One thing you need to consider before investing in a vacation rental property at the Lake of the Ozarks is how often you plan to use it for personal use. This will play a big role in how often your property is rented. If you plan to use your vacation rental frequently during the tourist season for the Lake of the Ozarks, you're going to cut down your the opportunity to make money. Plan in advance to use the property during off season months and try to avoid holidays, as those will be the best times to capitalize on your investment.
How often will you want to use it yourself?
Consider the locationBelieve it or not, even though the Lake is considered to be a rural community, there are still highly sought out subdivisions that draw in vacationers. Before buying, it's important to do research of the area in terms of what vacationers look for. Select a location that can provide a relaxing environment, yet also be close enough to attractions, shopping, and activities so that renters will be more likely to choose your property above competitors. Don't forget to check into the amenities that are available within the subdivision you're interested in. The more perks your investment property at the Lake of the Ozarks has to offer, the more renters you'll procure. Our knowledgeable real estate agents can help pinpoint subdivisions that will be great choices for you.
Calculate your return on the investmentTake into consideration the cost of maintaining an investment property. The list of expenses does not end at the closing of the purchase. There are taxes, utilities, and sometimes even association dues that you must consider as well. Don't forget you will need to furnish the property to be turn-key ready, so that will add up too. While the goal is to make money from renting out the property, the expenses could very well outweigh the income you pull in. If you're prepared for this possibility in advance, you'll be happier with your decision to invest.
Does the subdivision have rental restrictions?
Make sure to check into rental restrictions within subdivision bylaws. Many subdivisions do not permit short term rentals. Therefore, it's extremely important to check into this BEFORE buying an investment property with the intent of renting on a nightly or weekly basis. Often times, when you are looking into buying a home or condo at the Lake of the Ozarks, you can request to review the subdivision rules/regulations and declarations/bylaws.
Investing in rental property at the Lake of the Ozarks is a great idea and can be a very lucrative side business. If you've considered these 5 points and still think buying investment property is right for you, contact the best real estate team at the Lake of the Ozarks to get started on your search! We're the experts in knowing all the best locations and highly sought after subdivisions that vacationers love and visit the most. We can help you find the perfect vacation rental investment property at the Lake of the Ozarks and get you on the right track to an exciting business opportunity. Contact the Fran Campbell Team TODAY to get started!
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