Before you purchase a second home at the Lake of the Ozarks, or at least before you start renting your property to strangers, you should ask yourself a few questions. Think about how this decision will affect you and your property, and whatever your goals are with your property. Below are 6 questions to ask yourself before you start renting your property as a vacation rental:.
1. Why do you want to rent your property out?
This is the obvious place to start and will help you make decisions along the way. Do you just want to share your home with others? Do you want to help defray the costs of owning a second home? Or do you need the income to make the purchase of your second home affordable? Realistically, you can expect to defray some of the costs of owning a second home by putting it on a vacation rental program. Most properties do not realize a profit.
Heading into a vacation rental agreement with the proper expectations will make a big difference in how you determine your success and overall happiness with the experience. Also keep in mind that “strangers” are renting your property. There could be some damage and more wear and tear than if just you and your family used the property. You should also try to treat the experience as a business and not become too emotionally attached to the property.
2. Would I want to rent this property if I were a vacationing guest?
Why would you or anyone else want to rent your condo or home at the Lake of the Ozarks? This is a serious question that needs to be answered. What qualities make this property desirable when compared with other homes on the vacation rental market.
Are the beds comfortable? Are there adequate bathrooms for the number it sleeps? What is the view like? Does the deck furniture provide enough seating for all the guests? Is the water heater big enough to supply hot water for all the showers that will need to be taken? Do you have ample parking? Is the dock in good repair? Does the home show well? (Remember that a picture is worth a thousand words and a bad picture is worth a thousand bad ones). The furnishings, linens and dishes must be of decent quality, not too cheap and not too expensive, but made to last and able to take some use and abuse.
3. How does my vacation rental property compare to the competition?
This applies not only to other homes on your company’s program, but also with other homes in the vacation rental market. You need to look at what other homes are offering, where they are located and if they have any special features. A gentle slope to the water is more desirable than a hundred steps down the side of a cliff. A 12 x 36 boat slip is better than a 10 x 20 slip, especially as the boats seem to be getting bigger, not smaller. Bedrooms, bathrooms, furnishings, decks, the view and extras like a garage, foosball table, pool table or a home theater all affect the price and desirability of your rental home.
4. What do guests look for in a vacation rental property?
Here are the things that vacationers ask about when trying to find the perfect home or condo at the Lake of the Ozarks. These are the criteria that most affect rental decisions. Location, bedrooms, size (square footage and how many it sleeps), number of bathrooms, view, access to water (steepness), parking, boat slip & dock size, cable or satellite, wifi, number & size of televisions, fireplace, laundry facilities, plenty of dishes & cookware and then extras can help seal the deal like two king beds instead of one, an extra air mattress, a foosball table, pool table, darts, surround sound, home theater, etc.
5. How should I price my vacation rental property?
How do you know how much to charge for renting your property? A good rule of thumb is around $100 per bedroom per night. The more extras and desirable attributes your property has, the more you can increase that nightly rate. You don’t want to under price and you don’t want to over price. You want to give great accommodations at a fair price so that your guests will want to return to your property.
The price and condition of the property will also determine how well the guests will take care of your home. If it is in disrepair and it appears that you do not care how people treat your home, you will probably get more damage. If the home is kept up, in good repair and it appears that you care about your home, your renters will be more likely to take care of it, just as you would.
6. How much owner usage am I going to have?
The last thing to consider about renting your property is how often you will use the property and when and how often your friends and family will use the home; this will either negatively or positively affect your rentals. Limiting your owner usage to mostly the off-season and during the week leaves more desirable dates available for potential guests. If you and your family/friends take weekends during the summer and the holidays, it will definitely diminish your rental opportunities.
Renting Your Property at Lake of the Ozarks
Hopefully pondering on your personal answers to these questions will help you to make a decision on renting your property for all the right reasons. If you have any further questions about what to expect when you choose to make your property a vacation rental at the Lake of the Ozarks, don’t hesitate to reach out to us. Be sure to visit our website to see what our other owner’s have done with their properties to make them top Lake of the Ozarks vacation rentals. Remember that a picture is worth a thousand words!
Nightly Vacation Rentals at the Lake of the Ozarks:
Experience the Difference
4571 Osage Beach Pkwy
Osage Beach, MO 65065
Phone: 573-365-3367
