When you are relocating for your job, or there’s another opportunity away from Nashville that you want to pursue, it’s a good idea to consider renting out your home while you’re away. You might not have the time or the desire to sell it before you have to move, and there are a few reasons that renting it out makes more sense.
When you move, you’ll have a house here and you’ll need to find a house in the place that you’re moving to, so you’ll typically end up with two mortgages or a mortgage and a rent payment. Renting your home here can help cover your expenses. You’ll be able to increase your cash flow and earn some money on your Nashville home. Depending on where you live and how long you have owned your house, you may or may not be able to cover all your living expenses, but it’s great to keep a house here that is basically paid for by the rental income you’ll be receiving.
I’m not an attorney or a CPA, but there are also a number of expenses you can write off with a rental property. Any of the maintenance and repair costs as well as expenses for new carpet, painting and things you do to get property ready to rent can all be tax deductible. You can also write off your property taxes, insurance and the interest you pay on your mortgage. All of those things may be a tax benefit for you; but please verify with your CPA to be sure.
Using a Property Manager
If you do have to relocate, it would be prudent to put your property in the hands of a professional management company. Then you can focus on your new job and your new home, and you don’t have to worry about things happening here. Property managers can worry about maintenance and rent collection. Your water heater won’t explode between 8:30 and 5:00 Monday through Friday. Trying to take care of emergencies like that long distance can be difficult. You’ll need to find someone to respond and your tenant will become unhappy if the process takes too long. We have procedures and vendors in place to respond quickly and keep your tenants happy.
We can help you make a decision about what to do with your property when you’re leaving Nashville. Please contact us at Browning-Gordon Property Management to talk about what you can do with your home.