Whiteboard Topics: The Highest Offer For Your Lake Home May Cost You More Money

Selling a lake house is an exciting but difficult undertaking, and your main goal as a homeowner is to secure the greatest offer possible. However, it is critical to exercise caution because the highest offer may not always be the most lucrative. Let’s look at some important points to consider when selling your lake house to prevent financial hazards.

1. Avoiding Selling Too Quickly: Resist the urge to accept early offers; instead, wait for perfect market circumstances to obtain the best price.

2. All Cash Transactions: Be wary of all-cash proposals since they may come with lesser bids and make it difficult to negotiate a fair bargain.

3. Limited (or no) Contingencies: Carefully evaluate proposals with fewer conditions to prevent any legal or financial problems.

4. Seasoned Real Estate Agents Who Understand Niche: Work with seasoned agents who specialize in lakefront properties for professional advice, effective marketing, and skilled negotiating.

A thoughtful and informed approach to selling a lake house may make it a rewarding experience. While a large offer may appear appealing, it is critical to consider all elements to prevent financial disasters. Take your time, investigate all-cash bids, evaluate conditions, and seek advice from experienced lakefront real estate brokers. With these safeguards, you may sell your cherished lake house with confidence and optimize your investment return.

Whiteboard Topics: 6 Recent Trends in Lake Real Estate

The lake real estate market is forever changing, and it’s important to be in the loop if you plan on buying/selling a home in the near future. Lake Homes Realty’s CEO, Glenn Phillips, shares six trends you should stay on top of.

  1. Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
  2. Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
  3. Lots: Buyers are finding it difficult to discover a lake home with everything they want and are now resorting to purchasing lots to build the home of their dreams.
  4. Competitive Bidding Slowing (Slightly): Bidding was extremely aggressive during the beginning of Covid, but has slowed some in recent times. This is due to the world reopening and buyer fatigue.
  5. Delusional Pricing: Some lake homes are wildly overpriced. This is due to homeowners basing their price on what others sell their homes for rather than what their own home is worth.
  6. Multiple Lakes: Buyers aren’t limiting their scope to just one lake. The Lake Homes website shows that one user will typically look for homes on different lakes in different states.

You can never get too comfortable with the lake real estate market because trends can change from year to year. Be prepared for what’s to come by educating yourself on where the market is headed before you buy/sell your home!

Insider Tips for Home Renovating

Photo courtesy of Decor Demon.

It’s no secret that home renovating is costly. According to Home Advisor, remodeling an average 2,500 square foot home costs anywhere between $15,000 and $200,000. For lake houses, there are additional considerations like flood preparations. Between material costs and contractor fees, one fact is certain — it’s easy to break the bank. But savvy lake homeowners know the insider tips and tricks to keep costs low. Whether you’re renovating to increase property value or to improve your aesthetic, we’ve got advice on saving money and simplifying the process. 

For Deals, Timing is Everything

Kitchen renovation by Bill Samuel
Before and After of a kitchen renovated by Bill Samuel.
Marble backsplash tiles purchased from Floor & Decor.

Home renovating should not be an impulsive task, especially when buying large materials like flooring. “For big orders, you want to plan ahead,” says Bill Samuel, a Chicago-based real estate developer. From seven years of experience flipping homes, he’s an expert in finding the best possible materials at low prices. “Know when stores like Menards and Home Depot are running specials and buy within that window.” Besides staying vigilant about sales, he also advises buying discounted gift cards online. 

For the best department store sales, a holiday weekend is a good bet. This strategy helped Ashley Buchanan, senior project manager at Obviously and Birmingham-based homeowner who recently renovated her house. By capitalizing on Memorial Day Weekend sales, she never paid full price for any of her renovation materials.

Besides holidays, seasonality affects prices. Andrew, a home improvement contractor with Contractor Advisorly, says to buy just before winter. “That’s when contractors tend to have less business. During that time, they want to get as much business as possible and are willing to reduce prices for it.”

More than Lowe’s and Home Depot

Before and After of Mike Hillis’s bathroom makeover.
Materials from Habitat for Humanity.

If your lake home is in a remote area, a Lowe’s or Home Depot might be too far. But this doesn’t mean you can’t renovate. Is there a Habitat for Humanity nearby? This nonprofit sells used materials at lower prices. If brick and mortar are out of reach, contractors and woodworkers often post leftover materials, light fixtures, and furniture at a reduced rate on Craigslist or Facebook Marketplace. While it’s a lot to sift through, it’s a goldmine if you’re lucky. Also, be on the lookout for demolition sales from buildings in your neighborhood. 

Another penny-pinching tip for home renovating is to take advantage of overstock. “When contractors buy materials for a project, there will often be a lot of leftover material,” says Andrew. “Usually this material is left for the customer, but if you’re willing to negotiate, you can get reduced costs on materials in return for letting the contractor keep leftover material.” If possible, find an overstock store in your area. For instance, in Birmingham, AL,  Southeastern Salvage has plenty of surplus building materials. For a second home like a lake house, overstock stores are perfect — especially if you aren’t too picky about your designs. 

Start with the Foundation

Before and After of Ashley Buchanan’s den after new paint, flooring, lighting, and window treatment.

When remodeling a lake home, a complete overhaul isn’t necessary. To save money and time, focus on the most foundational components such as paint, light, and windows. The rest is just furniture, which you can always change. “The power of paint is the biggest one — it truly cannot be underestimated,” says Ashley. “Same with lighting. It’s crazy how a $40 light fixture can change the whole vibe of the space.” She also explains how her window treatment converted the living room from “clinical” to “balanced and intentional.” By adding a simple bamboo shade and tall curtains, the whole room shifted. “Now it’s my favorite room to hang out in, and it’s where everyone hangs out when they come over,” she describes. “It feels cozy, and it feels like me.”

When in Doubt, DIY

Before and After of Ashley Buchanan‘s washer and dryer area using DIY materials to transform the space.

In home renovating, installation costs often surpass the cost of the materials. So, if you can endure the time, effort, and physical toll required for installing your own materials, try the DIY angle. Ashley says that installing her own bathroom tiling saved at least a few thousand dollars. With the right tools and resources, it’s certainly doable. Plus, you’ll have complete control over the renovation process.

For most DIY projects, it helps to start with existing, free resources before consulting an expert. “YouTube is great for people looking to DIY,” says Bill Samuel. He recommends House Improvement’s channel with plenty of videos for homeowners looking to fix things like tile and drywall. With enough DIY experience, you’ll be just like Ron Swanson in this scene from Parks and Recreation. 

For more remodeling tips, check our previous blog posts on upgrades that can backfireoutdoor renovations, and the basics of flipping a lake home. Now let’s get to renovating! 

Prep Your Patio for Grilling Season

Article Contributed by: Sarah Miller, Lawnstarter.com

Smoky ribs. Juicy burgers. Corn on the cob, dripping butter. You can almost taste it. We’re coming up fast on grilling season, and food cooked outdoors is the best!

But you likely won’t be able to enjoy that delectable meal if you’re surrounded by weeds, dirt, bugs and peeling paint.

When lake season hits and you’re ready to crack a cold one with friends by the water and eat outside, make sure your patio or deck looks as good as your food.

Clean it Up

Chances are, your patio is covered in dirt, dust, mud and more from winter weather. A pressure washer is often the best way to remove the grime.

If you don’t own one, no need to worry: you can rent one from most home and garden stores.You can use this tool on all types of patios, including concrete, wood, and brick.

Make sure to remove all furniture, planters and other items before you start cleaning, and don’t forget to take necessary safety precautions, including donning your goggles, long pants and protective boots. Use a wide spray nozzle setting. It’s easy to cut or gouge your wood deck with a narrow setting.

Of course, there are alternatives to pressure washing that can still help spruce up your space before peak grilling season.

Using detergent or a bleach solution, take a stiff bristle broom or brush and scrub your outdoor entertainment areas. Take care as you clean the spots where planters or furniture sat during the winter as the moisture trapped underneath may have left mold behind. Rinse thoroughly and voila! Your structure will often look brand new with a little TLC.

Caring For Patio Furniture

Those brightly colored chairs that look so good on your patio can quickly lose their appeal if not property maintained. Furniture that stays outside year-round receives constant abuse from the elements, especially when storms whip dirt, pollen and lake water onto outdoor chairs and tables.

Cleaning them can transform your patio space, so try to do it as often as time allows, although once a year is better than never.

Depending on the types of furniture you’re cleaning, keep in mind that not all surfaces and materials can be cleaned with the same products.

For example, soap should never be used to clean wooden furniture or natural wicker. Just water and a soft brush should do the trick. Wood can benefit from a light coat of tungsten oil. It dries hard to the touch and returns the original luster.

Some brands of outdoor cushions like Sunbrella ™, can be cleaned with bleach without damaging the color or fabric. Check your labels to make sure you’re using the best cleaner for the job.

Also be sure to routinely check for damage to your furniture such as cracks in metal frames, rust and torn cushions. Outdoor furniture will last much longer with simple maintenance that prevents rain and insects from gaining entrance through cracks and tears.

Keep Pests Away

You’re reaching for a burger, fresh off the grill and SLAP! Again and again. Not much cools off a hot backyard party faster than mosquitoes.

If the wind keeps the water on your lake moving, mosquitoes might not be a concern, but if the water is still, there may be a problem. Not only are these pesky little nippers annoying to deal with, but they can also carry disease.

Prepping your patio to be pest-free this grilling season is easy. Eradicate any areas of standing water and try incorporating natural repellents — such as citronella, mint, lavender, and basil — as part of your landscaping.

Extract of eucalyptus in candle form is also helpful to have around, as are mosquito repelling patio lanterns.

If you need a more powerful solution, carbon dioxide mosquito traps can be an excellent investment. Foggers and sprays can be effective for short periods of time, but you must follow directions for application before your guests arrive.

Nothing spoils the appetite quite like the smell of fresh mosquito fogger!

Minor (or Major) Improvements

Go big or go home doesn’t always apply when it comes to enhancing your outdoor space, but even small modifications can make a BIG difference.

One such small improvement is planting flowers around the perimeter of your patio or deck. You can also extend your space by simply installing a hammock next to the seating area or by building a fire pit.

Another easy-to-install improvement is a stone pathway down to the waterline or creating multiple pathways to different parts of your property.

Also try brightening things up with outdoor lighting. Because there are many choices when it comes to outdoor lighting, be sure to give yourself some time to research and decide what will look best with your perfectly prepped patio.

The perfectly set table and centerpiece can make all the difference and set off the entire space with a pop of color. Search for great ideas online.

Adding small accent decor such as a drink serving set, platter or lake-themed throw pillows can pull it all together.

For larger patio improvement projects, First, decide on a budget and check with local specialists on projects that may require a level of expertise beyond yours.

A little time and elbow grease can deliver the perfect space for entertaining, time with family or just a quiet place to unwind. Spending a little time now can bring hours of enjoyment to your lake property this summer!

Spring is Here! De-Winterize with These 3 Tips

Spring has sprung, and it's time to de-winterize your home for lake season! Do it right with these three tips!

Lake season is right around the corner, but before you invest in that new bathing suit and head down to the water, be sure to take the proper steps to de-winterize your lake home.

Window Wisdom

Months ago, before the first cold front hit, you checked all your windows for damage, improper seals and cracks around your windows and frames.

Well now’s the time to open them back up and let in the sunlight and fresh air.

You don’t have to seal your home for the entire winter for the air to get stale; even if you’re only away for a couple of weeks, you might be starting off your lake season with some unwelcome odors.

As you air things out, make sure all your windows have no new breaks or cracks and that no screens have been torn and need replacing.

Pipe Protection

The key to de-winterizing your pipes is to go slowly.

Before turning the water on, check that all bathtubs and faucet nozzles are turned to the “off” position, and remove the aerators from each of your home’s faucets.

Aerators are the small, screens inside the faucet that save water and reduce your utilities bills, but minerals can build up on them and limit your water pressure.

Next, carefully turn open the water valves beneath your sinks, toilets and water heater by rotating them counterclockwise.

You will also want to turn on an outdoor water valve before turning on the main water supply, located on your home’s water meter.

The main supply should be opened slowly. Allow a small flow of water for 20 seconds, then allow a small amount more. Increase the flow in small increments until the source is fully open.

Inside, run water from every faucet, and flush every toilet. As you did before, start with a small water flow in each faucet, and increase the flow in small increments. Don’t get in too big a rush; if there is too much pressure inside the pipes, sudden changes could cause them to crack and even burst.

Make sure your water heater is full before cutting off the electricity until your first spring home-stay.

Reattached all your fixtures’ aerators and turn your faucets back to the “off” position before you leave.

Rooftop Recommendations

Winter weather usually means  heavy snows and high winds, and you may find unwelcome evidence on your home’s roof.

Check for any missing shingles (the wind can whip them off clean), and look for damage from fallen limbs. It’s also important to look for holes, cracks and breaks in your home’s gutter system.

Also, if you take some time to rid your gutters of the small accumulations of leaves, sticks and other debris, you can prevent not only damage to your gutters, but also damage to your home from overflow during hard rains.

Want more weather-ready tips for your lake home and lake toys? Check out our article for How To De-Winterizing Your Boat!