Pets can take a major bite out of your home’s resale value, The Wall Street Journal reports. Scratched doors, stained floors, and chewed-up furniture can prove costly for homeowners to repair.
Homeowner Lexi Methvin knows all too well how pricey pet damage can be. Since purchasing her $1.25 million home in Basalt, Colo., three years ago, she told the WSJ that she estimates she’s spent between $25,000 to $30,000 on dog-related home repairs, carpet cleaning, and preventive measures from her three dogs.
“Anyone who has seen a puppy suffer separation anxiety knows that dogs can take a costly toll on real estate,” the WSJ reports. “These expenses far exceed the cost of owning a dog, estimated by the American Society for the Prevention of Cruelty to Animals at between $737 and $1,040 a year.”
When it comes to selling a home, dog or cat damage can hurt home values. Home appraiser Susan Martins-Phipps told the WSJ that she’s visited homes that have chewed furniture, scratched floors, and smelly carpets. A home could potentially appraise up to 2% to 5% less due to pet damage, 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,” she says.
Homeowners may not have much protection in helping to pay for the damage either.
Standard homeowners insurance policies won’t cover pet damage to a home, says Scott Holeman, a spokesman for the Insurance Information Institute.
There are some protection plans offered on furniture to cover some damage from a pet, such as for stains, chips, scratches, water marks, or other damage. Pet damage is the second leading cause of furniture claims (behind product failure), according to Safeware, one of the largest protection plan provider firms. But it’s the costliest to repair, Mike Cole, a spokesman for Safeware, told the WSJ. Some firms will charge higher premiums to owners with certain breeds, such as pit bulls.
Source: “Pets Can Take a Big Bite Out of Your Home’s Resale Value,” The Wall Street Journal (Sept. 25, 2019)
