The Logistics of Owning a Vacation Home Rental

By -
Have you been thinking about investing in a vacation property at the Lake of the Ozarks? Owning a vacation home at the Lake of the Ozarks is a great way to have a place to stay while you're visiting the lake and potentially make a little extra income. However, before you decide to buy an investment property at the Lake of the Ozarks, there are a few things you need to consider. Read on to find to learn more about investing a vacation home below!

Photo Credit: funlake.com

How Often Will You Want to Use It Yourself?

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.

Consider the Location

Believe 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.

Do You Have Time to Manage a Rental Property?

Don't think that you can buy a rental property and just walk away and expect it to make you a profit. Owning an investment property takes work. Successfully turning it into a profitable investment can be more work than you're ready to take on by yourself. You'll need to coordinate arrivals and departures, maintain a schedule to avoid double bookings, handle any maintenance issues that may arise, process payments and book reservations, clean and restage the property between guests, and so much more. It may be beneficial to consider hiring a property management company to handle the details for you. Don't forget to calculate that expense into your cost.

Calculate your Return on the Investment

Take 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.

Buying a vacation property can be a great way to make extra income but we do advise that you take the time to plan out the logistics of owning a second home. If you're ready to move forward with purchasing an investment property, call the best real estate team at the Lake of the Ozarks - Fran Campbell Team! We can help find the perfect property to help you maximize your investment for many years to come!

Location: Osage Beach, MO 65065, USA

Comments

Post a Comment

Popular posts from this blog

7 Factors that Influence Your Home's Value

By MSW -
Image
If you're planning to  sell your home at the Lake of the Ozarks , the burning question is typically, "what is my home worth?" There is a lot that goes into accessing the value of your home and to get a good idea of your much our home is worth, it's a good idea to get an official appraisal value. This will not only give you a good idea of what to list your home at, but it will also help you during the negotiating process with potential buyers. Get some expert advice for pricing your home from our  real estate team at the Lake of the Ozarks . What Is The Home Appraisal? At some point during the home buying process, the buyer will be responsible for ordering a home appraisal. This is the official process wherein a professional appraiser evaluates several different factors to determine the home's current market value. The number they come up with will be important to all involved parties: The buyer will probably not want to pay more for the property than the appraisal
Read more

Fun Christmas Games for the Kids!

By MSW -
Image
Christmas is almost here! Soon the kids will be on break and the holiday festivities will begin. A fun way to keep the kids entertained during their break or at a family gathering is to have some fun games prepared for them to play. Holiday games don't have to be overly extravagant but having a few prepared can be a lot of fun and a joyful memory to be cherished for years to come. Today, our  real estate team at the Lake of the Ozarks  has a few fun games to enjoy over the holidays. Candy Cane Search Have you ever played "Hide the Thimble"? Put a Christmas twist on this classic children's game by using a candy cane instead. All you have to do is take turns hiding the candy cane around the house or one specified room and seeing who can find it first. For older children, use a miniature candy cane. Pin the Nose on Rudolph This one requires a little extra preparation ahead of time, but it's fairly easy. All you need is a bulletin board, construction paper, scissors,
Read more

4 Home Improvement Ideas for Cold Weather Days

By MSW -
Image
The back and forth weather we've been experiencing this fall has us all over the place with our home improvement planning. One day it's nearing 70, and the next it's in the low 30s. But just because Mother Nature can't make up her mind and is throwing us for a loop on what weather to expect doesn't mean that you can't complete any home improvement projects. You may not be able to focus on the exterior while the weather is cold but there are still plenty of home improvement projects to keep you busy on those colder days. Consider completing these indoor home improvement projects this fall and winter! 1) Interior Painting  Nothing freshens up the home more than a new pop of interior paint! This activity is perfect for the winter and it is perfect for every DIY-er. This is a great way to get rid of the cold weather blues and to keep up with your home improvement to-do-list. 2)Upgrade your Flooring  This is another perfect winter time project that is not subject to
Read more