What’s the Difference: Investment Property vs. Vacation Property

 There are few things that compare to owning a second home at the Lake of the Ozarks. You have a prime place to vacation at your leisure, and the ability to rent it out for some investment income while you’re not using it. But at what point does it become more of an investment property than a vacation property? Well, in this week’s blog, I’m going to be discussing the difference between an investment home and a vacation home.

What is a Vacation Home?

First, it’s important to understand what a vacation home is. A vacation home is an additional residential property that you purchase to live in part of the year. For a home to be consider a second/vacation home, it must be over 25 miles away from your primary residence (although this can vary between lenders). A vacation home also has a specific amount of days that it can be rented throughout the year to avoid being classified as an investment property. When it comes to the taxes, a vacation home must be rented out for fewer than 180 days throughout the year and must be occupied by you personally at least 14 days of the year to remain a second/vacation home.

What is an Investment Home?

As for an investment property, this is a property purchased with the intention of generating income. While you can stay in this home, but property must be rented out more than 180 days per year to be considered an investment property on your taxes. A property can also be considered an investment home if you intend to flip the property or utilize it as a commercial space.

How the Mortgage Differs

The types of mortgages will vary depending on your classification of home as well. Lenders are typically more lenient on the terms with lower qualification requirements for second homes as opposed to investment properties. You’ll find higher mortgage rates on investment homes than on second homes.  Investment property loans typically require proof of more liquid reserves, as well as a higher down payment required. It should be noted that it is fraudulent to mislead your lender about the classification of your home. So, being upfront about your plans for the property is essential to your mortgage process as it will clearly be reflected on your tax returns.

So, when it comes to obtaining a mortgage at Lake of the Ozarks, these tips should help you choose the right mortgage to suit your needs as a homeowner. Understanding the difference between investment properties and vacation properties at Lake of the Ozarks can help you obtain the best possible results with your home. As always, I am here to assist you with all your mortgage needs and look forward to helping you achieve your dreams of living or investing at the Lake.

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Ideas to Update Your Vacation Home for the Spring & Summer Months at the Lake

 Owning a second home at Lake of the Ozarks in and of itself is a great accomplishment and one that you should feel a great sense of pride in. You have a prime place to vacation, to unwind, and plenty of activities to enjoy right in your backyard. So, why not get the most out of your lake home experience by enhancing your vacation home at Lake of the Ozarks. In today's blog, we're giving a few inexpensive home renovation ideas to help you spruce up your lake home in time for the Spring and Summer months.

Add an Outdoor Living Space

Every lake home should have an outdoor area that is comfortable, stylish, and functional for enjoying the lake life. After all, you'll be spending plenty of time out on the water, and it can really enhance the appeal of your lakefront home. Pouring a small concrete patio, setting up a small pavilion, or using natural landscaping, benches, and stone pathways can add a great deal of eye appeal to your property. If you'd rather not DIY a project like this, you can always count on the contractors at the Lake to come up with a collaborative design and complete the work for you.

Lighting: Indoors & Out

Replacing your old lighting fixtures can really enhance the entire home - inside and out! Adding solar lights to line a pathway leading to the water or other appealing areas around your property can do wonders. Plus, it creates a gorgeous view from the water as well. Consider highlighting your natural landscape, gardens, and shrubs to create an alluring atmosphere for your home. 

A Fresh Coat of Paint

New paint is always a great and typically more inexpensive way to freshen up an area. It can be used to complement or contrast other features of your home to create one-of-a-kind spaces that are unique to your taste. 

Update the Kitchen

You don't have to do a complete overhaul of your kitchen to maximize its appeal in your lake home. Adding small DIY's such as updated cabinet fixtures, paint, and small home decor items can go a long way in revitalizing your kitchen area. 

Update the Flooring 

Traditional flooring can take on extra wear due to the added exposure to water and sun that comes from living on the lake. There are several types of flooring that can help mitigate this: porcelain tile, vinyl, and laminate flooring are all resistant to water and work great for lake homes.

Photo Credit: FunLake

We hope that you have enjoyed your read and found valuable ideas to help update your vacation home at Lake of the Ozarks. Team Lasson enjoys living the lake life and is proud to be able to share the experience with other homeowners. If you're in need of additional cash for any home renovations, talk to us about refinancing your home at Lake of the Ozarks. If you're still in need of a lake home, we can help you purchase a vacation home at Lake of the Ozarks as well. 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

5 Considerations When Buying a Vacation Home at Lake of the Ozarks

While you dream of the warm Summer months on the distant horizon, you'll want to begin making preparations for your Summer vacation at Lake of the Ozarks. The resorts are immaculate, and Lake of the Ozarks hospitality is second-to-none. However, have you considered owning your own vacation home at Lake of the Ozarks? It may be more attainable than you think, and Team Lasson is here to help you every step of the way. Continue reading our blog for 5 things to consider when buying a vacation home at Lake of the Ozarks.

Plan Around Your Vacation Style

One of the first things to keep in mind is what kind of vacation you'd enjoy having the most. An energetic, on-the-move atmosphere, one more private and secluded or something in-between? The great thing about the Lake is that you can have it all. From cabins and ranch-style retreats with acreage to million-dollar lakefront homes with docks and cruisers. Lake of the Ozarks can be anything you make of it!

Your Lake Location

After you decide what type of vacation you'll be having at Lake of the Ozarks, you'll want to check out several of the cities around the Lake. All offer different advantages depending on what your priorities are. Here are a few of the cities around the Lake for you to choose from:

• Lake Ozark
• Osage Beach
• Camdenton
• Sunrise Beach
• Gravois Mills
• Laurie
• Eldon
• Versailles

Think of the Amenities

There are many Homeowners Associations around Lake of the Ozarks that offer amenities to make your time in the community more relaxing and enjoyable. From pools, gyms, and playgrounds to country club memberships, spas, and signature golf courses. Some of the amenities even include maintenance as an added or low-cost benefit. Amenities like this are great for vacation homes, so be sure to check them out when looking in each community.

Floor Plans & Room Sizes

This will depend a lot on the type of vacation you're planning on having. Will it be a private getaway as a couple or an elaborate hangout for friends and family? When house shopping, try to envision just how your vacationing lifestyle is going to play out in the home. This will have an impact on the style, size, and location of the home you want to buy.

Yard Functionality

Don't forget to keep the functionality of your yard in mind. You'll want to be sure that it fits with your vacation style as well. If you have any large future plans for the grounds, such as an in-ground pool. You'll need to consider that up front when looking for the perfect vacation home as expanding or changing these features later can take time.

If you've been vacationing here for years and are interested in buying a vacation home at Lake of the Ozarks, we'd love to help! Contact us today to get started getting pre-qualified for your mortgage at Lake of the Ozarks. Having this letter in hand will allow you to shop with confidence, plus it can give you an advantage when it comes to negotiations and being taken seriously as a buyer. Have any additional questions? Give us a call! Team Lasson is always here to help!

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

5 Off-Season Vacation Home Buying Tips

If you've been weighing the options of purchasing a vacation home at Lake of the Ozarks, now is an amazing time to capitalize. During the offseason, you'll be met with numerous advantages that are typically found this time of year such as, motivated sellers/builders, tax incentives, as well as potentially reduced home prices. Today, Team Lasson is here to provide some essential tips for buying a second home at Lake of the Ozarks during the offseason.

Think Summer

When you're buying a vacation home, it's important to keep the Summer months (or the months that you plan to visit your second home) in mind. As you are purchasing it during the offseason, you may overlook certain items that will be vital for the Summer months that you are enjoying the property. Things such as the air conditioner, which will likely not be run much while you're away but will be essential during the Summer. Outdoor features of the home are also important. While you may not want to "chill" on the patio during the Winter months that you are buying the home, you'll love these spaces during the hot Summertime. Docks are another important aspect of lake life during the Summer months, so ensuring that you have a well-maintained boat dock with the property is critical during the Winter buying season. Imagine all the fun Summer experiences you'll want to enjoy when searching for your vacation home at the Lake.

Buy the View

While it can be enticing to focus on location to work, your favorite restaurant, or some other amenity that you'll be enjoying, we think buying for the view is even more important. Unlike your primary residence where these features will be more prominent throughout the year, you are going to your vacation home for one reason, to experience the joys of vacation. Buy a home with a view that "wows" you every time, rather than settling for an okay view because it's conveniently located. The best thing about a home at Lake of the Ozarks is that you can have the best of both worlds, a spectacular view in a prime location. 

Seasonal Pros vs. Cons

There are of course pros and cons to every season - base your decision off which time is best for your situation. In the Winter, the weather is much colder, and conditions could delay showings or make moving yourself a little more tedious. However, the Winter season also offers less competition for Lake real estate, offering better pricing incentives. As well as offering more availability for a professional moving company to assist you in the moving process. Each season holds its own unique benefits for buying real estate, don't be deterred just because of a particular season.

Tax Incentives

When you purchase real estate on or before December 31st, you can benefit by being able to deduct interest and property tax portions of your mortgage payment, any points on the mortgage, as well as interest costs from your taxes. These end-of-year tax benefits can offer you some extra power in negotiations as well as help you save some reserves financially.

Seasonal House-Sitting

One of the final tips to remember when considering buying a vacation home at the Lake during the offseason is to think of this, "Who will watch my home while we're away?" Since you'll be occupying your second home much less than the primary, it's important to factor in who will be around to keep up maintenance, house checks, and ensure that your home is in good condition, free of any criminal activity, and deferred maintenance that may arise during your absence. If you don't have a family member or friend in mind that you trust, the Lake has many local companies that would be honored to assist you in doing so. 

Team Lasson loves Lake of the Ozarks and enjoys assisting others in making their dreams of homeownership at the Lake come true. We hope that you have found these tips for buying Lake of the Ozarks real estate during the offseason valuable. If you're looking to purchase a second home at Lake of the Ozarks to experience the lake life for yourself, we'd be honored to assist you in obtaining your Lake of the Ozarks mortgage.

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Vacation Home Winterization Tips

 It's clear that the cooler temperatures are here to stay, indicating that we are on the cusp of Winter. If you own a vacation home at Lake of the Ozarks that means it's time to start thinking about winterizing your home. In this week's blog, we will feature a few considerations to keep in mind when preparing to winterize your property.

If you don't have a second home at Lake of the Ozarks now is a wonderful time to buy. The housing market is solid, the mortgage rates are stellar, and Team Lasson is just a call or click away!

An Occupied Look

This is a very effective way to deter trespassers and potential criminals from your property. You can ensure that your home appears to be lived in year-round by keeping motion sensor lights running, setting timed lights at varying times throughout the day and evening, as well as keeping the exterior clear of snow. Everything but the snow clearance can be done completely remotely using modern technology, and local businesses would be more than happy to service your home while you're away for a small fee.

Home Security

Lake of the Ozarks is a generally safe area to live, but that doesn't mean that you shouldn't take some extra precautions to secure your home during long absences. While the occupied look is effective for deterring any potential criminal actions against your home, ensuring you have securely locked any entrances to the home and set alarm systems provides that added layer of protection should the occupied look fail. Before heading out for the season, double-check all entryways, doors, windows, and chimneys, ensuring they're tightly secure from entry or will notify you of suspicious activity. If you are leaving any sort of valuables in the home during the offseason, be sure that they are unable to been seen from the outside.

Protecting Your Pipes

This is critical during the Winter season here at Lake of the Ozarks. When pipes freeze, they expand and can burst, potentially causing some serious damages to your vacation home. Turning the water off and draining the water from pipes is hands down the best way to minimize the risk of freezing pipes. To drain your pipes, you can flush toilets and open faucets after the water is off. Another added precaution is to pour antifreeze into toilet bowls and tanks to further reduce the chances of freezing. If you aren't comfortable doing this yourself or have questions contacting a local plumber can ensure that this step is 100% complete.

Routine Maintenance

Routine maintenance prior to leaving for the season helps ensure that your vacation home is good to go upon your return. A few key maintenance items to take care of before leaving include service to your heating system and filling fuel tanks, if needed. If you're leaving the electricity on for the security measures listed above, consider hiring an electrician to inspect the outlets, wiring, and electrical panel to ensure all are functioning properly. Inspection of your home's roof to make sure it's clear of any debris or materials that could cause ice to build up, damaging the roofing system. And while the roof is being inspected, verify any risky overhanging limbs from trees that could be potentially damaging to your property should it fall. If so, having them removed should be a priority to reduce the risk of coming home to unexpected tree damage. Lastly, unplug all unnecessary appliances before you leave, this eliminates any potential electrical issues related to the appliances having a power surge while unattended.

Owning a vacation home at Lake of the Ozarks is an absolute joy and we hope that you have found our winterization tips beneficial for helping to protect your home during the Winter season. If you don't have a second home at Lake of the Ozarks, Team Lasson would be proud to assist you in financing it. To learn more about how we can help make your dreams of homeownership at the Lake come true give us a call at (573) 746-7211 or visit our website below. 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Are you ready to purchase a Vacation Home at Lake of the Ozarks?

Buying your first home is a huge step in many people's lives. It is exciting and provides a sense of accomplishment. You know what provides nearly the same level of excitement and pride? Buying the vacation home! When you purchase a vacation home at Lake of the Ozarks, you're entering into the lake lifestyle, a luxurious and leisurely experience.

When the time comes to secure your dream vacation home, financing can be a powerful asset. Let my years of lending expertise work for you to secure your second home mortgage at Lake of the Ozarks. Continue reading our blog to discover ways to secure your new home away from home.

Types of Financing

When it comes to financing a vacation home, there are a couple options that homeowners can utilize. Below we will describe the two options available and go into some details about each.

Conventional:

Conventional loans for vacation homes are structured very similarly to that of a primary residence loan. There will be a required initial down payment, which can vary in percentage based on qualifying factors, but they can be as low as 10% down. The loan payment plan will be amortized over the course of 10-30 years. This type of loan can be secured as fixed or adjustable interest rates.

HELOC:

A Home Equity Line of Credit (HELOC) is just what it sounds like, a line of credit tied to the equity you have built up in your home via continued regular payments. This type of loan is separate from your conventional loan, so if you already have a conventional loan on your primary home, this would count as a second lien. HELOC's typically offer adjustable interest rates and have varying draw/payment terms.

Vacation Home Mortgage Checklist

If you're in the market for a vacation home, it's likely that you have some experience in purchasing real estate. However, it never hurts to have a friendly reminder every now and then. When preparing to secure financing for a vacation home, it is important to have a few items covered before you start house hunting to ensure a smooth and timely closing.

• Good credit
• Ability to make down payment/closing costs
• Assets/Reserves
• Low debt-to-income ratio
• proof of vacation home status vs. investment property

Let's Get Started

Team Lasson has been assisting clients in securing their very own vacation homes at Lake of the Ozarks for years. We are proud to be able to serve the homeownership and financing needs of our community, as well as helping to expand the community by establishing quality vacation home mortgages at Lake of the Ozarks. So, when you're ready to purchase your second home, let us help you get to the beautiful Lake of the Ozarks.

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.