A good friend of mine who is in real estate at Smith Mountain Lake recently wrote an interesting little summary of information about a property around the lake. The questions and answers refer back to a book by Paul Moore that is worth reading if you have any interest or involvement in the property around the Lake.
Question #1: What is the typical price per acre of waterfront property at Smith Mountain Lake?
Question #2: What can you do to enhance your lake view below the 800-foot contour, without removing trees and having to replant trees?
Question #3: Can you build your dock up to the property line?
Question #4: Is there a way to get over $5,000 per week in rental income from a waterfront home at Smith Mountain Lake… even in this economy?
Question #5: Do you have to buy flood insurance on waterfront property at Smith Mountain Lake?
ANSWERS:
Answer #1: The size of a lot does not typically play a major role in the value of waterfront property at Smith Mountain Lake. In fact, of the seven major factors we have identified, the size of the lot ranks dead last. Those seven factors… for many buyers… are:
- View
- Slope
- Waterfront Quality
- Home
- Locations
- Cove vs Main Channel
- Size of Lot
See page 48 of The Definitive Guide to Smith Mountain Lake Real Estate.
Answer #2: AEP does allow you to limb up trees as long as you do not top them. This can help open up your view while not affecting the stability of the surrounding soil. For more info, go to pages 64 – 68 of The Definitive Guide to Smith Mountain Lake Real Estate.
Answer #3: Yes if your neighbor grants you an easement to do so. If not you must be at least 15 feet from all property lines as well as all imaginary lines as they project into the water. See Pages 56 to 62 in the Definitive Guide to Smith Mountain Lake Real Estate.
Answer #4: YES! I helped five waterfront buyers… in the past 13 months… purchase a property like this. The first of the five finished their new home in May and rented it for $5,500 per week through much of this summer. Contact us to learn more about how you can do this yourself. See page 75 of The Definitive Guide to Smith Mountain Lake Real Estate.
Answer #5: Rarely. Flood insurance is required when all or part of a home is within the 100-year flood plain. This area is defined up to the point of 803 feet above sea level; that’s 8 vertical feet above the full lake level. Thanks to Appalachian Power keeping the lake levels normal, water levels are rarely anywhere close to that. See page 140 in the Definitive Guide to Smith Mountain Lake Real Estate.
The detailed answers to these and dozens of other important questions can be found by ordering the book “The Definitive Guide to Smith Mountain Lake Real Estate” by clicking HERE or by signing up for our free eCourse on buying property at Smith Mountain Lake. There is no better way I know of to get a crash course on the property at the lake… except to come and tour the lake in person.
