• Life Style

How pet ownership impacts household budgets

• 1 Month Ago - 2025-03-04 10:06:00

Owning a pet can be one of life’s greatest joys, but it also comes with financial responsibilities that can significantly impact a household budget. From the initial costs of adoption to the ongoing expenses such as food and grooming, as well as the regular home maintenance costs, pet ownership requires some careful financial planning.
Before making the long-term commitment to adopt a furry friend, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, advises homeowners to carefully evaluate their home and their finances to make sure it’s a good fit.
"Owning a pet is a rewarding experience, but it comes with financial and lifestyle changes. Homeowners should consider whether their space is pet-friendly and whether they can afford both the predictable and unexpected costs that come with responsible pet ownership," says Goslett.
To accommodate pet-related expenses, it is advisable for owners to create a dedicated pet budget. This ensures that both planned and unexpected costs are managed effectively. Options such as pet insurance and emergency savings can provide financial relief in case of sudden veterinary needs.
According to RE/MAX of Southern Africa, other expenses that homeowners need to make room in the household budget for include:
• Property cleaning & maintenance: Pets may cause wear and tear on furniture, flooring, and gardens, leading to higher maintenance costs. You may also need to hire a cleaning service more regularly to keep the home fur-free.
• Security and fencing: Homes may need secure fencing or special enclosures to keep pets safe. These also need to be high enough so that pets aren’t able to jump over them or escape.
• Boarding: If owners travel frequently, additional costs for boarding facilities may arise. Those living in homes without a private garden space and who don’t work remotely might also need to factor in doggy daycare costs during the work week.
Once all the costs have been factored into the budget, it can be challenging to know where to find all the related goods and services, especially if you are new to pet ownership and new to the neighbourhood. This is where it can be useful to form a good working relationship with your real estate agent.
“Real estate agents are deeply connected to their local communities and can be valuable resources for pet owners. A knowledgeable real estate agent can often recommend local puppy classes, veterinarians, pet stores, and other pet-related services, helping homeowners settle into a pet-friendly lifestyle with greater ease," adds Goslett.
“While pets bring immense joy and companionship, they also come with many financial commitments. Responsible pet ownership requires budgeting for initial and ongoing costs to ensure a pet’s well-being without straining household finances,” Goslett concludes.