Buying vs. Renting for Pet Owners

Are you a pet lover tired of dealing with pet restrictions and extra fees when renting a home?

It may be time to consider homeownership.

As a fellow pet owner and mortgage broker, I understand pet owners’ challenges when finding a suitable home.

In this article, we’ll explore the pros and cons of buying vs. renting for pet owners to help you make an informed decision.

Benefits of Buying for Pet Owners

Buying a home has many benefits for pet owners. One of the most significant benefits is the freedom to modify your home to make it more pet-friendly.

For instance, you can install a pet door, build a fence, or add a pet-friendly room.

Nova loves to run around the backyard (while playing with everything). When we bought our first home, we were excited to install a fence to give her a safe and secure space to play.

We loved that we could modify our home to make it more comfortable for our furry friend.

Pet-Friendly Home Modifications for Pet Ownership

Pet owners can make many home modifications to make their homes more pet-friendly.

For example, you can install pet doors that give your furry friends access outside without letting them out yourself.

You can also build outdoor enclosures or patios to provide your cats with a safe space to play outside.

My son installed a pet door/window that allows his energetic orange cat to access the enclosed balcony at his home whenever he wants.

Additionally, you can choose pet-friendly flooring, create designated pet areas, and install safety gates to keep your pets out of certain rooms.

Finding Pet-Friendly Neighborhoods

Another benefit of owning a home with pets is choosing a pet-friendly neighborhood.

Some neighborhoods have amenities that cater to pet ownership, such as dog parks or pet stores. It’s a good idea to research the area before buying to ensure it’s pet-friendly and has the necessary amenities.

When looking for a home, I researched the neighborhoods to find ones with dog parks nearby. This made it easy for me to take my dog, Sam, out for walks and socialize with other dogs in the community. Also made sure the Vet was close by.

Choosing the Right Breed for Your Home

When it comes to pets, choosing the right breed is essential. Some breeds require more space or exercise, while others are better suited for condo life.

Considering your living situation and lifestyle is worthwhile before choosing a pet. For example, a small dog breed like a French Bulldog or a Pomeranian might be better if you live in a small house or condominium.

On the other hand, if you have a large yard and an active lifestyle, a bigger breed like a Golden Retriever or a Border Collie might be more suitable.

Considerations for First-Time Homebuyers

If you’re a first-time homebuyer, it’s essential to consider several factors before making a decision. First, you need to determine whether you can afford a home. Homeownership includes additional costs like property taxes, maintenance fees, and utilities.

Researching the neighborhoods you’re considering is crucial to ensure they’re pet-friendly. You’ll want to look for a community with dog parks, walking trails, and nearby pet stores.

When financing a home, you’ll need to consider your credit score, debt-to-income ratio, and down payment. These factors can impact your ability to get a mortgage and influence the mortgage interest rate.

Benefits of Renting for Pet Owners

On the other hand, renting also has its advantages for pet owners. One of the most significant advantages is the lower upfront costs. When you rent, you typically pay a security deposit and a pet deposit, usually less than the down payment required to purchase a home.

This can be beneficial if you have a limited amount of money saved up for a down payment.

Another advantage of renting is the lower maintenance responsibilities. When you rent, the landlord is responsible for repairs and maintenance, which can save you time and money. This can be especially beneficial if you have a busy schedule and need more time for home repairs.

However, when renting with pets, there are several things to consider. Many landlords that are allowing pets have pet fees, pet restrictions, including breed, size, and number of pets allowed. Additionally, some landlords require hefty pet deposits and additional monthly pet fees when allowing pets, which can add up over time. Those deposits and fees are part of the lease agreement between renters and landlords.

Deposits are intended to cover potential pet damage caused by dogs or cats. In addition, the rental agreement will often charge higher rent in the form of “pet rent.”

Even with a pet-friendly landlord, responsible tenants, and well-behaved pets, property damage from cats and dogs can occur. When this happens and the pet deposit isn’t enough to cover damages, additional fees or even legal trouble with local laws can result.

And even if there aren’t any physical signs or evidence of damage, pet odors can be one of the most common reasons for landlords to retain the pet deposit.

64% of landlords surveyed said they had property damaged by a tenant’s pet in a recent article.

Tips for Renting with Pets

If you decide to rent with pets, there are several tips you can follow to make the process easier. First, be upfront with your landlord about your pet. Make sure it’s a rental property that allows pets.

Make sure it’s truly a pet-friendly rental property. Some will prohibit dogs. And some will prohibit cats. Others can limit the total number of pets.

Also, make sure that there aren’t any breed restrictions that could affect you and your pet.

This will help you avoid surprises that could invalidate your lease, cause potential legal problems, and cost you thousands of dollars in lost deposits and damage claims.

It’s also essential to research the pet policies of the rental property before signing a lease. Look for properties that have reasonable pet deposits and fees and don’t have excessive pet restrictions.

When you move in, take steps to make your rental pet-friendly. This can include adding pet-friendly furniture, toys, and accessories. You can also create a designated space for your pet, such as a cozy corner or bed.

Buying a Home with a cat — Yours Truly with Pierre

The Benefits of Homeownership

Homeownership comes with many benefits for you as well as your pet.

One of the most significant advantages is you control your pet ownership, not a landlord or property management company.

You’ll also be building equity instead of paying rent.

Homeownership also grants you the freedom to make your space truly yours. This includes having pets!

You can adopt that adorable pup or take in a stray cat without asking permission from a landlord. Moreover, owning a home provides stability and, in some cases, tax benefits.

Conclusion

Owning a pet-friendly home is possible, whether buying or renting.

Buying a home provides more freedom, stability, and the ability to make modifications for your pets.

On the other hand, renting is more affordable upfront and comes with fewer maintenance responsibilities.

Ultimately, the decision comes down to your unique circumstances as a pet owner. Take the time to consider your financial situation, pet needs, and lifestyle before making a decision. Doing so lets you find the perfect home for you and your furry or feathered friend.

This article has provided helpful information and insights to help you make an informed decision. As a fellow pet lover, I’m here to answer any questions and help you get a mortgage for the perfect home for you and your pets.

Contact Steve Silver at Silver Mortgage, at 1-800-920-5720.

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