Author: Gretchen Tipps

The annual Southwest Virginia Boat Dealers Association Boat Show will be held at the Roanoke Civic Center Friday, February 22, 1pm – 7pm, Saturday, February 23, 10am – 7pm, and Sunday, February 24, 10am – 5pm. For more information about the site, visit online at  http://roanokeboatshow.com

For more than 30 years, The Southwest Virginia Boat Dealers Association has hosted this Boat Show. This event has doubled in size over the last couple of years and represents a unique, once-a-year opportunity to see every dealer on Smith Mountain Lake.

The SVBDA is making a huge effort to draw the BIGGEST crowd yet to this event, including exciting exhibits of boating equipment, related products and services and MUCH more.

RETURNING THIS YEAR: Free Admission Friday.

Adults $7.50

Children 12 and Under Free with an Adult.

Need information about the show? Contact Show Director Darrel Ross at (434) 610-5991.

April

April 12, 13  –  College East Super Regional Bass Tournament – Over 100 to 125 College teams from Texas to New York come to SML to compete for a chance to go to the Bassmaster Classic at Bridgewater Plaza, Moneta. Va. Tech alone has over 10 teams and bass fishing currently is the only nationally ranked sport that VA Tech has. Televised on ESPNU.

April 19, 20, 21  –  (Oakley Tour) Blue Ridge Big Bass Classic Open Big Bass Tournament at Bridgewater Plaza, Moneta. Last year 269 anglers entered our first tournament. This year we expect 350 to 400 anglers.  Registration is Friday, April 19  from Noon – 8pm. Entry Fee – $100 One Day Entry – $150 Two Day Entry. Grand Prize: 2013 Nitro Z7 valued at $25,000. Televised on WFN – World Fishing Network and Fox Sport West will be a new market for us.

April 26  –  10th Annual SML Business Expo Sponsored by the Smith Mountain Lake Regional Chamber of Commerce, this annual event showcases member businesses, service providers and their products. Public invited. Held at Downtown Moneta.

April 27 – Rockin Brews & BBQ’s an annual spring ‘music, food and fun’ event in the Smith Mountain Lake area.  Held at Downtown Moneta, Route 608 and 122, Noon – 6 p.m. Saturday, April 27. $5 Admission, Children 12 and under free.

May

May 3, 4, 5 – Optimist Club Fishing Tournament The 43rd Cave Spring Optimist Club Fishing Tournament participation may get a boost from the BASS Elite Series on SML that created excitement and turned up a bunch of bass. One advantage for Optimist anglers: they can fish at night if they choose. Held at Foxport Marina, at the mouth of Gills Creek on the Blackwater River. CATEGORIES: The competition is for the largest fish in categories for largemouth bass, smallmouth bass, muskie, catfish, crappie and striped bass. PAYOFF: The tournament offers prizes that total $15,000. In each category, the heaviest fish is worth $1,000 in cash; second, $500; third, $300; fourth, $150.

May 4  –  16th Annual SML Triathlon

Come participate or cheer your favorites in swimming, biking and running events at the beautiful Smith Mountain Lake State Park located in Huddleston off of the Smith Mountain Lake State Parkway (Route 626).

May 4   –  26th  Annual Take Pride in Smith Mountain Lake Cleanup  Day This event marks the 26th annual lake-wide clean-up effort. Volunteers from the entire community get involved in sprucing up the lake and shore for the coming summer season. Volunteers can register individually, as a group or organization.  Call the Smith Mountain Lake Visitor Center for more information at 540.721.1203.

May 17 – 19—Pigg River Ramble   The Pigg River Ramble is a 3-day whitewater packed weekend full of excitement and adventure. You can race against other Ramblers or simply float for fun down the Pigg River. Friday, May 17 at 9:00pm kicks off the Pigg River Ramble weekend with the fun of a night-time float on the Blackwater River with the “Blackwater Blackout.”

Saturday, May 18, at 10:00am the Annual Pigg River Ramble kicks off with a competitive style float down the Pigg River, with canoeists/kayakers from all over the East Coast.

Sunday, May 19, at 7:00am Breakfast on the Blackwater starts off with a homestyle breakfast and wraps up the weekend with one more float down the Blackwater River. Info: www.franklincountyva.org/parks

May 17, 18   –  Tom Maynard Memorial Poker Run

Special charity event that involves playing poker from watercraft.   Prizes are awarded for both winning and losing hands and best “decked out” boat and crew.  The Poker Run is dedicated to good fun and all proceeds go to a worthy cause.  Other special events surrounding the Tom Maynard Poker Run weekend include a welcome dinner with entertainment as well as a special boating safety orientation class.

June

June 15 – Juneteenth Celebration at Booker T. Washington National Monument

Freedom is the focus of this emancipation celebration for the whole family. Tour the Burroughs Plantation – music performed by local gospel groups. Free admission. www.nps.gov/bowa, 540-721-2094.

July

Independence Day Celebration  — Thursday, July 4th, Downtown Moneta

Start the Fourth of July holiday in grand style. Enjoy the music of The Worx band from 6pm to 10 pm and then see our spectacular fireworks show! Food, drinks, children’s games and more will be available. All proceeds benefit Moneta Fire Department.

Independence Day Celebration  –  Saturday, July 6th(Raindate – Sunday, July 7)

Loaded with fun, entertainment and grand fireworks for all to see, this major event takes place at Parkway Marina in Huddleston to celebrate our nation’s independence.  No Pets will be allowed on the Point!

July 19, 20, 21 — Smith Mountain Lake Pirate Days….All 3 counties Franklin, Bedford & Pittsylvania, surrounding Smith Mountain Lake, participate in creating a 3-D Pirate experience. The theme is simple and ‘family friendly’, a great way for area businesses to connect their marketing efforts to create a memorable Smith Mountain Lake experience.

September

September 13 & 14  –  Smith Mountain Lake Antique and Classic Boat Show

In and out of the water antique and classic boats, a display of antique automobiles and a great selection of quality craft vendors.  The event will be held at Mariners Landing in Huddleston, VA.  For more information contact SMLRCC at 540.721.1203 or visit www.woodenboats.net.

September 28 and 29   — 25th  Annual Smith Mountain Lake Wine Festival This amazing weekend event includes 28 Virginia wineries participating offering their finest vintages. Try wine tastings, more than 85+ quality food and craft vendors plus live entertainment— it’s one of the lakes truly GRAPE events!

October

October 11, 12, 13   –  Smith Mountain Lake Charity Home Tour Visit eight beautiful waterfront homes reflecting a variety of architectural and decorating styles. Tour the featured homes by car or boat.

October 19 — A Night at the Races, The Rotary Club of Smith Mountain Lake’s Fall Fundraiser will be held Saturday night October 19, 2013, at the W.E. Skelton 4-H Conference Center. This will be a very exciting evening of trumpets blaring, horse racing, dinner, refreshments, door prizes, 50/50 raffle, race card winner’s drawing for prizes, and even a woman’s hat parade and contest.

November

November 2  –  11th Annual Smith Mountain Lake Fall Chili and Craft Festival

Enjoy a full-day event featuring music, crafts and a spectacular competitive chili cook-off, with awards for Best Chili, People’s Choice and Showmanship!  Held at Bridgewater Plaza, it’ll be a hot time at Smith Mountain Lake.  Savor the essence of fall with ‘chili…just the way you like it’ at the Smith Mountain Lake Fall Chili & Craft Festival. The event is slated for Saturday, November 2nd at Bridgewater Plaza. This will be the tenth fall event sponsored by the Smith Mountain Lake Regional Chamber of Commerce and it captures the best of everything with plenty of activity, great chili for tasting, craft vendors, awards and a beautiful lakeside setting.

November 30 –  16th Annual Virginia Dare Flotilla for Toys Christmas Boat Parade

An evening event, with a parade of boats ‘decked out’ for the holiday season with lights and displays.  The boats leave port from the Virginia Dare Marina at 7 p.m., travel to Halesford Bridge at Bridgewater Plaza, circle past the SML State Park and return to the Virginia Dare Marina. This event is a local toy drive with all gifts distributed by the Lake Christian Ministries.

Additional Events: Many other events take place at Smith Mountain Lake throughout the year. Feel free to call our SML Visitor Center for an update of the latest lake happenings.  Call 540.721.1203 for more information.

The Smith Mountain Lake Regional Chamber of Commerce sponsors the “Business After Hours” program for its members the third Thursday of each month from 5:00 -7:00 PM at scheduled business locations.  “Business Before Hours” are also held periodically.  The SML Regional Chamber of Commerce also hosts annual business educational seminars and other noteworthy events for the benefit of its membership. To learn more about the Smith Mountain Lake Regional Chamber of Commerce, click on “Chamber of Commerce” on the website or call 540.721.1203.

The Smith Mountain Lake Regional Chamber of Commerce rolled out the red carpet in 2013 with the theme, “Blur the Lines-One Community” at the 12th Annual Chamber Awards Dinner. Organizers created an Academy Awards inspired event, for all who attended, with television cameras, TV screens, elegant décor, an excellent meal and full award regalia.

In addition to gathering the membership to kick off the 2013 business year in grand style, the dinner also served as a platform to recognize the work of area individuals and businesses for outstanding achievement.

The Willard Companies and Prudential Waterfront Properties received the Regional Advocate Award. This award goes to a SML Chamber member or business who has exhibited creativity in promoting this region as well as their business and has used many levels of marketing to significantly impact growth in the region as well as promote products, services, and this region.

In addition to the Regional Advocate Award, The Norma Jean Teass Award for community leadership went to Teresa Tyree, SML Animal Control. Print-n-Paper was named Business of the Year. Emerging Entrepreneur Award went to Laker Beverage & Tobacco. The Enduring Enterprise Award was awarded to Capps Home Building Center and the Service Excellence Award went to The Landing Restaurant.

Whether buying or selling a Smith Mountain Lake home, storage becomes an issue. Buyers want ample storage areas — indeed, it can be a make-or-break feature when buying a home. Sellers need it both for eliminating clutter from rooms while showing a home, and for containing their own personal items. Learning how to best utilize the storage will increase the functionality and presentation of your home.

Once you’ve reduced the amount you would like to store – items have been sorted, unwanted and useless things have been discarded – presumably the remaining items needing storage are wanted, useful, and/or valuable in some way. Here are the steps that will ensure success:

Assess: Storage Areas and Items to Store

What you have and where you will store it are both questions that are pertinent to the task at hand. Storage of dishes or books, clothing or car parts, may require different solutions. The only way to do this is to take a good look. Simply having a lot of space is only part of the puzzle; being able to access your belongings is equally important.

Inventory the storage areas on your property to better understand “reality”. Having an attic or basement does not mean that you have more storage if they are difficult to access, wet, unduly hot or cold, infested with mice or mold – so check these areas and really look at their condition. Similarly, cabinets and closets with particularly high shelving or excessively deep shelving provide wonderful storage for items that are not often in use.

Don’t overlook non-traditional storage – alcoves, and places where storage furniture or built-in furniture could exist. Your space might have a perfect place to put an armoire, bench seat with storage, or built-in bookshelves. Mantels and large porches, sheds and garages often have places where storage is possible. If these areas are exposed to view, containers should be attractive and appropriate to the spot.

When assessing where to store each item, keep in mind that having items close to the location where they will ultimately be used is often essential to it having value. Items you cannot access might as well not be there. If you are keeping something, consider “charging it rent” – is it worth the space it takes up?

If in your assessment of space and items to store you have far more items than space, then further reduction of possessions might be in order. An alternative is to “find more space” by creating more storage in the home or on the property possibly by building an addition, garage, or shed. Otherwise, if you have more stuff than fits in storage, you will either live with it in your way day-to-day, or have to rent storage space out of the home, which is expensive and inconvenient for accessing your items. Or perhaps you just need a bigger home!

Prepare: The Space, the Items, and the System

After you have assessed the storage space, it is time to remedy any issues found. Creating access, resolving moisture or pest infestation, heating or cooling issues, and cleaning an area can ensure that items stored there will retain their value and usefulness.

Storage space that is climate controlled (not too hot or too cold), dry and easily accessible is the most valuable storage on your property. Renovations that add additional storage of this sort may increase your home’s value. Any time that you consider removing storage, eliminating closets or shelving, consider the consequences carefully and determine if that storage will be available elsewhere.

Storing items in containers that are strong, helps keep them in good repair. While storage containers might be expensive, storing your valuables poorly can result in loss or damage, which might be equally costly. Cardboard boxes are subject to moisture and are often difficult to move, and can result in content which is difficult to see and access.

Shelving can provide an alternative to stacking boxes on the floor and make them easier to access. Moving one box to get to another is acceptable, but stacking too many boxes on top of each other can make retrieving items from lower boxes a daunting task. If you cannot get to your stored items, they can become a burden rather than a help.

Using boxes or containers that are sized to the contents will ensure that each box does not get too heavy. Fragile items that are stored in large boxes can be broken more easily, and items with many pieces should be stored together. Ensure that shelving and containers work together, and that items of like kinds are stored near each other, in a place that makes sense. Labels are a wonderful way to cut down on searching for things, but be sure to update them when the contents shift.

Achieve and Maintain: Principles of Storing

Now that you understand what you have in the way of stuff and storage space, and you have prepared the items and the spaces and created a system, placing things is much easier. By this time, you probably understand what you have and whether it will be actively used.

Generally there are levels of storage – long-term, seasonal, and active-use. Understand the nature of what you are storing.

Items being held for future generations, which might not be accessed for years, belong in long-tem storage. If they are well-stored and secure, putting them in a far corner that is not very accessible might be fine. This is the time to consider attic and basement space, but only if the items are well-stored and the space is properly prepared.

Similarly, decorations and house wares that are seasonal will get in the way if they are taking up prime space in the wrong place. Consider dedicating “seasonal storage” that can be rotated so that the next season’s items are in the front, ready to be taken out when needed. Packing seasonal storage too tightly and not rotating it may render it useless, so this is one area where establishing a system can really pay off.

Active storage is important to keep organized and not over-filled. Items should be easy to locate, retrieve and replace, and what you want should be where you want it; kitchen and food items in their proper spots, health and beauty items in a hygienic location, and cleaning and maintenance tools where they are likely to be used and serviceable. Items that are out of place breed clutter and chaos, so well ordered active storage is a key to a well-functioning home.

Kitchen cabinets are typically sorted and items stored close to the stations where they will be used. Cabinets that are deeper might store items that are used rarely toward the back, and frequently used tools up front. Everyday plates and utensils should be easy to access and put away, while holiday dishes and party platters are better out of the way.

Garage and sheds and even bathrooms and bedrooms follow similar rules. Enabling access to tools and materials while ensuring clear areas is a key to successfully living and working in a space. Items that you use a lot need a “home” – either in storage or in plain sight. Having items you love and places to keep them will ensure that cleanup is easy and your rooms look tidy.

If you are storing something that you don’t use or love, it is taking up valuable space. Every so often, go into the back of your cabinets and drawers to find items you no longer use or love – this is one of the quickest ways to gain storage space without spending money on shelves or storage systems. Similarly, if you are storing something to give to future generations, ask yourself if they will really want it or if they might be ready to receive the item now – then it doesn’t spend years in storage and you gain space!

Refine: Love What Works and Don’t Let Trouble Continue

Every so often, a homeowner will look up and find that they have a “trouble spot”. When tools are hard to return to their storage areas, or holiday items linger in boxes by the door, it is usually a sign that the storage area is too difficult to access or the system of storage hinders use. The ability to return items to storage is as important as the ability to get to them easily – so you might need to refine your system to overcome any challenges you find.

Annual inspections might reveal that there are items to purge, spaces to improve, or systems that need upgrading – but most of all, you stay in touch with your home and its real value to you. While you are at it, don’t forget to appreciate what is working well. Storing stuff you love in a way that works makes your home a haven and a place that allows you to function at a high level. It’s the best way to get value out of your home, and give you a new perspective on what you really have. After all, as a homeowner you want to be in touch with your most important asset!

Ownership of real property is a privilege that once belonged only to kings and nobility, and as masters of our own domain we each take our home and lands very seriously. It is no wonder that boundary disputes can provoke the nastiest of all sentiments between Smith Mountain Lake neighbors. Many of these disputes can be avoided, however, if both parties have a clear understanding of facts, proper documentation, and a willingness to come to fair agreements.

Know your Facts

Boundary issues can arise at any time – so one of the very best ways to avoid an issue around property lines is to know your facts. The time to do this is before signing a purchase agreement. When purchasing a home on land, there is no substitute for a thorough check on property lines, including a clear understanding of the deed of title, and land record, or “plat”. If you are purchasing a condo, or a home in a community, study all the documentation you can about your unit, storage and ancillary areas that come with the unit, and common areas, rules around building or renovating fences, screens, or dividers.

Learn about your rights and responsibilities around trees, landscaping, driveways and sidewalks, or any area where you might come into contact with your neighbors. If there is a view involved, understand any community or local view ordinances, and consider entering into an agreement with neighbors regarding your view, going so far as to purchase those rights. Offering cash to procure a written contract may seem excessive, but your rights will be protected and may be upheld in a court of law.

Drawing the Line

Property lines should be clearly described in official records including a property title and land plat. Establishing where lines are up front will aid any interested party prior to clearing, building, or using land. Online resources make these records readily available in many areas, though finding markers on site may prove more of a challenge. When in doubt, hire a licensed surveyor to establish where the property line is actually located and mark the findings clearly.

When you are conducting your search for issues on any property that you are considering buying, it is well worth your time to understand mineral and water rights, forest issues, rights of water and well and other covenants. Know if there are any easements on your property – “Right of way” enables property owners who would otherwise not be able to gain access to their land to do just that. Usually this is accomplished by negotiating an easement across another property. If there is a recorded easement on your property, it may be exercised at any time.

In addition to your rights with regards to property lines, it is important to understand your responsibilities. Before building, clearing, or using property close to a boundary line, ensure that you have a thorough grasp of the building codes in your locality. Building over, on, or close to a property line may violate laws and incur costs that are avoidable.

Views

The value of some property is greatly enhanced by its view. Views, however, can change if a neighbor plants or builds obstructions. Many areas have rules and regulations governing the obstruction of views, however it may be wise to enter into your own agreement with neighbors, even offering a cash incentive for ensuring your view is safe. Contracts are advisable, as they ensure that these rights are enforceable by a court of law, should the need arise.

Mending Fences

The most common and often frustrating property line issues arise around the common fence. Whether designed to distinguish the property lines, provide privacy, or to contain livestock and other animals, fence owners invest a significant amount of money and time in construction and maintenance of these valuable assets. In some areas fences are owned and maintained cooperatively between neighbors, though other places one party owns and maintains the fence. Understand your rights and obligations regarding fences on your property lines. Unduly high fences or plantings designed to create barriers can present an eyesore, obstruct a view, or violate local ordinances. When this is the case, it may be deemed a “spite fence” and legal action might be considered, though it often takes time and money.

The Trouble with Trees

While many people cherish and value trees, like all living things they have a lifespan and needs that must be met. Large trees that overhang buildings, fences, or boundary lines pose a threat. Trees that lean across lines may present special situations that affect homes or fences, and there are often laws protecting each party’s interests. While perfectly healthy trees can fall or break given specific circumstances, if neglect can be proved, a property owner might be liable for damages. Understanding your responsibilities around pruning and maintaining trees on your property is key.

Insurance companies may get involved when damage is incurred by falling trees or tree limbs, though if negligence can be proven your insurance rates might be affected. Knowing the health of trees on your property, and taking measures to ensure that they don’t damage your neighbor’s home or property, is the landowners’ responsibility.

Felling large trees is a difficult endeavor and should be undertaken only by qualified individuals who are bonded, licensed and insured. Speaking with your neighbor prior to the work may reduce concerns, but also evoke some unwanted emotion. Trees that have been established for many years might be missed by some, while others might be relieved with the removal of a diseased tree or welcome the additional natural light. Tree work that may pose any risk to your neighbor’s property should be discussed prior to engaging in the work.

Avoiding Encroachment

The term “encroachment” refers to a piece of real property that hangs over the boundary of another landowner’s property. Trees or bushes are naturally occurring, while buildings or structural encroachments may be accidental or intentional. Generally, there are laws and precedents in place that are designed to aid parties in sorting out disputes. If you don’t know or understand the laws, a real estate lawyer can provide assistance.

Buildings that are already in existence, but that have been built on another person’s property present a special problem. When possible, both property owners should work together to design a property line adjustment that is equitable to both parties. While there is a temptation to resolve the issue through the court system, legal battles can be expensive, and the relationship between the land owners is often stressed to the breaking point.

While there are plenty of instances of having to raze, move, or alter a structure due to judgments against the owner who is violating the property line, there are also many neighbors who have found equitable ways of resolving the issues through a land-swap or cash agreement. Encroachment is a serious issue, and consulting with a real estate lawyer is highly advised.

In the Event of Emergency – Know the Emotional Climate

Whatever you do, avoid making decisions or confronting a neighbor when emotions are high or facts are in question. This may be difficult when highly paid contractors are on site to cut trees, dig trenches or construct fences or buildings, but ensuring that the issue is dealt with up front might avoid costly reparations on in the future, or months mired in legal proceedings should one party take the other to court.

There is a well-known saying that dictates, “Fences make the best neighbors.” While it might sound cleaver, the truth is that Good Neighbors make the best neighbors. When there is an issue around boundaries, nothing drives the point more to home. Increasingly, neighbors might not know one another. Privacy and busy lives sometimes create the feeling of neighbors being more like two ships passing at night, trying to avoid one another. However, when you know your neighbors, it helps you to understand their relationship to their boundaries. Generally, when there is an issue between two parties that know each other, it is easier to resolve. When purchasing property you can’t choose your neighbors, but you can ask good questions about them, and you can ask questions about the property lines and fences.

If you are in a dispute over property lines, rights of way and other boundary issues — be a good neighbor and treat your neighbors as you would want to be treated. If you are in a community or condo, there may be a group designed to help work through issues like yours. Mediation may be a way to avoid costly litigation, and may aid you in finding ways to adjust the property lines so that there is equity. Finally, once an issue has been resolved, ensure that all property lines and agreements are clearly and legally recorded and marked so that everyone is clear from then on.

Event features holiday festivities, WE CARE toy drive and chance to win $1,000 shopping spree.

The Willard Companies is pleased to announce its annual Holiday Tree Lighting and Open House event at Westlake Towne Center on Thursday, December 6, 2012 from 5:30 – 8 p.m. Several holiday festivities are planned including four live concerts, horse and carriage rides, free pictures with Santa, and awarding a $1,000 shopping spree.

In addition, the first 150 individuals who donate a new, unwrapped toy to WE CARE of Franklin County during the event will be given a complimentary ticket to a special showing of “White Christmas” at Westlake Cinema showing after the event. Collection boxes for toy donations will be located inside the retail stores during the event and movie vouchers can be picked up after toy donation.

Activities taking place during the two hour event include:

• Special arrival of Santa on a fire truck
• Free photos with Santa sponsored by Your School Photos
• Horse and Carriage Rides sponsored by Kroger
• Live concert by Lakeside Singers
• Live concert by The Mark Dubbeld Family
• Live concert by Smith Mountain Lake Harmeneers
• Live concert by EastLake Community Church members
• Complimentary refreshments
• WE CARE of Franklin County Toy Drive
• Reading Education Assistance Dogs (R.E.A.D.) at Westlake Library
• Carilion Clinic Helipad site open for air ambulance tours and meet the crew
• Special appearances by Miss Smith Mountain Lake and Miss Blue Ridge pageant winners
• Free holiday coloring books to children donated by Carilion Clinic

Participating Westlake Towne Center businesses include Kroger, SweetFrog, Westlake Library, Merle Norman, Haywood’s Jewelers, Westlake Salon & Spa, and Cottage Gate. Carilion Clinic will also be participating.

The Fraser fir selected for the event will stand approximately 26’ tall and was picked from Roll Out Farm in Pilot, Virginia. The tree will be centrally located at the retail shopping center and stand in front of Westlake Library at Westlake Towne Center.

According to Christopher Finley, Director of Marketing and Public Relations for The Willard Companies, “The annual Tree Lighting and Open House is a festive event for the entire family. It also serves as an opportunity to collect toy donations to benefit WE CARE of Franklin County and many families who are in need this holiday season.”

 

The Willard Companies is sponsoring it’s annual “Shop Local” campaign by rewarding patrons who shop local at participating retail businesses within the Westlake Towne Center starting Friday, November 23 (“Black Friday”) through Friday, December 21, 2012.

Customers who spend a minimum of $35.00 at participating Westlake Towne Center retail businesses will receive two free movie passes to Westlake Cinema. The movie vouchers are good for all show times, but do not include concessions or 3-D premiums. Promotion is limited to one transaction per customer and while supplies last.

The participating retail businesses at Westlake Towne Center include: Verizon Wireless Zone, Haywood’s Jewelers, Merle Norman, Westlake Salon & Spa, The Cottage Gate, Smith Mountain Building Supply, UPS Store, The Cabinet Gallery, Interiors by Kris, City Electric Supply, Lake Home Medical, Smith Mountain Lake Wellness & Fitness, and Ferguson Kitchen and Bath.

According to Christopher Finley, Director of Marketing and Communications for The Willard Companies, parent company of Westlake Towne Center, “Shopping locally keeps money right here at Smith Mountain Lake and directly supports members of our community. This program is a way to reward those who recognize this importance.”

Qualifying customers can pick up movie vouchers by bringing store receipt to The Willard Companies corporate office located at 75 Builders Pride Drive, Suite 200 (behind Smith Mountain Building Supply and beside Ferguson Kitchen and Bath) between 8:00 a.m. – 5:00 p.m. Monday through Friday. The offices are closed from 12 – 1 for lunch. For additional information, please contact (540) 721-5288.

Have you ever considered purchasing a rental property at Smith Mountain Lake, Virginia? Rental properties can be great investments, done right. In addition to realizing gains from property value appreciation, rental income can provide a monthly cash flow. Once the mortgage is paid off, much of your rental income will be profit, allowing you to work or to enjoy retirement.

Unlike your home, this investment isn’t something that you will be personally using day-to-day, so the benefits of ownership differ. Rental property is a tangible asset you can visit, use, and personally impact the worth of your investment. With sound judgment, and by following some basic steps, you can own property and realize gains; both short and long term.

Purchase with a Plan

Investing in real estate differs depending on the type and location of the property you are buying. Will you want to use the property part of the year? Vacation rentals are enticing on many levels, though considering how you will use them during less desirable periods may affect your potential rental income. Purchasing a residence has different implications than a property that will be rented commercially. Some investors buy properties with multiple units so they can have rental income from one or more units while fixing up and/or living in remaining units. Properties with multiple units have more to consider and maintain than properties that will be rented by a single person or entity. Knowing the type of landlord you intend to be will provide some focus as you consider properties. It will also provide valuable knowledge for your realtor helping with your search.

Being pre-approved for an investment loan and ensuring that your own finances are in order is not only wise, but will make it clear if you have enough capital to proceed. When taking on another mortgage, remember – you will want to have a healthy reserve fund in the event that the property produces less income than expected. Before you look at properties, sit down with a mortgage broker or lender to see how you qualify for a loan.

Research the local rental market so you know what you can realistically expect to charge and better understand the potential cash-flow of potential rental property.

Understand Your Investment

It is important to understand the condition of the building and surrounding property you intend to buy. Unless you are particularly knowledgeable about construction, always make offers for purchase contingent upon professional inspections.

Knowing the exact condition of the roof and foundation, plumbing and electrical, floors, appliances and other aspects of the property provides a much better sense of what you will need to repair, maintain, or upgrade for your tenants. In turn, this allows you to better understand the “bottom line” of your investment. After all, you are not likely to be present on a day-to-day basis to take note of any issues that arise. As the owner you have a vested interest in ensuring that the investment stays in good condition. You should have a budget for repairs and maintenance, and ensure that the purchase price enables you to make any necessary upgrades you might need to make prior to renting it to a tenant.

Additionally, you will want to know about locale, including parking and security issues and the zoning regulations that govern the property, including any multiple occupancy limitations and any restrictions on specific business activities. Your understanding of specific property, how it might be used, and the limitations you face when renting it out make you a better investor.

Evaluate Your Options

As you look at properties, consider your options – you have many. From location and style of building to type of rental and the number of units, each decision you consider will open new doors. Is this a long or a short-term investment? If the property is one that you think you will hold for a while, do you have a sense of what the future holds and how the neighborhood is changing? Buying properties in good locations is one of the best ways to ensure the steady flow of rental income.

And remember: properties don’t always have to stay the same. Consider things you could conceivably do to the property that might affect your income or investment. For example, can you add on to the home easily? Can you build a garage or change parking? Is it possible to convert a garage to an extra room? Are there regulations regarding subdividing or renovating the home? Can you add a bathroom?

Some communities limit the number of rental properties, while others have height or size limitations when building. If something you desire is not an option, know that going in. Even if you are not planning to change the property in any way in the beginning, understanding what you can and cannot do is a good idea.

Get Insurance and Assurance

Legal documents, including rental agreements between you and your tenants, and service agreements between you and concerned parties are essential. And don’t forget more mundane issues that can arise when renting out a property: If a community has fees for water, sewer, community clubs or other amenities, clarify responsibilities — will these be the responsibility of the owner or renter? Getting the right information out of the gate and spelling it out for your tenants will aid you in the end. These agreements will give you peace of mind and provide legal recourse should you need it.

A real estate lawyer is an invaluable asset when you purchase a rental property. Not only can a real estate lawyer look over your purchase and rental agreements, they can advise you in other aspects of your investment, including interpreting local regulations. Your realtor will undoubtedly be another great asset, as they are full of more general information regarding local issues and market trends and can likely provide referrals to local property management services should you be interested. The more resources you have on your side, the more assurance you will have that your investment will run smoothly.

Proper insurance includes insurance on the structure itself as well as liability insurance, in case someone is injured while on the premises. In some locations additional flood, earthquake, and storm related coverage is a further way to protect your investment. Since you are responsible for the mortgage, you will want to have the right types of insurance with sufficient coverage to protect your investment.

Remember: You’re In Business

Buying a rental property is essentially going into business. When the monthly income from tenants exceeds the amount you pay in mortgage, maintenance, taxes and other fees, you realize a positive cash flow in the short-term. Additionally, if all goes well, you will also realize a profit when selling the property. Doing your research as you look at properties and make your choices enables you to be as prepared as you can be for the ups and downs that you will face in managing your business. In fact, what you learn can make you much more successful in the end.

Like all businesses where significant money will be changing hands, an accountant who is versed in real estate investing and tax implications will be valuable. You will be collecting rents and incurring expenses for repairs and services. Tax issues become more complex, and a professional will aid you in maximizing your returns on your purchase. Service providers like this can pay for themselves in the money that they save you. Once you know the bottom line with regard to your investment, you will be better equipped to determine a budget for projects related to the property.

Whether this is your first rental property, or you are a seasoned veteran of this sort of investment, your realtor is among your business contacts. Having a straightforward relationship where you present your needs and expectations up front enables you to get the help you need in making that critical step of executing the purchase. Additionally, realtors often have a wealth of knowledge and resources that they are willing share from handymen to potential tenants.

Success in business is not accomplished alone – developing a team of professionals from purchase through ultimate sale of the property is one key to achieving your goals. Follow these steps as you go into your new venture and you will start strong. The rest is up to you!

 

Be sure to come to Smith Mountain Lake’s 10th-Annual Fall Chili and Craft Festival. This full-day event, beginning at 11:00 a.m. through 4:00 p.m., features live entertainment, crafts and a spectacular competitive chili cook-off.  Trophies will be awarded for “Best Chili,” “People’s Choice,” and “Showmanship.”  It’ll be a hot time at Smith Mountain Lake.  Held lakeside at Bridgewater Plaza in Moneta, near the Hales Ford Bridge. Tickets are $5 at the gate!

The Rotary Club of Smith Mountain Lake’s Fall Fundraiser will be held Saturday night October 20, 2012, at the W.E.Skelton 4-H Conference Center.

This Annual event benefits local charities and features simulated horse racing, funny money, great food, dozens of valuable prizes, a “ Kentucky Derby Women’s Hat Parade”, and camaraderie.

Tickets are $35 and include a buffet dinner, $16 in “race money”, front row seats at the hat contest, and a chance to win coveted prizes. Cash Bar 5:30pm. Racing Program: 6:00 to 10:00pm. Participants need NO knowledge of horse racing to participate in the 4 hour event. Groups can reserve a full table for 8 ($280).

Dress is Racing Casual or Kentucky Best. Guests are asked to bring their own appetizers to share – the best at each table is hotly contested.

Contact Brian Raub at 540-721-1405 or Tom Cosgrove at 540-721-7838- to reserve tickets, name horses, or advertise in the event program.