Sometimes we are blessed to find a new home in exactly the state we want it. But more often than not there are a few changes needed here and there. If you have recently acquired a wonderful new home at Smith Mountain Lake, or are in the process of doing so, read this article by Kenyon Blunt on how to choose the right improvements for it.
Once you’ve found your ideal lake home, it probably isn’t ideal in every sense of the word. It might just need a fresh coat of paint or it could need some substantial remodeling. Regardless of the extent of the improvements needed, it’s wise to know which ones offer the best likelihood of improving the value of your lake home.
Lake homes are unique compared to other real estate purchases because they often come furnished. It’s been my experience that what’s included in the sale is hardly worthy of a good garage sale. So, when you buy your lake house, you should plan on spending at least $1000-$2000 upgrading the furnishings. This doesn’t do anything to improve the long-term value but it does make it more pleasing while you own the property.
A second thing that you’ll probably need to do right away is to give your lake home a new coat of paint. Depending on how long you intend to own the property, this may not add any long-term value either. Again, it’s one of those quick fixes that will make your lake home more enjoyable.
After you change the things that will make your lake home more livable, it’s time to think about how you can improve its value. Before you lift a hammer, you’ll want to plan your improvements and focus on the ones that have the best chance of increasing your home’s value.
Planning Your Improvements
There are four questions that you’ll need to answer before you begin any improvements to your lake home:
- How long will you own your lake home? The longer you own the property, the less annual return you’ll receive from the improvements.
- Will you do the work yourself or hire it out? You can make more money by doing some of the job yourself but you do need to have the time and skills to do it (otherwise it could cost more).
- Are you planning on financing the improvements? If so, you’ll have to factor in the costs of borrowing money into the projected payback of the project.
- Do you have dependable contractors? This is perhaps the hardest question based on my own experience. Contractors at the lake are on “lake time” which means they may or may not show up when you need them.
About the Author:
Kenyon Blunt is the publisher of “Lake Home Tips.”