A dog or a house?

 

Pets can come in all shapes, sizes and types. We fall in love with their unconditional friendship, companionship and trust and for many, they are, family.

Whilst confronting for some, it may be thought provoking for others as depending on the type of pet, they do and can cost quite a bit of money.

It seems cruel to compare a cute dog (especially like this one in the picture) to buying a house but the reality is that a pet can eat up your savings.

For example, depending on the breed, dogs tend to live between 8 to 18 years.

If you have a larger dog the cost of keeping the big fella happy can be significant. Between food and vet bills owners need to budget about $25,000 over 10 years, that is, $2,452 per year.

Finding a pet-friendly rental property is not straight forward either and it may mean you have to pay a premium in rent to accommodate your pets. The additional expenses makes saving for a deposit a little more challenging.

According to the information reported in landlords’ surveys, approximately 50% of rental properties were accepting of cats however only 11% accepted and allowed for larger dogs. It was reported that 82% of consumers renting had trouble finding rental accommodation that allowed for pets.

If you absolutely cannot resist those big brown eyes looking at you when going to the pet store you just need to remember your goal. If you are on well on your way with the deposit and a new friend won’t impact your dream, then go for it.

However, if the additional expense will impact your dream then why not wait until you can purchase a home for both of you.

Deborah Murphy is the owner of Aussie Dream Home Loans