Category — Smith Mountain Lake Real Estate News

Are you ready to test your athletic abilities? Smith Mountain Lake is becoming a choice destination for competitive sporting events, so it’s time to get warmed up and ready.

The Appalachian Power Smith Mountain Lake Triathlon 2011 is scheduled for May 7at 9:00am. The event will take place Smith Mountain Lake State Park at the swim area pavilion. This is a 750 meter swim, 20k bike, and 5k run. The triathlon is the first open water swim event in the western part of the state and is one of the most popular in the Virginia Triathlon Series. The race will begin and end at the parks beach area. Registration is open now. More information on the event, such as registration fees for entering, can be found at www.setupevents.com.

This fall (on September 25) will be the annual Big Lick Triathlon. This event is known as an Olympic distance triathlon, and is the longer of the two events. It includes a 1,500 meter swim, 40 kilometer bike ride, and 10 kilometer run. There will be 15 to 18 states represented, and the event has been designated as the USA Triathlon Mid-Atlantic Collegiate Championships. This means more than 15 college teams and clubs will use this as their championship event.

These events will be great for the local economy, as everyone attending will be using local places to shop, hotels to sleep, and restaurants to eat. Smith Mountain Lake provides calm waters and great terrain for this type of event, and is also easily accessible. People from all over the U.S. are expected to attend.

While you’re here for one of the events, think about moving to the area! Smith Mountain Lake has so much to offer for everyone in the family. There are plenty of activities and things to see, and we’re a great destination for your dream vacation home. Call Vicki Millehan, your local real estate expert, to help you buy or sell your home.

Still considering your New Year’s resolutions? We’ve been talking about a financial plan for your Smith Mountain Lake home, including insurance and taxes. Last, but definitely not least, are repairs and renovations. Every homeowner knows that normal wear and tear, different seasons of weather, and – of course – the inevitable breakdown of an appliance are bound to happen every year. You should be prepared to spend 1% to 3% of your home’s value annually on maintenance.

Remember that extra $100 a month that we talked about putting toward your mortgage? If you’re not prepared for an unexpected repair, you should consider opening a savings account to use as savings for this necessity. To help with your budget, review the inspection you had done when you bought the home. Does it indicate you’re going to need a new roof in the next year or two? Keep track of your appliance purchases as well, so that you will know when they are going to need replaced.

Some average estimated replacements are as follows:

• Roof: every 20 – 25 years

• Heating systems: every 15 – 20 years

• Stoves: every 11 – 15 years

• Water heaters: every 8 – 13 years

Consider non-emergency maintenance and any upgrades you have been planning. If you’re planning on paying off your mortgage early, you don’t want to rely on a home equity loan for these contingencies, as this will defeat the purpose.

With a little planning for the new year, you will be able to relax and enjoy your Smith Mountain Lake home for many years to come. Then you can tend to your other new year’s resolutions, such as burning off the calories from all those Christmas goodies. Getting out and enjoying all the activities and beauty the area has to offer makes fulfilling that resolution a win-win situation for you!

Thinking about selling your home, or moving here in 2011? Contact Vicki Millehan, the area’s local real estate expert, to assist you with all of your real estate resolutions.

Still planning your New Year’s resolutions? Last time, we talked about a resolution for a financial plan for your Smith Mountain Lake home, and your mortgage. This time, let’s talk about insurance and taxes. Owning a home is your biggest investment. Whether you live here year ’round, or own a vacation home, you should make sure you are adequately covered.

For your basic policy, get insurance with full replacement coverage (in case your home should burn to the ground). Don’t forget – you own the land on which the home sits, as well. Make sure your property is covered, as well as what’s inside your home.

Liability insurance protects you from a lawsuit, if someone gets hurt on your property, for example.

Disaster insurance policies are optional policies, and will vary by region. They normally cover flood, earthquake, and hurricane damage. As part of your financial plan, research the specific kind of insurance you need for your Smith Mountain Lake home. Determine what your standard policy covers. Also, look into ways to cut your premiums. These may include structural improvements, as well as belonging to groups such as AARP, and veterans organizations.

Even a great place like Smith Mountain Lake has property taxes, and you should plan for them in your budget (especially since they tend to rise every year). If you pay your taxes from an escrow account, you should still keep track of the increase in your bill. You can ask your tax adviser about deducting your taxes on your federal return, and you can also challenge your assessed value. Do your homework first, by finding out if comparable homes are taxed less. Ask your local assessor what formula is used to set tax rates.

Most of this information is common knowledge for a homeowner, but it doesn’t hurt to take a look each year at where your dollars are going, and how best to make them work for you and your home.

If your plans for the new year include buying or selling a home at Smith Mountain Lake, call Vicki Millehan, the area’s local real estate expert, to assist you with your real estate needs.

Now that the excitement of the holidays is over, don’t let cabin fever set in. There are many activities taking place this month at Smith Mountain Lake and in the surrounding area, for those who want to get out and about, but also want to stay indoors where it’s warm.

On January 20, enjoy live jazz music with the Charlie Perkinson Trio at the Blackwater Café from 6-9pm. For more information, call 540-721-4333.

On January 24, come to The Embers Live Beach Music Concert at the Roanoke Civic Center at 6:30pm. Tickets are $17 in advance, and you must be 21 or older. For more information, call 877-482-8496.

On January 22, the kids will love the To Infinity and Beyond space program from 2–4pm, at Amazement Square (Lynchburg). Bring the family out to explore history, and the possibility of future space travel. The program is free, but museum admission does apply. For more information, you can call 434-845-1888.

What’s better than some good southern cooking? The Landing Restaurant will be holding its Meatloaf Cookoff on January 29 at 1:00 pm. Open to the first 30 amateur cooks who enter. Bring your special meatloaf, and one southern side dish. Owners Bruno and Tiffany Silvo will be judging. Prizes include gift certificates, a trophy, and – of course – bragging rights! Call 540-721-3028 for more information.

Valentine’s Day is right around the corner, so plan to attend the Second Annual Hearts Ball at the Blackwater Room (at the Pointe at Marlanding). Proceeds will benefit the American Heart Association. The event will take place on February 12, starting at 6:30 pm. Tickets are $125.00 per person (including overnight accommodations), or $100.00 per person (for the event only). The evening will include a four-course chocolate-inspired dinner, a Heartini Bar, and a live and silent auction. Dinner will be followed by dancing, with The Uptown Trio. For more information, call 800-851-4988.

Smith Mountain Lake provides an abundance of things to do and see all year ’round. If you’re thinking of moving to the area, or purchasing a vacation home here, call Vicki Millehan, you local real estate expert and longtime Smith Mountain Lake resident! Come join the fun.

What are your New Year’s resolutions for 2011? Do you plan on losing weight, getting more exercise, or starting a project that you have been putting off? Have you thought about making a financial plan for your Smith Mountain Lake home?

As every homeowner knows, there are costs associated with owning your home, and without fail, a surprise maintenance situation will arise. There are some simple things you can do to make sure your home financial plans are in shape for the year to come.

The first thing you should do is make time to sit down, and list your home-related expenses. The list should include your mortgage, taxes, home insurance, repairs, and maintenance (including any upgrades you have been planning). This will give you a good idea of where you should plan on your money going.

First, let’s talk about your mortgage. Whether you live here at Smith Mountain Lake year ’round, or own a vacation home here, paying a little extra each month (even $100!) could save you a huge amount in interest. Say you owe $200,000 in principal, with a 20-year fixed rate at 5%. Paying a little extra each month could save you almost $15,000 in interest over the life of your mortgage loan.

Paying off early also has the advantage of minimizing your potential tax loss. Toward the end of your loan, most of your payment goes to the principal – so you’re only going to get a small tax break anyway. Other, less obvious, advantages include feeling good about owning your home outright, as well as the fact that less debt means more money to spend later. Think about that new boat you’ve been wanting, or more vacation time at your Smith Mountain Lake home.

Over the next few weeks, we will talk about additional financial resolutions. In the meantime, if your 2011 plans include buying or selling a home at Smith Mountain Lake, then call Vicki Millehan, a long-time area resident, and local real estate expert.

Who says fishing is only for warm weather? Ten years ago, you wouldn’t find many anglers out on Smith Mountain Lake in December and January. But in the last five years, the local striper fishery has changed the prospects for all of our local diehard anglers.

The lake has a good striper population, and plenty of forage – providing mountain anglers a great opportunity to get in some great fishing close to home. The average striper caught in December is 25 inches; the average increases to 27 inches in January.

During the winter, fish travel all over the lake to feed. Last year’s very cold temperatures caused a lot of the threadfin to die off. Stripers feed on these dying fish, which makes it fishing more ch’allenging, as it causes a lot of competition with your bait. This year, though, the population of threadfin is down greatly, improving your odds of catching a great fish.

Some people think it’s too cold in the winter for fishing, but with proper preparation (such as dressing warmly and making sure your boat and boat battery are in good working order), fishing can be enjoyed year ’round at Smith Mountain Lake.

There are so many things to do and see here in every season! For those of you who don’t care to fish, there are plenty of other activities, plus shops and restaurants to keep winter boredom – and cabin fever – away.

Whether you are planning on moving here, or are looking for your perfect vacation home or condo, contact Vicki Millehan! She is your local real estate resource for Smith Mountain Lake and the surrounding area!

Booker T. Washington, one of America’s most recognized black heroes, has a connection to Franklin County that is remembered at an historic site located in Hardy, Virginia – not too far from Smith Mountain Lake. The local tobacco farm where he spent his early life is now a national monument.

Washington was born and grew up as a slave on the Burroughs tobacco farm, but was freed at the age of nine. After the Civil War ended, Washington founded and became the first principal of Tuskegee Normal and Industrial School. Washington also became an adviser, author, orator, and an influential spokesman for the black community.

The old Burroughs property lost value after the Civil War, and was eventually sold. In 1957, the land and home were developed as a memorial to the work of Booker T. Washington. The park demonstrates how slavery and the plantation system worked, which makes it an interesting destination for schoolchildren.  

There are several things you can do when you visit the park. The Plantation Trail is a ¼-mile walking trail that loops around the historic area. While on the trail, you can see reconstructions of the 19th century farm buildings, which are similar to the ones that stood on the Burroughs tobacco farm when Washington was just a young boy.  Teachers can reserve an educational tour for their students; if you’re a teacher, check out the park’s five curriculum-based education programs.  There is also an Heirloom Garden, where you can learn the gardening techniques once used by owners and their slaves.  This garden is also representative of a typical 1850s garden in Virginia. In order to set the mood of being on a farm, you can visit and learn about the history of the animals that were around in Washington’s time. Children can also hike the Jack-o-Lantern Branch Heritage Trail, or learn how to become a Junior Ranger. 

Whether you’re an adult, a child, or a child at heart, you will leave the Booker T. Washington National Monument with some newfound knowledge, deeper compassion for what slaves endured during those times, and an appreciation for how one man rose above it all.

If you’re thinking of buying a home in Smith Mountain Lake that has interesting things to do nearby, Call Vicki Millehan, your local real estate expert, to assist you with all your real estate needs.

Are you well-versed in the fine art of negotiation? Selling your Smith Mountain Lake home does not need to be scary, but you may feel some uncertainty when trying to settle on an appropriate price. Here are some tips that might help to hone your negotiation skills:

Understand your market. Look beyond the homes selling in your area. Knowing if you’re in a buyer’s or seller’s market comes down to knowing how fast homes are selling in your area, and how many offers homeowners generally receive before accepting one. Sellers should talk to former neighbors about their experiences. Also talk to your agent, for information on home sales in Smith Mountain Lake.

Do your homework. Get out and see your competitors. Find out what other people are asking, and what their asking prices include. Price research is critical, especially now with so many homes on the market (and in foreclosure). Are you a first time seller? Ask your agent to use a multiple listing service (MLS) to determine prices of comparable properties.

Negotiate. If the buyer won’t rise to the price you’re asking, negotiate in other areas. Such negotiations can include making upgrades or repairs, payment of closing costs, or covering appraisals or various required home inspections. Sellers can also compromise on home warranties, and on their move-out date.

If you consider all of the areas of the sales transaction that can be tweaked, both buyer and seller can come to an agreement that is completely satisfactory. Working with your potential buyer’s needs will ultimately give you, the seller, more negotiating power.

Smith Mountain Lake homes are fantastic, but you may find yourself in a position to sell yours (maybe you’re ready for another home in the area!) Whether you want a home in the country or a home on the lake, call Vicki Millehan. She is a long-time resident, and your local real estate expert. For more information on buying or selling your Smith Mountain Lake home, Vicki Millehan has the answers.

A lot of people frequently take their homes off the market through the winter months, waiting to find a buyer until spring. Have you thought about selling your home during the holiday season?

There are always buyers in the market for a home. Most sellers will take their home off the market until spring, thinking it will be busier. Visitors on vacation, as well as those traveling back to Smith Mountain Lake to visit loved ones during the holidays, could be seriously thinking about moving back.

If you’re ready to sell your Smith Mountain Lake home, here are a couple of tips to remember. First, don’t set arbitrary time limits, or decline showings. At this time of year, buyers are serious about purchasing. The more you show your home, the more likely you are going to find the right buyer – right now.

When decorating, think minimal. Make sure to remove items from the room when adding decorations, and consider the placement of your tree. You don’t want your rooms to appear significantly smaller, as this can be a deciding factor when purchasing a home. Buyers expect to see decorations, but remember – it’s all about perception.

For those who are viewing homes, be considerate; realize that you could track mud and snow into a seller’s home. Remove your shoes or boots when viewing a home, or cover them with plastic or disposable booties.

Selling or buying a home during the holiday season can be a challenge. For the serious seller, however, now could be the ideal time to have your Smith Mountain Lake home on the market.

If you live in the area and are looking to sell your home, or if you’re looking to move to the Smith Mountain Lake area, contact Vicki Millehan. She’s your local real estate expert, and she wants to help you take the challenge out of the holidays.

There are many factors to consider when deciding to buy or rent a home at Smith Mountain Lake. The main factor to consider is this: How fast will prices and rent rise, and how long you plan to stay in the home.

If you anticipate staying in your home for six years, buying is the better option. It will cost you an average of $745 less than renting. Some of the factors used to calculate these savings are as follows:

Buying

Purchase costs – The costs incurred when closing on a home, including down payments and typical closing costs.

Yearly costs – Mortgage payments, condo fees, maintenance, taxes, and homeowners insurance.

Lost opportunity costs – Initial purchase costs, as well as yearly costs

Selling costs – The costs incurred when you close the sale of the home you own. This includes the broker’s commission, other fees, and the remaining principal balance that you pay to your mortgage holder.

Renting

Initial costs – Rent, security deposit, and broker fees.

Yearly costs – Monthly rent and renters insurance.

Lost opportunity costs – These are calculated annually for initial costs and yearly costs.

Leaving your rental property – Security deposit returned at the end of the lease.

Remember, buying a home is an investment. The money that you put into a home over a long period of time will generally make you a profit when you sell your home. This will be money in your pocket. Renting is a good short-term option, but keep in mind the fact that the money you put into renting a home remains in the pocket of the landlord.

You won’t find homes with better views than those available on Smith Mountain Lake! Come for a visit; if you like it, then move here. From beautiful condos to luxury waterfront homes, you can find the home that fits your family. Call Vicki Millehan! She is your local real estate resource for Smith Mountain Lake and the surrounding area!