Hi , I Just bought my First Investment property with tenants in place. Current tenants are willing to sign a new 1 yrs lease starting sep 1st. They had a pet (Cat) last year 2014-2015 and not anymore .Tenant request the pet deposit refunded before they sign the new lease . Should i entertain this request ,inspect the property for any pet damages and refund the pet deposit or hang on one more year till the new lease ends ? please advise
If they are good tenants and you wanted to keep them. I would inspect the property and give it back to them if you dont see any damage. The only problem is you just bought the property and have no idea what the property looked like when they moved in.
@Raj Swarnam - How much is the pet deposit? you probably don't have much to lose by refunding the deposit. It's good that you don't need to find tenants right away.
I would inspect and refund the money as long as their is not evidence of a pet and the place looks good. It will go a long way for good renters :)
I carried over 600$ pet deposit from previous owner .
What is your policy going to be on pets and pet deposits?
What kind of condition is the property in now? Clean? Can you tell they had a cat from smell or hair? How long have these people been your tenants? How has their payment history been and how are they as tenants?
Perhaps you could offer them half of the deposit back and offer to shampoo the carpets and clean the ducts or some sort of maintenance that would be covered by the $300 dollars and make you both happy. This would give you a chance to not only inspect the property but see behind furniture and in places that you may miss during a walk through.
Going forward i was going to do monthly pet fees vs Refundable pet deposit .
The house is maintained clean . I have not closely inspected carpet and ducts for damages or residue .
Michael Roy - I like that recommendation . Offer to shampoo the carpet and clean the ducts and refund half the deposit back .
Thanks all for sharing your expert opinion . I appreciate it .
If they paid a deposit, that is not a form of income; it is to cover damages due to the animal. If there are no damages, and there are no animals, there isn't any reason to keep the deposit at all. If it was a non-refundable pet fee, there's nothing to return. The language in the original lease should be clear regarding how these funds were allocated.
If they have no intention of getting another animal, I would return the money if there's no damage. If there is damage, document and price before returning any of the deposit.
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