Tag: lake homes

Lake Nona: A 21st Century Lake Community

Posted on Staff
                     photo courtesy of floridaforboomers.com

Every once in a while, we come across a unique home design or regional fun fact that makes us take pause and dig a little deeper. It isn’t often, though, that we happen upon a place like Florida’s Lake Nona.

In a feature article for Worth magazine, author Helen Anne Travis highlighted what makes this little oasis unique. “With its innovative take on combining top-level healthcare, sports, technology and other amenities with residential planning,” Lake Nona offers “a futuristic vision of how people should live…”

Awe-inspiring. Groundbreaking. Ambitious. There are an almost endless array of adjectives that could be used to describe the lake community. But why not just let the facts do the talking?

A Greater Quality of Life

Located within Orlando city limits, Lake Nona is a 10,800-acre, master-designed community. Its raison d’etre is sustainable design, healthier lifestyles and an overall higher standard of living. The community became the first Iconic Cisco Smart + Connected Community in America in 2012. Major cultural hubs like London, Moscow and Barcelona also carry the distinction.

Lake Nona is also the first community in Florida to integrate gigabit fiber technology. Thanks to Dais, the development’s on-site technology company, residents can enjoy internet speeds that are 200 times faster than the average U.S. connection.

The technology is for more than just surfing the web and streaming videos, though. It allows for superior cellular coverage and provides Lake Nona’s Medical City the technological foundation it needs to run efficiently.

But the community has more to offer than just fancy tech. Forty percent of the 17-square-mile development is preserved green space, in keeping with Lake Nona’s theme of conservation and sustainable living. That means a garden, playground, park or pool on every corner.

And they can all be reached via the 44-mile web of walking and biking trails that connect the entire community. Don’t own a bike? Not a problem. The many grab-and-go free bike rental stations are another perk of a community that encourages active lifestyles.

There’s also the Sports and Performance district. Lake Nona not only pushes the envelope on what we know about sports science, but also advances athletic and personal performance with the help of professional athletes, researchers and trainers.

The community is actually the United States Tennis Association’s new Home of American Tennis.

Located in Lake Nona, the USTA’s National Campus houses 100 tennis courts, two separate divisions and the University of Central Florida’s tennis teams. That makes it the largest tennis facility in the country.

And the “wow” factors don’t stop there.

A Hub of Education and Innovation

                                                  photo courtesy of Fortune

It’s hard to imagine how this futuristic suburb of Orlando fits so many things into 17 square miles. From multiple neighborhoods and state-of-the-art event venues to intensive hubs of research and technology, the amenities seem never-ending.

The Lake Nona Medical City is a 650-acre health and life sciences park and is Orlando’s premier location for research, education and medical care. The initial theory was placing healthcare and life science facilities in close proximity to each other will help accelerate innovation.

Over the years that theory would prove to be spot on. Lake Nona is now home to some of America’s leading research institutions, hospitals and universities.

The Medical City includes world-class facilities like the University of Central Florida’s Colleges of Nursing and Dental Medicine. Nemours Children’s Hospital, Samford-Burnham Medical Research Institute and the University of Florida Academic and Research Center are also included in the hub. And the Orlando Veteran’s Administration Medical Center is the first VA hospital built in the U.S. in more than 20 years.

This cluster of medical facilities and research institutions also plays a part in other community-wide educational projects.

The Lake Nona Education Initiative provides extensive learning opportunities at every level of education. Dubbed the Collaborative Learning Environment (CLE), this strategy was implemented by the Lake Nona Institute, a non-profit dedicated to health and wellness, education and sustainability.

All these ambitious projects bundled up into one city seems almost too good to be true. Coupled with the community’s thriving arts and culture scene and its location in one of the most popular cities in the world, Lake Nona is a spectacular place to settle down. And that’s not just our opinion. 

While the development only makes up 10 percent of Orlando’s surface area, it accounted for 18 percent of the city’s growth between 2014 and 2016. It’s one of the fastest growing master-planned communities in the nation.

Beyond being just a great place to live, the community is a shining example of human potential. Lake Nona is unlike any lake community we’ve ever seen. And while it may be the first of its kind in America, we have a feeling it isn’t the last.

To check out homes and details about the Lake Nona community, click here.

Beware the Consequences of Price Drops

Posted on Staff

We’ve said it before, and we’ll say it again: one of the biggest reasons a home doesn’t sell is pricing. 

A smart asking price can be the key ingredient to the success of your home’s sale. Even in a bad market, a home will sell if the price is right. Choosing to forego expert advice, however, can lead to your listing stalling out on the market, which usually results in a price drop.

While asking for less may help you sell your home, there are some consequences of price drops that could be counterproductive to the sale.

Why Overpricing Is So Common

There are a handful of reasons sellers give for padding the asking price of their home.

Some point to unique, decorative features, like a brick pizza oven or wine cellar, as evidence that their property’s value is higher than it is. However, quirky add-ons, as opposed to neutral touches, have a higher chance of backfiring. Not all buyers will share your same tastes and some upgrades, like a luxury bathroom or tricked out kitchen, won’t garner as many returns on investment as homeowners think they will.

There’s also the mistake of setting an asking price based on what you need from the sale rather than what the home is actually worth.

Some lake homeowners aren’t likely to get as much from the sale of their home as they may have originally planned. Thanks to the 2008 recession, the demand for second homes isn’t as high as it was a decade ago. According to Forbes, vacation homes have been slower to rebound from the housing bust than off-lake properties.

In fact, since 2009, with the exception of 2010, markets with the highest concentration of vacation homes have under performed every year. So while a seller may be committed to selling a lake home at a certain price point, the property value may not have bounced back enough from the housing bust to make it happen.

Unfortunately, buyers don’t care what a seller needs for personal financial reasons. They’re only concerned with the home’s real value.

The Aftermath of Price Drops

Anything can happen that results in an inflated asking price. However, when a seller finally decides to lower expectations, there are consequences.

Price cuts usually happen after a home has been on the market for too long. “Too long” can mean different things for different agents. To prevent a listing from “going stale,” some agents suggest price cuts after two weeks on the market, while others will give it a month.

Either way, after a significant price drop or too much time on the market, one question always arises: “What’s wrong with it?” Potential buyers understand that you get what you pay for, so a listing that frequently gets cheaper and cheaper will have them questioning the quality of your home.

Even if there are no significant structural issues with the property, a potential buyer who’s already made negative assumptions about your home will be conditioned to see the glass as half empty no matter what.

Each price decrease also indicates that a seller lacks confidence in his or her own asking prices. So, when you mark your home down once, some buyers will just wait for another price cut. If the seller isn’t confident in the asking price, why should the buyer be?

These flip flops in pricing leads to even more time unsold and puts your property at higher risk for going stale. In real estate, an extra week or two added to a home’s shelf life can make a big difference.

Your real estate agent’s goal is to sell your home as quickly as possible for the best price. He should have enough market knowledge at their disposal to calculate your home’s real value, which if you follow his suggestions, will help the listing move faster.

So price it right the first time by trusting the expertise of an experienced professional.

3 Biggest Mistakes to Avoid When Selling Your Lake Home

Posted on Staff

The lake real estate market has grown consistently over the past two decades. This positive trend has created the ideal conditions for lake property owners to capitalize on their investments.

However, a healthy market doesn’t prevent sellers from facing hurdles in the future.

Selling your lake home has nothing to do with luck and everything to do with good strategy. So to get the most out of your sale, avoid these most common mistakes.

The Laws & Regulations of Waterfront Properties

When you dive into the deep end of home buying and selling, there are layers of red tape and legal requirements to sift through before anything can be finalized. This is especially true for secondary or vacation properties.

In fact, waterfront homes, as opposed to off-lake properties, come equipped with an entirely different set of laws and regulations to consider.

Some homeowners may have been well-versed in nuanced local regulations when they bought their home. Still, it couldn’t hurt to check if any of them have been changed or updated.

Since selling a lake home is something most people will only do once, it’s important to avoid small errors that can add up to high out-of-pocket costs.

For instance, if a private dock is included in the home sale, sellers and buyers must navigate the transfer of dock ownership. This comes with layers of legalities that can sometimes uncover hidden problems.

If a seller discovers the dock was not properly permitted before construction, or that a permit is expired, it could lead to a hefty fine from lake authorities.

In extreme cases, an order to tear the dock down may result if the structure is in violation of too many regulations. And in the face of excessive legal complexities, permit troubles could even aid the loss of a sale.

Sellers should also be aware of riparian rights, or those laws concerning water access and ownership. Additionally, environmental restrictions and regulations for flood insurance can all vary from lake to lake and state to state.

So remember to dot your Is and cross your Ts to prevent any unwelcome surprises.

A Successful Sale Needs a Solid Foundation

Waterfront properties require even more maintenance than off-water homes due to inevitable environmental factors.

Areas like lakes and rivers have high water tables, or layers of densely saturated soil where groundwater collects. If your home’s lake frontage has poor drainage, these water tables can lead to basement or crawl space flooding, septic system failure or standing water, which attracts insects.

And for any waterfront home, there’s the ever-present threat of water erosion. Eroded soil can create deep trenches in your property, leading to foundational shifts and eventually, collapse. Also, water damage or the presence of mold can call for some substantial renovations.

So while there are areas where it’s okay to cut costs when prepping a home for sale, the health of your property’s infrastructure isn’t one of them. Spare no expense when it comes to home inspections. Don’t forget to be extra attentive to those structures most prone to moisture-specific issues, like docks and boathouses.

Sellers should also take steps to winterize their lake homes if they live in areas where temperatures drop dramatically.

Most potential home buyers aren’t looking for a home they’ll have to sink thousands into to fix up. And in the face of problematic homes, potential buyers can easily be scared away by the price tag on replacing major structural elements.

Not to mention, in this litigious society, failure to disclose significant structural damage before closing a sale can result in an ugly lawsuit.

Your job as a seller is to make home buyers confident that their new investment is secure and strong enough to withstand the elements over time.

Sloppy Upkeep of Curb Appeal

A lake home’s curb appeal extends well beyond the cobblestone pathway and rose bush in the front yard. While your home’s street view is important, a manicured lake view is a crucial component in the selling process.

Chances are home buyers are buying because of the lake. Therefore, most of them already know exactly what they want out of a waterfront home. A world-class view, private beach access, or just a place to boat and fish are all popular aspects of the lake lifestyle.

A smart seller will emphasize that aesthetic to help potential buyers envision themselves living at the lake. Repainting the deck, setting up some waterproof patio furniture and adding a grill or fire pit could help to create a warm and inviting outdoor living space.

As for the turf on the lake’s shore, be sure to pull weeds and rake the sand if there is any. Pick up any trash that may have washed ashore and mow and edge the grass.

Also, make sure the path from the home to the lakefront is clean, clear and easy to navigate. Path lighting is ideal for both aesthetic and functional purposes.

When selling your lake home, it’s important not to drop the ball on selling the lake lifestyle as well.

It’s easy for sellers to overlook important details when trying to get home buyers to bite. So avoid these common mistakes to better your chances at selling your waterfront property.

Lake Home Tips: Keeping Your Kitchen Energy Efficient

Posted on Staff

Energy efficiency helps the environment, but did you know investing in energy efficient home appliances and best practices can add value to your lake home?

According to Zillow’s Consumer Housing Trend’s Report 2017, 48 percent of buyers list energy efficiency as one of the most desirable features a prospective home can have.

But even if you’re not selling just yet, practicing energy efficiency and upgrading your space with energy efficient appliances can help save you big money.

So, take a look at how you can save money and save the world with these helpful tips:

Refrigeration

Refrigerators are the biggest source of wasted energy in your kitchen.

According to the U.S. Energy Information Administration, this appliance alone uses 100 billion kWh, and is responsible for 7 percent of your home’s energy use.

Some tips for keeping your fridge efficient include:

  • Ensuring that the refrigerator is in good repair and the seal around the door(s) is undamaged. An improperly sealed fridge door requires the appliance to work overtime, thus using more energy and wearing out it out more quickly.
  • Keeping lots of food in your refrigerator will help the appliance maintain its proper temperature.  The less empty space in your fridge, the less air needs to be cooled.
  • Allow foods to cool off before putting them into the refrigerator.

To upgrade your kitchen, buy a new refrigerator that is “Energy Star” certified. Certified appliances can help save more than $270 in energy costs over a five-year span, according to the Energy Star website. The site also reminds consumers that a fridge more than 10 years old could be costing owners close to $110 per year.

At the lake, you can avoid over using your refrigerator by having a cooler outside with drinks and snacks in it. That way, there’s no need for your guests to keep going in and out for refreshments.

Cooking

The next energy waster in your kitchen is your stove and oven unit.

Mindful cooking may help you save money in the long-run as well as conserve some of your home’s energy.

Some tips for keeping your range energy efficient include:

  • When you are cooking on a range, use only burners that you absolutely need. Use as few as possible.
  • Turn down the heat once water has reached its boiling point. Normally, you do not need the full heat in order to maintain a boil.
  • Do not open the door of the oven too often. Instead, use the oven light (if your model has one) to check on food.
  • Do not preheat your oven unless you absolutely have too.

Energy Star does not currently certify stove and oven units, as they consume significantly less energy than refrigerators. In fact, cooking units only account for roughly 2 percent of a home’s entire energy use.

It’s easy to avoid using your range at the lake: just fire up the grill! You might be surprised how much you can cook outside, like grilled veggies, baked beans, grilled potatoes and more.

Washing the Dishes

Dishwashers also consume about 2 percent your home’s energy, however, this might be the easiest area in which to conserve energy in the whole kitchen.

Some tips for keeping your dishwasher energy efficient include:

  • Rinse your dishes to avoid having run them through the dishwasher multiple times.
  • Wait until your dishwasher is completely full before you operate it.
  • Consider hand drying your dishes. The dishwasher’s drying cycle uses a tremendous amount of energy.

Energy Star-certified dishwashers can save an average 3,870 gallons of water over its lifetime and cost an estimated $35 a year to operate.

Depending on the number of guests at your lake home however, you might be able to avoid using the dishwasher all together. Instead, hand-wash your dishes or use biodegradable disposable plates and utensils.

Smaller Kitchen Appliances

Even if the appliances in the kitchen are turned off, they may still be using energy for no purpose.

Things like coffee makers, microwaves and even bread makers use energy. This is a slow type of energy drain, but it adds up quickly.

Unplug your appliances when they are not being used. Especially if your lake home is a seasonal residence.

Even when you aren’t there, you are still paying for this unused electricity.

 

For more tips on how to make your lake home energy efficient, read our “Inexpensive Quick Tips to Save on Energy Costs” and other efficiency-related articles here!

The Lakes and Lifestyle of Upstate New York

Posted on Staff

When you think of New York, what images come to mind?

The Empire State Building? Times Square? Maybe you immediately imagine the Statue of Liberty of that famously gorgeous Manhattan skyline.

Most people don’t associate the great outdoors with the Empire State, but there’s more to NY than meets the eye.

Photo courtesy of James Mirakian via Pexels

Welcome to Upstate New York

Upstate New York is a far cry from Queens. The region includes the cities of Rochester, Buffalo and Niagara Falls, as well some outlying rural counties.

And here, Mother Nature is alive and well. Shimmering lakes, world-famous waterfalls and tree-lined canyons that stretch across more than 14,000 acres characterize the expansive landscape.

Often noted for its eye-popping natural beauty, each season boasts a unique vibrance that takes sightseeing to another level.

From crystal white winter wonderlands to the multitude of colors that are born each autumn, the scenic landscape is picture perfect year round.

To the benefit of thrill seekers everywhere, the terrain varies greatly which offers a wide variety of major outdoor fun.

For water sport lovers, Lake Erie’s regional outdoor recreation service has it all. Kayaking, biking, stand-up paddleboarding, backpacking, fishing and even whitewater rafting!

The many freshwater beaches have all of your classic summertime favorites.  Video game arcades, ice cream shops, playgrounds and outdoor grills make for the perfect place for a family outing.

Speaking of the water, any angler could find happiness here.

A favorite local past time is deep sea fishing in Lake Erie. Western New York’s largest inland lake is known to yield record-sized smallmouth bass and walleye.

The other four inland lakes–Chautauqua, Findley, Bear and Cassadaga–are filled with pan fish, muskellunge, bass and walleye.

There’s plenty of wildlife for hunting, like whitetail deer, wild turkey and bear. In the winter, residents can enjoy cross country skiing or snowshoeing.

This landscape was practically made for fun.

Eat, Drink and Be Merry

A mixture of Victorian, Amish and lakeside communities come together to make up the counties of Western New York. Quaint and idyllic, the towns exude more of a village vibe.

In Chautauqua County, the arts and culture scene is thriving.

Tourists and residents have access to all sorts of options like ballet and theater performances, or live music by the Chautauqua Symphony Orchestra. Off-beat art galleries are also sprinkled around the towns and along the shores of the lakes.

The sheer beauty of the region is no secret to the locals, and Western New York sure knows how to capitalize on its natural aesthetic.

Charming, country chic bed and breakfasts surround all five lakes, leveraging the landscape. They each have their own unique theme, and they all come with stunning views of pastures, lakes, mountains or forests.

One such place is Barcelona Lakeside, a year-round B&B that lies right in the heart of wine country. And Lake Erie Wine Country is simply breathtaking.

Also called “America’s Grape Country”, a 40-mile long wine trail snakes through 30,000 acres of vineyards and 23 wineries along the lake’s shores. Visitors can enjoy a wide range of dry, sweet, ice, dessert and specialty wines.

Hungry tourists can also indulge in the region’s local cuisine, which runs the gamut from burgers and fries to fine dining. Take your pick of a Tuscan-themed Italian eatery, or enjoy fresh seafood right overlooking Chautauqua Lake. The options are endless.

Culture and charm make up Western New York. So sure, Chinatown is pretty cool, but have you ever set sail on a dinner cruise on Lake Erie at sunset?

Consider making the Empire State the site for you new lake home. Regardless of the season, you’ll never run out of things to do and sights to see.

If you would like to view our current listings, feel free to visit our website for available lake homes in New York

4 Ways to Boost Your Lake Home’s Curb Appeal

Posted on Staff
Photo courtesy of Pikist

When it comes to your lake home’s most valuable assets, curb appeal is easily in the top three.

Not only is it a major selling point when putting your house on the market, but it’s also a mark of personality that acts as a source of pride for the homeowner.

Keep in mind that for a lake home, curb appeal applies to more than its street-side. Boaters can see your waterfront side as well, so it’s important to maintain that too.

Boosting your home’s curb appeal can also add thousands in property value, which is always a plus.

So here are four ways to spiff up your exterior to make your home the most memorable one on the block (and the lake).

Replace the Siding

Replacing the siding on your home can make it look brand new. More importantly, though, it’s a necessary part of home maintenance.

Siding is exposed to the elements 24/7. These include pests, water, UV rays, fire, snow and natural disasters.

Water damage may be gradual, but it’s harsh, and can cause cracking, swelling and mold/mildew. Also, wood composite–a common siding material–has been known to expand, buckle and crack when exposed to consistent precipitation over time.

Because of this, it’s crucial to invest in durable, long-lasting siding to ensure your home stays in tip top shape and looks good while doing it.

There are plenty of options, like vinyl, seamless steel and cedar shingles. However, fiber cement, a heavy duty siding that’s moisture, rot and fire resistant, is the number one choice for homeowners.

In fact, Remodeling Magazine has ranked it as the best value home improvement option for five years running.

While new siding can typically cost anywhere from $5,000 to $14,000 roughly, it ensures a 78 percent return on investment, on average. And it lasts! Experts report that after upgrading the siding, it can last for 25 to 40 years.

So this quality investment not only boosts curb appeal, but strengthens the longevity and health of your home.

Upgrade the Front Door

This one is cheaper, easier and also less pertinent than replacing the siding.

A shiny coat of paint, a new knocker and even upgraded door knobs can do wonders for curb appeal. However, if you have a little more change to spare, it’s always best to start fresh.

A quick front door replacement instantly enhances the appearance of your home and, according to Therma-Tru, can increase the value of a $190,000 house by $8,000.

Homeowners would be wise to invest in a steel front door, which costs about $600. They’re more affordable than most alternatives and are considered a crucial feature for owners and buyers focused on security.

This would explain why a steel door’s return on investment is, on average, 129 percent.

Manicuring and Landscaping

An eye-catching, well-manicured yard is an obvious aspect of spectacular curb appeal.

Try incorporating stone or brick edging between your lawn and planting beds. Not only does this prevent your lawn from invading your flowers and plants, but it also creates crisp barriers for a clean, finished look.

Curving brick pathways and colorful foliage that’s easily maintained are decorative favorites among homeowners.

When it comes to landscaping, it’s best to keep it simple and low-cost. Ornate lawn structures and high maintenance plants could backfire when trying to sell.

Simple touches like a healthy lawn, or well-maintained bushes, trees and flower beds can add up to a 200 percent ROI.

Architectural/Decorative Detail

Whether it’s interior design, fashion design or architectural design, the details matter more than you might think.

Consider updating the hardware on your home for a cohesive, stylish look. This can be anything from new house numbers and a new mailbox to small embellishments like planter boxes and decorative shutters.

Outdoor lighting not only adds safety and decorative drama, but it makes architectural features stand out and extends your outside living space.

None of these finishing touches are particularly expensive, but they do wonders for your curb appeal and make selling your house that much easier.

Lake Holiday: The Perfect Place to Call Home

Posted on Staff

A picturesque, gated lake community with affordable homes surrounded by nature? Sounds perfect to us.

Located in Gainesboro, Virginia, just near the West Virginia state line, Lake Holiday offers everything a true lake lover craves. The 1,900-acre wooded community has a modest average home price of $286,892 and encompasses a 240-acre residential lake.

Photo courtesy of Kelly via Pexels

Don’t let the fact that it’s a neighborhood lake fool you, though. It’s no stranger to energetic residents. In fact, Lake Holiday happens to be perfect for popular water sports such as canoeing, kayaking, water skiing, sailing, and swimming.

And humans aren’t the only ones enjoying the great outdoors. Lake Holiday is overflowing with diverse wildlife. White-tailed deer, wild turkeys, great blue herons and even eagles frequent the area. Ducks and geese are present year round and are sometimes joined by the occasional swan.

Beneath the water’s surface is an angler’s paradise. This body of water just so happens to have some of the best bass fishing in the state. In addition to smallmouth and largemouth bass, fishermen also reel in black and white crappie and channel catfish.

Community residents have access to a 91-slip marina, beaches and a lakefront clubhouse. And that’s just in Lake Holiday’s own backyard. Since the residents are also in the great state of Virginia, they’re never far away from a good time.

A Nature-Bound Haven

Virginia is a paradise for outdoor enthusiasts. Four-season natural recreation ranges from skiing in the mountains to sunbathing on the Atlantic coast. For Lake Holiday residents, it’s only a one-hour drive to the Shenandoah National Park.

This massive natural preserve is nestled among the Blue Ridge Mountains, just 75 miles west of Washington, D.C. It features 500 miles of nature trails–including 101 miles of the well-known Appalachian Trail–surrounded by towering trees, waterfalls and rock formations.

Backpackers love to hike up Hawksbill Mountain. At 4,050 feet, it’s the highest peak in the Shenandoah National Park and features 360-degree panoramic views of the world below.

Visitors can get another perspective of the landscape with the historic Skyline Drive. This National Scenic Byway stretches the entirety of the 105-mile-long park. It features envy-worthy views from various peaks and overlooks, as well as multiple campsites, and continues south as the famous Blue Ridge Parkway.

The park also serves as a safe haven for a wide variety of animals that are otherwise pressured by too much human activity. In fact, there are over 40 fish species, 50 mammal species, 20 reptile and amphibian species, and more than 190 different types of birds.

The majority of animals in the park, like white-tailed deer and woodchucks, are relatively harmless. However, visitors should still keep an eye out for larger predators like black bear, bobcats and coyote who thrive in the deep woods.

The park thrives in every season, from the colorful foliage of fall to the snowy slopes of winter. And with infinite recreational opportunities like white-water rafting and mountain climbing, it’s a great place to visit with the family.

The Perfect Place to Call Home

With all this fun within just one hour of the lake, Lake Holiday is an ideal community for lake lovers to settle down in.

Its safe, secluded location puts it miles away from any big city, offering something we could all use a little more of: peace and quiet. It’s engulfed in nature on all sides and couldn’t be more perfect for those who live for the outdoors.

A word to the wise: consider purchasing your next lake home here. You won’t be disappointed.

For more information on what’s available on Lake Holiday right now, click here.

Remodel Your Basement for More Space at the Lake

Posted on Staff

When it comes time to do some lake home renovations, many homeowners consider improving the landscaping, updating the kitchen, and painting the walls.

But what about creating a new space for your family to enjoy, without having to add-on to the existing structure?

Look no further than your basement! Often, these spaces are used as overflow storage for old life jackets and knee-boards and are rarely utilized to their full potential, but these rooms provide a number of alternative options for use.

Though we may not have an exhaustive list of possibilities, this is a great starting place for getting ideas on just how you can remodel the basement at your lake home into a place the whole family can enjoy.

Additional rooms

Have you ever had too weekend guests at your lake home? The basement is a great space for adding extra rooms for just such occasions, and the best part: you don’t have to add-on to the existing structure.

If your basement space is unfinished, meaning it is not currently livable, Home Advisor estimates the cost of construction could range anywhere from $6,500 to about $18,500. Keep in mind though, price depends on the size of the space and extent of construction.

Construction for an unfinished basement includes such tasks as adding insulation, hanging drywall and installing electrical wiring and plumbing, for starters.

Remodeling your basement this way is often preferred because homeowners get to start with a blank canvas which requires little, to no, demolition.

Another option for adding additional rooms includes remodeling an already finished space, such as an unused game room.

TV/entertainment area

If your lake home has plenty of sleeping space, but is lacking in the indoor entertainment department, consider remodeling your basement into a second living room or media room.

Of course this means buying an extra sofa, TV and, possibly, a sound system, but creating this type of space in your basement is worth it to most homeowners.

Say it’s Sunday, and you’re hosting a football watch party at the lake. If your basement were a second living area or game room, the kids could go down and enjoy themselves while the adults have their own fun upstairs.

Or oppositely, remodel your basement into the man/lady cave of your dreams. Here in your lake home escape room, you can kick back, drink a cold one and enjoy living the lake life.

Investing in a projector system can also transform your basement from casual second living area to your very own home theater! Add a popcorn machine and mini-fridge, and you’re ready for the next rainy day at the lake.

Office to the max

If you work from home, you might be accustomed to working in a closet-sized office space.

But by remodeling your basement, you can build the home office of your dreams.

One option is to make the entire space into your office. With the whole room to yourself, you can consider lining the walls with bookshelves to create your own library. Or invest in a large table, and use the space as a meeting or conference area. How cool would it be to bring your clients to a beautiful lakeside meeting place?

If you have chosen to add multiple rooms in your basement, section off a space for your office. Provide for yourself a roomy amount of space, big enough for a desk, arm chair/sitting space, and shelving.

Painting the walls of your office a creamy latte color and adding deep colored leather and wooden furniture will produce a cozy, sophisticated atmosphere to your new work area.

Second Residence

Another idea for how to utilize your basement space is to turn it into a in-law suite for family weekends at the lake.

Many couples might agree that having a separated in-law suite downstairs, away from their own rooms, could be beneficial after spending the day out in the sun and out on the water.

Not only does this serve to give you and your spouse some often needed space, but providing this type of lodging may help to make your in-laws feel more comfortable and welcome.

It goes to show that you have put thought into the time they will be spending with you.

While your in-laws are away, or if they do not visit often, consider renting out your remodeled basement as an apartment or weekend vacation space.

Creating a 2 bedroom 1 bath apartment, complete with a living room and kitchen, is a great way to bring in profit from your home while serving as a home for another family. This can also help offset costs of maintaining your lake home in the off-season.

The Advantages and Disadvantages of Owning a Lake Home

Posted on Staff
Photo courtesy of Pikist

Home ownership is a big deal and a large part of the American dream. And when that home is a lake home, it makes the dream even more vivid. But owning a lake home is no walk in the park. It requires long-term commitment and a ton of responsibility to keep the place up and running.

The maintenance in and of itself is a lot to keep up with, and at a lake home, maintenance is an even bigger factor.

That’s why so many choose to just rent vacation homes for a few months at a time rather than buy them.

So how do you decide when it’s a good idea to opt for ownership? Let’s take a look at some common advantages and disadvantages of owning a lake home. That way, you can make a sound decision about what’s best for you and your family in the future.

The Advantages of Owning a Lake Home

Most of the advantages of owning a lake home are glaringly obvious, while some aren’t as easy to spot at face value.

First, mortgage costs–which are typically fixed-rate payments–are more stable and predictable than rental rates, which are known to fluctuate. Additionally, buying is often cheaper than renting.

When making the switch from renting to owning, the average person adds one bedroom and 400 square feet to their home, according to Zillow’s 2017 Consumer Housing Trends Report.

Assuming they make a 20 percent down payment and a typical monthly rate, the average renter could buy a larger home and still pay $330 less each month on their mortgage than if they were renting.

Also, when market conditions are stable, homes tend to increase in value and build equity, making them sound financial investments. If you use your lake home as a second home, renting it out a few times during the year can speed up the process and make for an extremely lucrative source of residual income.

According to Home Away’s Vacation Rental Marketplace Report, in 2014, vacation rental owners charged an average rental rate of $1,520 per week ($217/night). That translates to a residual annual income of $27,360 for the owners, and that’s just on average. 

Home Away also noted that 54 percent of vacation homeowners cover at least three-quarters of their mortgage costs by renting their homes to vacationers. In short, owning a vacation home can make you some money.

Additionally, owning a home creates an asset that will only increase in value for years to come.

The Disadvantages of Owning a Lake Home

As with any home, ownership of a lake home does come with its disadvantages.

For starters, owning a home is essentially growing roots. It ties you to your community and makes it difficult to just pick up and leave.

This long-term financial commitment includes high up-front costs like down payments, closing costs and moving expenses. Plus, in many cases Home Owners’ Association fees are inevitable.

It’s also harder to qualify for a loan on a second home than on a primary residence. Those shopping for secondary residences are often expected to have higher credit scores and put more money down.

According to U.S. News and World Report, the higher down payments reduce the lenders’ risk if the borrower defaults, which is seen as more likely with second homes.

Another disadvantage: as a homeowner, all repairs and maintenance responsibilities fall on you.

And lake homes tend to require more frequent repairs and maintenance. Since lakes are usually surrounded by more trees than the average neighborhood, structural damage to roofs/buildings are a real threat.

Lake homeowners also have to fight against mold and mildew, which is more prevalent thanks to all the moisture in the air.

In addition to all of that, traditional wooden docks tend to have a lifespan of 20-25 years. This can be shortened in the face of environmental factors like storms or water damage, so frequent upkeep is a necessity.

These disadvantages, while inconvenient, are inevitable aspects of owning a lake home. But do the pros outweigh the cons?

So Is It Worth It?

The good thing about lake living is that the experience varies greatly depending on what lake you choose to buy on, so you have options.

Purchasing a home in a small, suburban community that has a tiny lake for aesthetic purposes is a lot different than buying a waterfront estate on New York’s Lake George.

Lakes are perfect for those who prefer peaceful, tranquil living to hectic city life. And if you actually like hectic city life, there’s a lake for that.

Do you like hiking, mountain biking, skiing or sledding? There’s a lake for that. Are you into nature photography, hunting or fishing? There are so many lakes for that.

Purchasing a lake home has its disadvantages that are similar to what you’d face buying any home.

However, it’s a sound financial investment, a valuable generational asset, and it offers a certain lifestyle you wouldn’t be able to find anywhere else.

Whether you plan to live there full time or visit only when the weather’s nice, buying a lake home is totally worth it.