A new report out last week shows that your four legged friends, no matter how beloved, could be devaluing your condo. This new US report researched the price of condos over time, compared with whether or not they allowed pets. The report concluded that while having a pet did knock down the resale price by a few percentage points on average (and up to 30% in the case of extreme damage), it’s more about the atmosphere pets set than the damage they’re inflicting on the building.
Do No Pets Prohibitions Keep Resale Costs High?
It’s no secret that condos tend to be more affordable than their urban detached counterparts, but building damage from pets (however minute) can affect the cost of resales later on. Many buildings hold back a few units for rental purposes, and while this can save them money on repairs when it comes time to sell these units off, many people just won’t rent if they can’t bring their pets with them.
But still many condo management companies persist with blanket bans - some relaxing them to the point where a pet can be 10” tall at the shoulder and no higher. But according to industry experts this has nothing to do with the damage a pet can cause - it’s more about keeping loud and unruly animals under control.
Unruly and Loud Animals a Problem
Many property management groups maintain that it’s not the pet scratching up the carpet or a surge in severe allergy sufferers, it’s about the atmosphere of living on a floor with 10 barking dogs at all hours of the day and night.
You’ve seen the stories in the news, the ones about people that just leave them out on the patio 8 stories up when they’re at work or going out of town on holiday. No one wants to live in a building like that - and if you’re an animal lover, living in an atmosphere like that could be your own personal hell.
Pet-Friendly Buildings Come at a Premium
Strangely enough though, condos that are pet friendly slap a premium on top - just in case. The report went so far as to conclude that buildings that blanket-banned pets were adversely affected, seeing their vacancy rates rise and some of their sales prices fall.
So are you darned if you do, darned if you don’t? It all depends on where you live. In urban centres it makes sense to restrict the size of animals, if only to keep the peace - but a blanket ban on pets of any sort ends up devaluing the condo, driving down rental prices and a whole host of other problems.
Either way, we can help you find a great new condo that suits you and your furry family - or help you find a buyer that would love to buy the one you already own. Give us a call today and see what the pet-savvy members of the Goodale Miller Team can do for you ir visit our luxury condos for sale page here today