How to be the World’s Best Lake Neighbor

No matter whether you are new to the area or you have lived alongside your lake for decades, it’s always important to be a good neighbor. You can choose your friends, but you can’t choose your family. Or, the people you live next to. Here are a few tips to make living on your lake a pleasant experience for everyone. And, to make you the world’s best lake neighbor!

• If you live in a neighborhood with a homeowners association (HOA), the board will help enforce some standards about house and lawn maintenance. Trash in the yard will not be allowed, and neither will that bright pink roof.

If you don’t live in an HOA, don’t allow old lawn mowers or boat parts to stack up in your front yard. Your storage shed should also be tucked away and out of sight so your yard will be presentable at all times.

• Pets are great, but usually only if they are yours! If you have a pet that likes to wander, you will want to find out what it needs and try to get that for them closer to home. A “catio”, otherwise known as an enclosed patio, gives your cat that chance for breathing the fresh outdoor air, but she won’t be able to go over to the neighbor and torment his Chihuahua.

If instead you have a dog prone to barking, it is a good time to learn how to redirect that energy through an obedience class.

• Welcome newcomers to the area with a gift basket, but with added lake flair. Include a lake map, a gift card to the local marina, a list of nearby service providers, and a personal note explaining the ins and outs of the area.

• Be cognizant of your neighbors when it comes to parking cars. If you have a number of cars in your family, you may wish to let the neighbors on either side of you know. It’s also a good habit if you are having a party or get together to make your neighbors aware of the increase in the number of cars for that event.

Be a person. In this digital age, it’s easy to shoot a message saying “Happy Birthday” or “Congrats”, but instead, walk next door and deliver the message yourself. Doing things like this in person carries much more weight than a Facebook post, and your neighbor will be very appreciative of your simple actions.

• Are you the local expert angler? Offer to take newbies on a fishing trip to share all your fishing hot spots.

• If you build on your property make sure that you are aware of just how big your structure really is. A tall tower or treehouse meant to give the kids a great hideout may prevent your neighbors from seeing out one direction or another. And you certainly don’t want to obscure the view of the lake, since after all, that lake is the big reason you all moved there.

• One of the big things that neighbors often argue over is where the property lines are really located. It’s very important to get a proper assessment from your county planning or land use office. With GPS tracking now, getting the boundaries right is easy. With that document in hand, no neighbor can succeed in disputing just where that fence can go.

• Finally, if you really want to be the world’s best lake neighbor, organize neighborhood “dock parties.” Think of it just like a block party. Instead of celebrating on the block, celebrate up and down the neighborhood shorelines by boat and on each others docks! This is a great way to get everyone together and do something as a community. All while enjoying the lake that you all love!

In the end, the easy way to think of neighbor relations is to adhere to the golden rule – treat others as you would wish to be treated. Then, act accordingly.

Enjoying the Lake in the Off Season

On a lake, it is easy to find things to do on hot, summer days. Swimming, boating, skiing. The list is unlimited. But what about during the off season?

Forget about “winterizing” your lake home and staying away until spring. There are many things to do at a lake during the off season. Keep these activities in mind to enjoy your lake home year round!

Off season boatingBoating

Never underestimate the fun of a fast boat, but not the kind of watercraft into which you climb and speed away.

Consider giving an RC boat a try. Remote control boats are not just for children. There are plenty of models intended for “kids” of all ages.

Many are inexpensive and dependable, and some models are for those with a competitive streak requiring a small investment.

Whatever your level of interest, toss an RC boat into the cold waters during winter, grab that remote control, and prepare for a great time.

But why limit yourself to boats? The wide open spaces and low population at the lake during frosty months is the ideal time to try out RC planes as well.

Fishing

Fishing in the off seasonAlthough summer is the the season for fishing, committed anglers will tell you that fish bite in the cold months as well. Specifically bass and hybrids.

The lake waters are much more calm because it isn’t crowded. A good tip is to use a small crankbait. Target rocks or wood structures, moving along slowly.

The fish may be sluggish, but they still have to eat!

Eating 

Okay, so you don’t have to necessarily be at a lake to eat during the brisk seasons. But, there’s nothing like cooking a large pot of chili and lounging by the fire in the evenings at your cozy lake home.

After dinner, bundle up and take a night walk to the bank and admire the way the waters glitter, reflecting the moon in the clear, winter sky.

Or build an outdoor fire using a fire pit or within a circle of stones. Roast marshmallows and exchange fun conversation, or a ghost story or two.

Or watch the sun rise in the still quiet from the back porch with a steaming mug of coffee.

Hiking

Lake hikingAlthough many animals hibernate during the winter, there is still plenty of wildlife to observe on a walk down a winding trail.

Deer, rabbits, and foxes can be spotted year-round as well as brilliantly colored species of birds.

Don’t be surprised if you encounter types of birds that are not indigenous to the area as they take a rest from migration.

Majestic eagles can still be spotted in the winter, but may not be as numerous as they are in summer.

Shopping

Nearby towns often have fall craft shows, Thanksgiving festivals or Christmas parades. What a great way to spend time with family attending a community event involving winter holidays.

Local shops often have an eclectic blend of Christmas selections that would make great unique gifts.

While you’re out, choose a restaurant to warm up in and order a winter dish that normally wouldn’t be available in summer months.

Lake homes are not just for summer fun. There are numerous ways in which a lake home can be a pleasure during the winter. This winter start a few new traditions that will allow you to return to your wonderful lake home in the cooler months as well as the warm ones.

Pet Travel: How to Prepare Your Pet for a Trip to the Lake

Dog at lakeA trip to the lake with the entire family is truly a special experience, but spending time on the lake just isn’t the same without your pet(s).

Trying to find a place for your pet to stay while you’re away from home can be an expensive hassle.  While many people wouldn’t even consider leaving their pets behind, pet travel certainly does have its own unique set of challenges.

If you do decide to take your pet with you, be sure to use the following tips to prepare your pet for the trip: Continue reading “Pet Travel: How to Prepare Your Pet for a Trip to the Lake”

Tips for Maintaining Your Lake Home in The Off Season

It’s getting to be that time of year when the days are shorter and the shadows are longer. That means it’s time to start planning to seal up and begin maintaining your lake home for the offseason.

This is one of those cases where effort spent in the late summer and early fall will save time and money as the season changes and the temperatures start to drop.

If you’d like making the house maintenance during the off-season a little bit easier, we have several tips that can really simplify maintaining your lakefront home in the winter months:

Continue reading “Tips for Maintaining Your Lake Home in The Off Season”

Pros and Cons of Renting Out Your Lake Home

for rent sign renting out your lake home

Buying a lake home can be an incredible investment. There’s nothing like having a second home that you can use for vacation – especially one that’s on the lake. What better place to take the family on summer vacation than a home right on the lake? You’ll be feet away from being able to go for a swim. You could even invest in a boat that you can take out onto the water whenever you want. However, if you are buying a lake home for use as a vacation home, you may want to consider renting it out during the offseason or the months that you won’t be using it. 

Before you jump at the idea, however, you might want to consider all the pros and cons associated with renting out your lake home. The following are some of the more important pros and cons to consider:

Continue reading “Pros and Cons of Renting Out Your Lake Home”

5 Reasons To Consider Solar Power for Your Vacation Home

usplashWhen it comes to renewable energy, few of them are as accessible as solar power after the initial set-up costs have been absorbed. It is an essentially perfectly-green technology. Solar panels for vacation homes and other buildings last multiple decades and exude no waste whatsoever to the environment during their many years of operation.

If you are committed to making a vacation home eco-friendly, then solar panels may be the single most important addition you make.

Here are 5 good reasons to consider using solar power for your vacation home:

  1. Most Practical Energy Savings:  There’s been a lot of talk about many different kinds of renewable energy. There’s biomass, which uses plant and animal matter to make electricity, but it is much more expensive than solar power and can even increase your carbon footprint if misused. Wind power is great, but it is much more location-sensitive than solar. The same thing applies to geothermal and hydroelectric power generated by flowing water. You have to be reasonably near sources for these to be a relevant part of your energy plan. Solar power, on the other hand, is essentially infinite. The sun is always on and accessible for half the day, and solar panels can store much of that energy for night use.
  2. Long Life:  Once you buy them, solar panels are insured to last until your newborn babies move out of the house, graduate from college, and perhaps get married in their late twenties. It’s an investment for your vacation home that will likely last even longer than that. 25 years is simply the usual warranty offered by solar panel companies. The insurance often includes protection against “Acts of God,” too. This way accidents don’t pose a threat to the potential returns on your initial investment. As with anything sold to consumers, the growing demand for solar is already improving the already robust safeguards in place for the technology. In fact, solar power systems installed almost 50 years ago have far exceeded the warranties guaranteed today. This gives you an idea of the inherent efficiency of the product. Today’s technology is much better. It isn’t inconceivable that one day the solar power running your vacation home will last the average human lifetime.
  3. UnsplashSaving Money:  In addition to the complete lack of a carbon footprint inspired by solar energy, there’s the cost savings. A strategic investment in solar panels, in conjunction with other eco-friendly measures, will significantly reduce any monthly responsibilities you have towards the energy bill. With the many government incentives, you can even sell solar power to your neighbors. That is if your vacation home isn’t completely isolated from others. Even on the stock market front, investing in companies that rely on solar energy to power their offices, or that hold revenue-producing solar assets, lowers your risk, since the technology is proven. This is relevant to your vacation home in case you ever want to sell it. Having solar panels undoubtedly increases the value.
  4. Self-Reliance:  Self-reliance is a big must for a vacation home, depending on the location. Being off-grid comes in handy during power outages and energy spikes, since your source is isolated. The tax credits you will enjoy from the federal government are just a bonus to the other benefits of solar power. If you’re someone that doesn’t like surprises, solar power offers you the chance to lock-in your energy costs for decades. The sun cannot be taxed!
  5. Full Scale Adoption:  There are rumblings that a full-scale transition to solar power is inevitable, given the many benefits. In fact, it might put utility companies – in their current, fossil fuel-based incarnation – out of business. Even now, solar panels are becoming more and more economically competitive. Federal and state incentives are adding fuel to the fire. If you generate more solar power than you need, you can sell some. You can sell to the utility company in your area, or skip the middleman and sell it to your neighbors. Solar panels generate the most power at midday, the same time that utility companies make the most money. Electricity use is at maximum – representing a true threat to the existence of utility companies as they stand now.

As the solar revolution gathers steam, expect the start-up costs to be driven down even further. If your vacation home happens to also employ other sources of renewable energy like geothermal and wind-based energy, your monthly utility bills might be a shock you actually enjoy.

How To Find A Lake Home For A Bargain

Finding a lake home for a bargain can take time, a reasonable budget, and the ability to go outside of your original expectations in both location and layout.

Though you might not think that getting a lake house at a fairly low price is attainable, people do it all the time. Taking a deeper look at each of these factors can help you in your journey to finding a lake home for a great bargain.

Shopping for a Bargain May Take a Lot of Time

Searching for a lake home bargainBeing able to wait until the perfect opportunity comes along is probably the most important aspect of getting a lake home for a bargain. In places where there is a “seller’s market” this can be especially true.

When the right house does come up, time again plays a factor as you need to be able to get on it right away.

There may be times when there are hardly any homes on the market. Other times, there may be lots of them.

If you have the discipline to wait until the right home comes along at the right price, you can get a second home at a very large bargain.

Understand Your Lake Home Budget

Your budget is going to have a lot of influence on how good of a bargain you can get for a lake house. For smaller houses that more people can afford, you are less likely to be looking at a bargain. You will be more likely be looking at the seller getting pretty close to fair market value for their house.

Where budget does come into play is when there are very large or relatively expensive houses on the market compared to other homes nearby.

When there isn’t a very large pool of buyers for a home because of the price, you can sometimes score a good deal. This is because the sellers know that someone else may not come along for a very long time.

In these cases, you are getting a relative bargain not because you got it for such a low price compared to all the other houses in the area, but because you got it for far less than it’s fair market price.

Home Location Impacts Price

Where a home is located plays a sizable role in getting a bargain. If it is in a neighborhood that is highly sought after, there probably won’t be too many opportunities to get a home at a bargain. What you need to do is start looking away from the beaten path.

Homes in areas that aren’t as popular can often have excellent deals available. This is due to houses tending to languish on the market and a seller may be more willing to come down a lot more on the price.

The region of the country the house is in can determine what kind of price point it will be offered at. Too, whether or not you are going to be able to score a good deal on it. Places that are seeing an influx of buyers will have far fewer good deals than places where there seems to be a lot of inventory on the market.

Knowing the general market in your region of the country can help you make a decision on whether to look earnestly for a lake house now, or to wait it out until prices, or the number of buyers, come down.

You May Have to Compromise in Home Layout

Understanding what is popular with buyers in your area in terms of the number of bedrooms, bathrooms, and square footage, can help you find hidden bargains that you might not have otherwise known about. A place that is popular with families will result in prices close to fair market value for houses with lots of bedrooms.

On the other hand, that same area will see sellers with smaller homes have a much harder time trying to sell their house for close to their asking price.

Upgrades on the inside and house layout can play a part in whether or not you can get a deal on a lake house.

Most people go for open floor plans these days, while some older houses have much more compartmentalized layouts. If you don’t mind a few extra walls, you can get a good house for a very good price.

The great thing about looking for a lake house as either a second home or an investment property is that you are going to be able to negotiate from a position of strength.

Any house that has been on the market for more than a couple of weeks means that you likely won’t have much competition bidding for the house, and if the current owners need to get out quickly, you can have it for an even lower price.

Checklist for Turning Your Second Home into a Vacation Rental

Converting your second home into a vacation rental has many investment and tax advantages that can potentially create a lucrative source of additional income.

The first step is to define a clear objective for this venture by asking yourself if you want to earn regular income all year round from one or multiple renters, or just during vacation seasons from one or more guests.

Some of the most important factors regarding income potential will be location and climate conditions of the property. The following checklist will help guide you in your decision to turn your second home into a vacation rental.

Market and Climate Conditions

As we learned from the financial crisis, the housing market is not as predictable as it once was in the pre-crash era. After decades of upward growth, the housing market collapsed in 2007 and recovered somewhat after four years, although valuations in 2014 were still lower than pre-crash levels, while rent levels generally ranged from stable to moderate increases.

If your goal is to just build equity from renting, you need to consider rental statistics in the area by comparing sources such as Zillow, Rent Range and City Data.

It all depends on the location of your second home. Some of the worst hit markets such as Detroit, Las Vegas and Sacramento experienced sharp increases in valuation levels following the crash.

Places prone to natural disasters such as hurricanes, tornadoes, blizzards, flooding and earthquakes will require higher insurance rates and greater risks of property damage.

Another important consideration is how the economy affects tourism in the area. You might also consider the financial stability of potential guests.

Type of Property Management

Once you have assessed the marketability of your vacation rental, you need to decide on whether or not you want to be your own property manager who oversees renters or hire another property manager to handle the business affairs for you.

It really depends on how much time and responsibility you want to put into managing the property as well as how you or an employee will handle maintenance issues.

If you don’t mind getting a late night or early morning maintenance call and have handyman skills, as well as accounting knowledge, then you may want to save money and handle these tasks yourself.

Local Laws

Be sure to research local laws for the jurisdiction of your rental property to make sure you understand and acquire the necessary permits and licensing regarding rental issues. This will also determine whether or not guests can conduct business from the home, which may be important to business travelers.

Taxes and Deductions

One of the key advantages to owning a vacation home is that the owner may be eligible to deduct mortgage interest payments when filing taxes, if it is used as a second home. In the case of renting out a vacation home then you may be able to deduct expenses related to personal usage and depreciation on the property.

Some of the benefits for earning vacation home rental income, according to the IRS, include deductions on expenses such as mortgage interest, real estate taxes, utilities, maintenance, insurance and depreciation. The tax forms for this type of filing are 1040 and 1040 Schedule E. You can also itemize deductions on form 1040 Schedule A.

Special rules exist for owners who occupy the vacation home part of the year and rent out the home the rest of the year. The main advantage to just renting out the home is that you are allowed to deduct rental expenses that exceed your gross rental income, as per IRS Publication 925. These losses, however, have limitations pertaining to “at-risk” rules.

Limitations will also occur if you use the residence for over 14 days of the taxable year or ten percent of the total days rented out to others for a fair rental price. If you rent the property for less than 15 days in addition to using the residence for your own use, then you will not need to report the rental income and you will not be able to deduct rental expenses.

Remodeling and Cleaning

Remodeling vacation rentalYou can attract more affluent clientele by retrofitting your second property to look more modern and eco-friendly, which also allows you to take advantage of government tax credits and incentives for going green. You will at least want to clean up the property and move personal items into storage.

It will be necessary to inspect the property after guests check out, so you may want to consider hiring a cleaning service. Keeping your own personal storage unit onsite will save you time, energy and money.

Property Necessities

In order to attract reliable guests you should offer necessities such as updated living room and bedroom furniture, modern kitchen appliances, washer and dryer, bathroom supplies, telephone, cable television, Internet access as well as adequate parking space.

Assessing Your Vacation Home’s True Rental Potential

assessing the situation with a calculator

At first blush, many prospective buyers see the purchase of a vacation rental property as a potential win-win: They pick up a new source of income while having a cost-effective vacation destination whenever they have the urge to get away.

It’s easy to understand why vacationers prefer to rent their own property instead of staying in a hotel or condominium, particularly if the property comes at a manageable price for potential buyers.

Many potential buyers are very intrigued by the potential income opportunity of a vacation rental home. Continue reading “Assessing Your Vacation Home’s True Rental Potential”