pet fee vs pet deposit - or both?
Hi BP community!
My wife and I are purchasing a duplex in Atlanta. One side of the duplex has tenants that might stay after we close, the other side is vacant. We're moving into the vacant side and have two dogs, so we want to allow our tenants to have pets. But we're not sure whether to charge our tenants a pet fee or deposit (or both).
Since we're living on the property and my lovely wife has past experience as a landlord, we thought we'd write up a 12-month lease and manage the property ourselves. At least for now until we get tired of managing things :)
The duplex has separate and fenced back yards. The occupied side has carpet in the bedrooms/stairs and laminate flooring.
What are the pros and cons of pet fees and pet deposits? Any suggestions on what we might want to charge?