8 Hidden Expenses of Pet Ownership
Updated: Sep. 05, 2023
Pets are like family, but the cost of cleaning, repairs, unexpected purchases and more can quickly add up.
What to Consider Before Adopting a Pet
Whether you’re looking to adopt a dog, cat, rabbit, hamster — you get the idea — it’s important to make a list of pros and cons and really consider the decision. The pros are obvious: seemingly unconditional love, a companion to come home to, and a friend to play with.
And a lot of the cons are obvious, too, like cleaning up after them and paying for food and medical expenses. However, some costs that come along with pet ownership aren’t always expected. Here’s what you need to know so you’re not caught off guard.
Furniture and Home Damage
Pets can be destructive. Cats are notorious for ripping up couches or chairs, and dogs can quickly tear apart your rugs or damage your floors with their nails. Lingering issues like pet odors (especially cat urine) can be impossible to mask and may require refinishing hardwood floors or replacing carpet.
You might be surprised to learn how much owning a pet can decrease the value of your property. One real estate agent estimated owning a pet can reduce a home’s value by as much as $30,000. Learn how to repair your pet-damaged furniture.
Pest Treatment
Flea, tick and other pest treatments aren’t always limited to a monthly pill. Pets can bring a major flea infestation into your home, which may require hiring a pest control professional to deal with the problem.
Increased Home Insurance
Insurance providers don’t love your four-legged friend. They see pets as a liability.
Dog bites are typically covered under standard homeowner’s insurance policies. But some may make exception for breeds with negative stigmas, like pit bulls, and require a higher premium. Keep this in mind before adopting a new pet, or changing insurance policies if you already own one.
Local Licensing
Most local and state agencies require tags and licenses showing updated vaccinations. Licensing and tags typically cost between $10 and $25 annually, depending on local requirements.
Pet Insurance
No one likes a surprise vet bill. That’s why many pet owners opt for pet insurance, i.e. health insurance for your furry friend.
Forbes estimates the average cost of pet insurance is $44 per month for dogs and $30 per month for cats with a $5,000 deductible. However, rates will vary based on several factors, including age and breeds.
Pet Deposits and Increased Rent
It’s no surprise with the home damage pets are capable of, many landlords are skeptical about allowing them on their properties. And when they do, it’s often with a hefty pet deposit.
The extra deposit, sometimes non-refundable, is held in case of wall or door damage, soiled carpets and other pet-related issues. Certain leases require an additional monthly fee on top of your deposit, so read your agreement carefully.
A Bigger Car or Travel Costs
This won’t impact all pet owners, but it’s something to keep in mind if you’re planning to adopt a large dog or more than one pet. Trips to the park or veterinarian office can be uncomfortable inside a small vehicle, especially one with only two doors, or a dog barrier blocking the passenger seat.
Travel expenses also add up quickly. A night in the kennel averages between $30 and $50 per night, according to Paoli Vetcare. And moving, especially internationally, can be exorbitant. A U.S. Pet Passport costs between $38 and $1,235, according to Pets That Travel, which doesn’t include your new country’s foreign animal processing fees.
Pet Fences, Crates or Other Protective Items
So you’ve adopted your pet, and despite your best training you still can’t stop them from damaging stuff. Now what?
Look into protective items like a pet fence to keep them contained to one area. Invisible fences are also an option if they like to run away or wander off your property. And if you opt for kenneling, try to DIY a dog crate and provide some dog accessories to prevent boredom.
Originally Published: April 26, 2023
