Wednesday, February 3, 2016

Should You Rent Out Your Second Home?

As the owner of a vacation home at the Lake of the Ozarks, you must make many important decision about your second property. Most importantly, you must decide what should happen to the property when you are not there. Do you let it sit empty, or do you rent it on a nightly or weekly basis to vacationers? If you plan on not visiting the property for a long time, do you want to consider leasing it to earn additional income? Eagle's Nest Realty is here to help you weigh the pros and cons.

Benefits Of Renting Out Your Second Home

Under the right circumstances, renting out your second home can be a great option. Here are a few of the potential benefits of renting out your second home at the Lake of the Ozarks.

Someone Has An Eye On The Property
All homes require maintenance. One of the drawbacks of being away from your second home for an extended amount of time is that you may not be present to identify the need for certain repairs as they arise. If you have a renter on the property, you can be confident that someone will be present on the property and you will hear if something is in need of repair.

You Can Earn Supplemental Income
Owning a second home can be expensive, but having a consistent source of income from renters or vacationers can be a great way to offset the costs of ownership. If you lease your home for a year or more, you may even be able to earn enough income that you have some leftover after paying the mortgage and utilities. 

You Get To Be Involved In Someone Else's Lake Memories
The memories made at the Lake of the Ozarks are some of the best memories. By renting out your second home, you get to be a part of someone else's lake memories. Leave a guest book in your home so your vacationers can share their stories and their excitement. You'll love reading through it afterwards.

Drawbacks Of Renting Out Your Second Home

Unfortunately, renting out your second home may also come with a few drawbacks. Here are a few of the things you should be aware of before deciding to rent out your second property.

It May Be Harder To Take Care Of Repairs When You're Not There
Though having renters in your home practically guarantees you will be made aware of any issues in need of repairs, it doesn't mean that taking care of them will be any easier. Negotiating with repairmen and overseeing repairs from a long distance can be challenging.

Getting The House Ready In Between Renters Can Be Challenging
If two renters reserve your property back to back, you will have to learn to prepare the property for new renters very efficiently. The vast majority of property owners hire a cleaning service to help them with this process. You'll have to be ready to complete quick turn-arounds!

Your House May Be Damaged By Renters
The worst part about renting out your home is that you risk it being damaged by your renters. Since the home is not their own, they may not be as careful with the property. Their potentially reckless behavior could lead to the need for additional repairs, which may in turn be more difficult to handle since you're not there.

Eagle's Nest Resort Can Make The Process Easy For You!

While these drawbacks may seem daunting, there is still some good news. When you rent your home through a vacation rentals company at the Lake of the Ozarks, the burden is lifted from your shoulders. We will negotiate with renters and facilitate anything that needs to be done to care for your Lake of the Ozarks home. Visit our website for more information!

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