thanks for the response.
Hey,
When the markets change, you have to change also. So for years I also did not accept pets, but to stay ahead of the other landlords I now do.
And guess what....there is a large market of pet owners who want to rent.
Get a good deposit and you should be alright.
Bruce.
Was this townhouse your primary residence for the past two years?
If so, then rent for a couple of years, then sell in the third year while you can still take advantage of the tax free profits (up to $250K per taxpayer) on the sale of your primary residence. Rent for three years or more, your former primary residence converts to an investment property and you lose (for now) the capital gains exclusion on the sale of your primary residence.
You make a profit when you sell, until then your rental income is cash flow.
I have them sign
1) 8 page lease
2) 3 page policies and rules. sort of an extension on the lease but more specific instead of general
3) 2 page animal addendeum
4) 1 page lead in your home disclosure. i have them sign regardless of the age of the home
5) sign that they received the phamplet Lead in your Home
6) 4 page Move in Move out Property Condition