5 Tips for Using Your Second Home as a Vacation Rental!
During the fall months, some second homeowners at the Lake of the Ozarks don’t get to the lake as often and start thinking about whether it would be a good idea to rent their home out when they are not using it. Our family got its start in vacation rentals at the Lake of the Ozarks because we wanted to find a way for our lake home to pay for itself when we weren’t there - without it interfering with our ability to use it when we want to.
We have learned a lot over the years, and we encourage anyone who is interested in creating an income from their investment property. We want to share a few tips with you on how you can make that happen. At Lake OzarkVacation Destinations we also want to offer you our experience by managing your property for you, so you don’t have to even think about it. If you would like to learn more about making money in vacation rentals, keep reading this blog to learn a little bit about what it involves!
Trusted Service Companies.
When you rent your home as a vacation rental, everything must look and feel up to date and function as it should. With any home, regular maintenance is needed. With rental properties, sometimes repairs are needed, and updates are desired. Having companies you can trust to take care of maintenance, repairs, and updates is essential.
Experienced Legal Counsel.
Using your second home as a vacation rental at the Lake of the Ozarks is best done with good legal advice. You will want to be protected in case something happens to your property, or if someone gets hurt, or if your property is damaged. An experienced attorney can help you with contracts, waivers, and even business structuring to reduce your personal liability.
It is important to be careful who you allow to stay in your rental home. Getting the wrong tenant can be a nightmare you definitely want to avoid. Having a process to sort out those you don’t want inhabiting your rental property can be very helpful to avoid that frustration.
Your second home is a big investment, and you want to know it is safe even when you are not there. You also want to know that the grounds are safe for your guests as well. When you don’t live here full time it can be a challenge to keep an eye on things regularly. A high-resolution security system is a good idea if you are not able to check on your property frequently.
Money collection is another important aspect to manage. You will want convenient online payment options and efficient credit card processing. You will also want to have an accurate record-keeping system. Being prepared to manage your tenants and make sure everyone is paying on time is the overall goal (and challenge).
We hope you find these tips helpful when thinking about using your lake home as an income-producing property. At Lake Ozark Vacation Destinations, we have learned a lot about managing vacation rental properties at the Lake of the Ozarks. If you want to get started earning income with your second home but would rather have someone with more experience take care of these aspects for you, we have an easy process for you to get started. We have fine-tuned the entire vacation rental business model with our property management services at the Lake of the Ozarks. We know what clients are looking for and exactly how to provide it. We understand how to manage the properties, keep proper records, handle payments, and keep you legally protected all the while. If that sounds good to you, give us a call to learn more. We are excited for you and your new venture!