Buy What You Can Afford
The biggest mistake a 2nd home buyer can make when buying investment property at the Lake of the Ozarks is depending on that property to bring in income to cover its own expenses. The majority of the Lake of the Ozarks vacation rentals see the most activity during the summer months and see very little activity out of season. This means very little to no income during that time.
On top of your mortgage payment, there will be the initial cost of staging the home for renter use. If you don't have additional furnishings already, your cost of staging can be quite costly. You'll have utility start up fees and recurring expenses. If you buy within a condo or homeowner's association, there will likely be monthly, quarterly, or annual assessments due. Some associations require amenity memberships in order for owners and guests to be able to use the amenities. Last but not least, there will be taxes, insurance, and maintenance expenses as well.
Will Your Property Entice Renters?
Your ideal vacation spot may be somewhere secluded, but most vacation renters choose their stay at Lake of the Ozarks based on its convenient location to activities at the lake. Most people are drawn to the lake to enjoy the lake itself. So renters are more likely to look for lakefront properties than offshore properties for their stay. Find a property that provides the lakefront luxury and the convenience of close by shopping and activities.
What amenities does your property offer? Having access to a pool on-site rather than having to find one nearby will be more enticing for a renter. Making your home turn-key ready will also bring more renters. People don't want to have to pack their entire home just to go on vacation for a week. If everything is provided, it makes their trip easier and more enjoyable.
Having wi-fi and cable available for your renter's convenience is a must for today's tech-savvy generation. Many folks rely on internet for both work and leisure purposes. Set up a guest wi-fi that is password protected so they can use it without the frustration of a slow connection. After a fun-filled day out on the lake, your guests will appreciate being able to relax and unwind with their favorite show.
Consider Hiring a Property Manager
Between advertising the property to maximize its full rental potential, coordinating check-ins and check-outs, scheduling cleanings between guests, and handling any unforeseen maintenance that may come up, managing a vacation rental property can be a full-time job. You can do all of this via phone and email communications, but do you have the time to commit to following through? By hiring a property manager you eliminate the stress of keeping track of these tedious tasks.
Another great perk to hiring a property manager at the Lake of the Ozarks is their marketing experience. They will be knowledgeable about the local rental rates and can help maximize your advertising opportunities. A property manager can also make sure that any potential bylaws or regulations are not being violated.
If you have questions about what to look for in a vacation rental home at the Lake of the Ozarks to optimize your rental nights, don't hesitate to contact the best vacation rental property manager at the Lake of the Ozarks for all of your needs. With over 20 years of experience in property management, you can be certain we'll provide the best quality of service.
For more information please call us toll free at 1-877-284-0267!!
4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076
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