Some Tips If You’re Thinking About Renting Your Home While on Assignment
August 30 / Posted by
As a travel nurse who owns a home, you’ve probably thought about the possibility of renting out your home while you’re on assignment. Your home will sit empty for large periods of time, and you might as well take advantage of that, right? If you’re thinking about making some extra money on your property while you’re away, here are a few tips to keep in mind.
1. Know What You’re Getting Into.
Renting out a property comes with its own challenges. You’ll need to advertise your rental, speak with applicants directly, deal with tenant complaints and apartment maintenance, and potentially, evict bad tenants. This can be a lot for someone whose hands are already full with a career as a travel nurse. There are services that can make this much easier, such as Airbnb, online property management tools, and property management companies. We recommend looking into these services, getting an idea of the costs and what each of them can do for you, and determining what method would work best for you.
2. If You’re Renting, Read Your Lease.
Not all rental properties allow you to sublease or rent your property to someone else. Check your lease to see what your property’s policy is, and make sure you talk to your landlord before you get the ball rolling. If they do allow you to rent your property out to others, be sure to keep them updated on when the property will be occupied by a different tenant.
3. Make Sure You Understand the Laws in Your City.
In some places, there are laws surrounding how a landlord is able to run their business and charge for their property. For example, there may be a cap on the amount you’re allowed to charge as a security deposit, or how many tenants can occupy a given space. Make sure that before you start listing your home for rent that you fully understand the laws that affect your particular city and state.
4. How Will You Advertise the Rental?
There are a lot of great ways to get your property in front of the right people. Online advertising sites like Craigslist or local platforms like it are a great way to get a lot of eyes on your listing. Print resources like newspaper classifieds are still useful for targeting people that are looking for properties like yours. And perhaps one of the easiest ways to get people’s attention is a “For Rent” sign in your front yard with your contact info!
5. Ask a Tax Professional How It Will Affect Your Tax-Home Status.
Taxes are complicated, to say the least, and they can be particularly complicated for people that travel for work. If you’re going to be renting out your property while you’re away, you should talk to a tax professional about how it will affect your tax status.
6. Vet Your Tenants or Have a Service Do It For You.
A bad tenant can be a real headache. Before leasing your home out to someone, make sure that you’re checking on things like their credit history, their employment status and income amount, and rental references. If you’re using a service like a rental management company, they’ll often do this for you.
7. Consider Renting to Other Traveling Healthcare Professionals.
Wouldn’t the ideal tenant be another travel nurse or other traveling healthcare professional? Reach out to your recruiter and your travel nursing agency to ask about getting the word out to other travel nurses looking for a place to rent. You can also visit sites like FurnishedFinder.com to list your property with their service. They charge a $99 fee to list your property which includes vetting services for both renters and tenants, a valuable resource that will protect you both.
This is by no means an exhaustive list of considerations you should take before renting your home, but it’s a great place to start. Renting out your home can be a great way to make extra money while you’re away, but you should be sure that you’re ready to take on the responsibilities and costs that may come with it. Do you have experience renting your home as a travel nurse? Leave your helpful tips in the comments.