Talk to a Property Manager BEFORE Purchasing an Investment Property

Over the past few years, Your Lake Vacation has received numerous phone calls from people looking at the option of purchasing a Lake of the Ozarks investment home or condo to put on a vacation rental program. Those folks made a great choice by reaching out to a company like us “prior” to making their purchase. Why? Well, unfortunately, we’ve come across owners who have made the mistake of purchasing a property that either could not be rented or would be very difficult to rent. Keep reading to learn more about why it’s important to talk to a property manager before purchasing an investment property.

Vacation Rental Restrictions

Although the Lake of the Ozarks is one of the best summer vacation destinations in the entire Midwest, there are some areas that just do not allow nightly rentals. In addition, there are some areas, and some properties, that just are not very desirable for vacationing guests.

A few years ago, Your Lake Vacation owner, Russell Burdette, got a call from someone who had just purchased a home in an area that did not allow nightly rentals. He says, “There was dead silence on the other end of the phone when I explained that they had purchased in an area that had restrictions against nightly rentals. I can only imagine the conversation that they had with their real estate agent. A conversation that they should have had prior to purchasing the property.”

Vacation Rental Desirability

Your Lake Vacation has also received numerous calls over the years from people who have purchased Lake of the Ozarks condos at a complex that just is not very desirable for rentals. The complex may have a lack of parking spaces, a lack of boat slips, is located in a horrible location or there is no elevator and they just purchased a fourth-floor unit with 30 plus steps. Russell states, “I just looked at a condo with a Realtor friend and her client. When you opened the blinds, you were looking directly at another building on one side and a large tree with just a tiny hint of water on the other side.” Fortunately, that client did not purchase that condo. Not only would it have been a challenge to rent that property, but the owner would not have been happy with the number of rentals they would have received.

Why Do People Visit the Lake?

Ask yourself, why do people visit our beautiful area? The answer is, the Lake! It’s not the mall, not the hiking trails, not the restaurants, not the local shops, not the bars, but the Lake itself that draws people to our area. Take the Lake away, and most of the other businesses would go away as well. Lake of the Ozarks vacationers want to rent waterfront property with a view of the Lake! While other factors do play a part in a guest’s choice of properties including location, amenities and how many people the property will sleep, at the end of the day, the single most important factor is that your home or condo should be on the water with a good or better yet, great view of the Lake.

For more information about our property management services at the Lake of the Ozarks, don’t hesitate to give us a call or shoot us an email. We’d be happy to discuss your Lake of the Ozarks home or condo’s rental potential and how we can help you become a successful second home owner here at the Lake! Remember that it’s a smart idea to talk to a property manager before purchasing an investment property, whether it’s us or another manager in the area.