Rental Investments: Establishing a Pet Deposit

When dealing with rental investments, you are going to have to spend some time thinking about how you will handle pets. One of the best ways to protect yourself is to establish a pet deposit. Here are a few things to consider about establishing a pet deposit.

Amount

You need to spend some time considering how much money you should charge for the pet deposit. You want to try to think of all of the damage that could possibly be done in your rental property by a pet. Think about how much money it is going to cost to clean the carpets and fix any damage to the walls. You should consider checking around with other landlords to see how much they charge as well.

Lease

Whenever you come up with an amount for the pet deposit, you need to make sure that you clearly state it in the lease contract. You should put the amount of the deposit as well as how much you will charge if there is excessive damage caused by the pet. For example, if the pet completely destroys the carpet by chewing on it, the tenant should have to pay to replace the carpet instead of just clean it.

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