Pets Can Take a Big Bite Out of Resale Value
House Not Selling? Try These Fixes
NEW YORK – The cost of repairing damage to real estate caused by dogs is estimated by the ASPCA at $737 to $1,040 annually, and Scott Holeman of the Insurance Information Institute stresses that standard homeowners’ policies won’t cover damage to a home or personal property caused by a pet. Homeowners who own more aggressive breeds, such as pit bulls, face higher premiums or may find it difficult to obtain insurance.
In addition to the costs associated with pet-related repairs, damaged furniture, carpet cleaning, and preventive measures, dog owners may find that their pets put a damper on their home’s resale value.
While chewed furniture, scratched floors, and smelly carpets don’t necessarily affect the value, East Greenwich, Rhode Island-based home appraiser Susan Martins-Phipps notes that “it sends a message about how the homeowner is taking care of the house.” However, more significant damage could knock 2% to 5% off a home’s appraised value, she estimates.
“If a buyer has to repair all the woodwork or the dog has been chewing up the shrubbery – landscaping is expensive – the amount can exceed that,” says Martins-Phipps. And if homeowners don’t clean up after their pets, she says, “I think there's a conversation the agent selling the house needs to have with the homeowner.”
Source: Wall Street Journal (09/25/19) DeCarbo, Beth
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