Landlords, forget about the wear and tear that a pet-loving tenant may inflict on your condo. It is the future price that you have to worry about.
According to a new U.S. report, condo prices can be affected by whether or not pets are permitted or prohibited in the unit. As a pet-loving nation, with over half of all households owning some form of pet, many landlords have had a "pets welcome" policy for tenants.
The report concludes that there was a premium on prices for condominium units with unrestricted pet policies, while prices of condominiums with complete pet prohibitions were negatively affected.
Some condo management companies have implemented restrictive pet policies to prevent building damage. For example, a downtown Edmonton building only allows pets that are “not in excess of 15” tall at the shoulder.”
“Yes, there are some buyers that will not take a unit that was pre-lived by pet owners due to severe allergies, for example,” says mortgage broker Paolo Di Petta. “But, overall, I do not think that it will impact significantly in terms of re-sale value, as long as the unit is in good condition.”
Moves by condo management companies to impose a blanket ban on pets have been overturned in the past, citing discrimination as the reason and especially in the case of guide dogs. “Landlords only really face problems when adjacent units have unruly or loud animals. That is the main problem that we are seeing more of.”
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