The Logistics of Owning a Vacation Home Rental

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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

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