Lake of the Ozarks is one of the most popular vacation destinations in Missouri. Around two million people visit this region each summer. If you own a second home in this area, renting it out to visitors is a great way to increase your passive income.
It can be overwhelming to know where to start when looking to rent out your house. In this blog, we'll discuss the basics of getting your home ready to become a vacation rental.
Learn About the Local Regulations Regarding Vacation Rentals
Before you get started, you need to ensure that you can legally rent out your property. Many cities in Missouri require homeowners to get a short-term rental license. Other rules to keep at the forefront of your mind include:
- Obtaining liability insurance
- Guidelines surrounding property maintenance and noise levels
- Parking availability
Additionally, you'll want to check with your HOA board (if you live in an HOA-governed community) about their rules surrounding short-term rentals. HOAs may have the power to fine you for renting out your home.
An experienced property management company will be well-versed in these rules. They'll make sure that you comply before you get started renting your space.
Get a Rental Property Inspection
Your vacation home should be in exceptional condition before you start booking renters. Conducting an inspection helps you spot major issues and save money on repairs. You can also prevent negative reviews from happening if you address problems before someone stays there.
Schedule regular maintenance inspections throughout the year after you perform your initial one. Things to look at include:
- Basements and attics
- Major appliances
- Roof
- Plumbing
- Mechanical systems
- Fireplace
- Decks and landscaping
Obtain a Liability Insurance Policy
The last thing you want is to experience property damage after you have had guests stay in your rental property. This situation would be made even worse if you failed to have a liability insurance policy protecting you. Your policy should cover you and your guests if an unfortunate situation takes place.
Don't assume that your homeowner's insurance policy provides enough coverage. These policies only cover properties that are occupied by their owner. A vacation rental insurance policy will cover incidents that take place on your property regardless of who is involved.
Create a Vacation Rental Agreement
A rental agreement keeps you and your guests protected. Your tenants should have a clear expectation of what they cannot and can do on your property. Some of the items that should be included are:
- Check-in and check-out policies
- Rental fees
- House rules
- Regulations surrounding damage
Rent Out Your House With the Help of PMI Lake of the Ozarks
Choosing to rent out your house when you're not using it is a wonderful way to bring in rental income. Allow others to enjoy everything Lake of the Ozarks has to offer while spending time in your vacation home. Working with a property management company is the best way to protect your home and keep your life stress-free.
PMI Lake of the Ozarks is proud to be the leading property management agency in the area. Our expertise will save you time, money, and hassle. Contact our Osage Beach office to book a consultation with one of our property managers.
