When it comes to real estate, mans best friend is not always so friendly to the bottom line. I have seen pets, being dogs and cats, affect the selling price of real estate in the tens of thousands. I do not own a pet, family allergies have prevented even a consideration of pets. But home owners and potential home owners should realize that the family pet can cost them many, many thousands of dollars at selling time. I have seen pets costs homeowners as much as $20,000. Of course this would be in addition to the routine costs of owning and maintaining a pet. A recent study determined that the average vet bills per year per pet are $1,500. This also translates into the savings a buyer may have for a down payment or closing costs, that can actually prevent the potential buyer from being able to qualify for a home loan. All and all, the family pet is much, much more expensive that one may think.
This happens in a couple of ways. If you are a seller and own a pet, over time you have become accustom to your pets odor. It is something that you don't notice, or you notice it, but do not feel at all as a problem. Well, it is a problem, buyers without pets can tell a home with pets. Even if they are OK, with pets, they can still smell the pet and will add up carpet cleaning, and usually carpet replacement with their offer. In addition, just having a pet will reduce your potential buyer pool, as I have had buyer clients that will not consider a home that has a pet, particularly cat(s). Whenever you reduce your buyer pool you reduce your bottom selling line. Second, often the pet will inhibit showings. If it is a inside pet, sellers will need to make arrangements for pets to be taken off the premises either by themselves or someone else. This makes showings more difficult to schedule, and making showings more difficult make for reduced showings. Third, not always, but sometimes pets will give a home a more 'used' look. Scratches on the door trim, gnawing of corners, matted carpet where the pet sleeps, excessive dog and cat hair, scratches on a finished wood floor, staining, etc. Pets just tend to age a home.
Another example is when the owner cages up the dog for showings. Caging a pet for showings is a viable option when you can not remove the pet for showings, however it can be very costly. I recall a number of caged pets that barked or growled non stop when I was showing a home. This made for a extremely unpleasant showing in that I could hardly talk with the buyers and the dog monopolized the showing. The growling dog adds a safety concern that makes the showing uneasy.
Another, more difficult factor is the dog next door. Many, many sales have been lost due to the neighbors dog barking or growling at the potential homeowners. That is almost always a deal breaker! The buyers just can't see themselves coming home to that every day, in addition to their safety and that of their children. I have been with buyers that would not even go into the home when greeted by the neighbors unwelcoming dog. This is the most difficult situation for a home seller, to be held hostage by the neighbors dog!
Regardless, when it comes to selling real estate, there is not an upside to owning a pet. I have even seen pet owning buyers not consider a home because there was a pet living there and they were convinced that their pet would not take to the home where a pet have previously marked out the territory.
One of the options a seller has is to rent a small machine (about the size of a small dehumidifier, that will filter pet odors and other odors as well. These machines rent for approx $300 for 2 months, but do a good job of eliminating most odors. A high quality carpet cleaning with special solvents for pet stains and odors is another recommended treatment. Air fresheners and cleaning litter boxes and pet areas frequently can also help.
Obviously, pets have contributed to our personal and family enjoyment, and for many, life without a pet companion is just unthinkable. I have been with many pet owning buyers and sellers to know this and appreciate it. But it is good information to know the unseen cost of owning a pet when it comes to selling real estate can be extremely high, and to anticipate some buyer rejection.
