Investing in rental property in the Okoboji real estate market is a wise decision indeed! Not only will you have a property that you love and can use whenever you want it, but you'll also have someone else paying you rent while you are not using it. We all work so hard to give our families the best of everything, so why not have the best of both worlds in the very lucrative Okoboji area!
Before you rush into anything or make a decision based on emotion, take the time to review this blog to make sure you have considered a few more things when buying rental property in this sought after community. We have come up with some questions we think you should think about while you are exploring your real estate market options. The type of property, the area the home is in, how often you are renting the home out for, and the time of year you should be buying the rental property in are all things you should be thinking about. Let's take a closer look at each one, giving you as much food for thought as we can!
1. What Type Of Property Should You Be Looking For?
This is a very personal question that should be answered by having many discussions between you and your family. Make a list of things that you all must have and then from that list circle anything that is a true deal breaker. When buying rental property there are things you may have to compromise on and it's good to know in advance exactly what you can and can't live without. When thinking about the home as a rental property, it's also important to keep in mind if you and your family would be comfortable renting it. Some may buy a rundown shack and think they can get just as much rent as the upgraded cottage next door, but this is not the case. Renters in this area want a comfortable, clean property with great lakefront access for a fun-filled vacation. You need to consider the property as a good home for you, as well as a place that you would consider renting.
2. Where Should You Buy A Rental Property In Okoboji
The question of where depends on what you are going to use the property for. Is it a multi-million dollar home in the West Okoboji Lake area? Or, maybe a more affordable cottage in the Big Spirit Lake community? Either way, the type of home and the neighborhood will definitely help you narrow down your search. Do you want a home close to amenities or would you rather be a bit further away from the hustle and bustle to attract those looking for a quiet retreat? This may be getting a bit more specific but it is important to know who's coming to the area and what they are wanting to do when they get here. Having the perfect home that appeals to the most people is something that Hoien Realty will be more than happy to help you with!
3. What Are Your Rental Options?
This is a very important question to answer as it may put another slant on the type of home that works for you and your family. Is this a full rental where you are not going to visit the property and it's completely used as an investment property? If so, then put your renters cap on and think how a renter would think. If the property is to be used for part-time rentals, then you need to consider your family needs as well as the renters needs. This may seem like a lot but essentially if you are happy with the home for your family, it will more than likely be a good rental property as well. The last type of rental to consider is renting out rooms through companies like Airbnb. If your rental is large enough, then maybe you can rent a section of the house out. You can also consider Airbnb for those that only want a weekend renter or perhaps a nightly renter as well.
4. When Should You Buy A Rental Property?
Many buyers get caught up in their own vacation experience and want to buy in the peak summer month that they are visiting. This is not a bad idea as you get to experience the lifestyle of the area and have clearly found a great location that works for you. Also, if you are attached to a home and an area, then you may consider purchasing it before someone else does. However, if you have the time and are good to wait until the right one comes along, then we recommend doing just that. Take the time to explore more of the area and perhaps buy in the winter months when the market tends to slow down a bit. Also, if you have reviewed this blog in its entirety and feel you are very well informed, then making a purchase is probably a great idea indeed. Before you do anything, be sure to sit down with the Hoien Realty team today so we can help you work out all the details!