Author: Gretchen Tipps

Friends often share holidays, vacation together and are there for all the important moments in life. So, why not buy a home at Smith Mountain Lake together?

An increasing number of consumers are considering joint ownership. Such as transaction makes sense, as it can help those who may not have been able to afford a Smith Mountain Lake home on their own, it gives each owner a real estate investment, and it can even strengthen the friendship.

But the opposite could happen as well. Friends can feud over the most trivial of things, placing the long-term housing investment at risk.

Here are some tips for surviving Smith Mountain Lake co-ownership with a friend.

1. Be sure before agreeing to this life-altering decision that all parties are willing to disclose their financial information, agree upon the type of home and location they are after, and are truly comfortable with living with one another.

2. Consult with an attorney: A contract between the parties is vital, as is listing each person’s name on the deed and the mortgage papers. The percentage of ownership must be clearly stated in the contract, including details of each person’s share of the down payment and the way in which mortgage payments will be divided. This sets the stage for deciding each one’s share upon sale.

3. Get pre-approved for a mortgage: Mortgage companies aren’t always thrilled with lending to two unmarried or unrelated people. Odds are those buying a home at Smith Mountain Lake will need to jointly qualify as co-borrowers on a single mortgage in order to purchase a property held in tenancy in common or joint tenancy.

4. Understand each other’s wants and needs: House options, mortgage rates and contract terms will be contingent on each individual’s credit history, financial health and both short-term and long-term obligations, so it is smart to discuss all of this ahead of time. During the house-hunting stage, the friends may have different ideas on what they are looking for. It’s always a smart idea to sit down and list the most important features to each and figure out what each is willing to give up.

5. Have an exit strategy: Jobs change or a surprising romance could evolve where marriage will soon be in the picture. What happens to the house then? This is something that should be agreed upon before the house is bought.

Once everything is agreed to and a mortgage commitment is in hand, things still aren’t easy. It’s hard enough finding the perfect home, but to have to find the perfect home for two is even tougher.

Friendships can stand the test of  housing issues, so don’t be scared off; just make sure that when buying any real estate with friends that you don’t let the friendship cloud your judgment.

Wherever you turn these days, it seems that someone is talking about “Green”, or “Leadership in Energy and Environmental Design (LEED”) certified buildings, “EarthCraft” and “Zero Energy Homes.” Each of these share a commitment to reduced energy consumption and the “re-use, repurposing and recycling of materials,” “improved indoor air quality” and use of “environmentally friendly” and “renewable products.” Green or LEED buildings generally generate 20 to 70 percent in energy savings, while a Zero Energy Home (ZEH) by definition must generate enough energy to meet or exceed its own heating, cooling and electrical needs in any given year.

With all of the recent attention being given to energy conservation, you might not realize that a handful of individuals began vigorously exploring ways to significantly reduce energy consumption in the early 1970′s. Since then, energy saving practices have been refined and expanded and have been incorporated into projects ranging from small homes to large commercial buildings, schools and fire stations to government buildings. Recent projects have successfully demonstrated the economic viability and sustainability of incorporating rigorous energy and conservation standards into new construction without increasing budgets or extending schedules.

Many conservation efforts are most easily incorporated at the time of initial construction, however some are easily adapted either as a stand-alone project or as part of routine equipment replacement.

Heating, Cooling and Electricity

High efficiency furnaces and/or heat pumps – replacing old furnaces with higher efficiency models or possibly converting from an older type of heating and/or cooling device to one utilizing newer technology can lead to significant energy savings. Many furnaces built just 15 years ago are quite inefficient when compared to models available today.

Insulation – adding additional insulation in attics, crawl spaces and exterior walls are all potential areas for reducing energy costs. Also, by sealing cracks in the attic around areas where ceiling lights and fans are installed or wires are strung can also cut energy costs substantially. When all these small openings are added together, they can have the same effect as having a window left open.

Horizontal Loop Ground Source Heat Pump System – this relatively unheard of heat pump system runs coils 4 to 6 feet underground to tap into the constant temperature of the earth’s soil to provide either heating or cooling depending upon the season.

Windows – installation of wood or vinyl encased triple pane windows significantly reduces heat loss and eliminates drafts.

Building Site Orientation – for new construction, orienting a building to utilize the southern exposure along with window placement allows for the exploitation of both natural lighting and solar heat.

Light bulbs – the days of the incandescent light bulbs may be numbered as legislators across the nation discuss legislation to ban their use in favor of the more efficient LED and CFL lighting technology as a measure to reduce energy usage.

Higher efficiency appliances – installation of high efficiency appliances will significantly reduce energy consumption, particularly for appliances that run all the time, are energy consumers or are used with high frequency.

Water Consumption

Water heaters – there are several energy saving strategies available when it comes to water heaters. When opting to use a traditional storage tank, the location of the tank can have a significant impact on the amount of water consumed and the cost of heating the water. The most economical placement is to have the tank as close as possible to where the water is used most so there is less water wasted waiting for the hot water to arrive. Adding insulation to the first foot of the pipe coming out of the hot water tank will reduce heat leakage. An alternative to the traditional hot water heater is the tankless water heater that only heats the water as needed by running the water through heated coils. This method eliminates the need to keep water hot all the time and the energy required to do so.

Landscaping -by designing and implementing a landscape centered on plants native to your locale that are also drought tolerant will reduce landscape watering requirements.

Rainwater cisterns with filtration systems – also gaining popularity are rainwater cisterns that store water from rooftop collection systems to be later used for irrigation. Sizes vary and can be selected based up on rainfall averages, collection area size, and available storage locations.

Impervious Paving Systems – porous surfaces reduce the impact on surrounding areas by allowing rain water to penetrate surfaces and be absorbed into the soil. Reducing runoff helps alleviate premature expansion of storm water treatment facilities.

Indoor Air Quality

Flooring – several options exist when making flooring selections that will increase air quality. For those willing to either reduce the quantity of carpeting or forego it all together, selecting sustainably harvested wood or bamboo is a good alternative. However, for those set on having carpeting, selecting carpets made using natural fibers with a low-pile can reduce the collection of allergens. Also, air quality will remain stable when carpeting is installed using tacks rather than fume emitting glue.

Paint – better air quality is achieved by using low-VOC (volatile organic compounds) and low-toxic interior paints and finishes instead of other paints and finishes that release higher levels of chemicals and toxins.

Additional Energy Sources

Solar – once thought of as an “alternative” source of energy, solar panels are gaining popularity. Solar panels remain an expensive option; however, their cost has dropped significantly over the last number of years, making them less cost prohibitive. Although solar panels will work in any climate, sunnier locations will result in higher productivity. To encourage the installation of solar panels, governmental agencies as well as some utilities have created different incentive and rebate programs to lower the cost.

Wind – although not practical for the average home owner due to its high installation costs ($40,000 or more), it does remain an option for those located in areas with sufficient wind and land resources. Generally, a home tower will produce between 8,000 – 18,000 kWh per year given sufficient air movement and requires being located on at least an acre of land.

One of the great debates in real estate concerns the prospect of keeping a Smith Mountain Lake house on the market during the holiday season. Some argue that the time between Thanksgiving and New Year’s Eve is busy enough without the worry of buying a home, while proponents like the prospects since those shopping are generally more serious about buying.

A downside for the seller is that the hectic time of year makes it harder to get your home ready at the drop of a hat if a call comes in. People are busy making food, wrapping presents and preparing for a house-full of guests.

However, your house will also be decorated with beautiful lights and decorations and will create a festive elegance to a home that will attract buyers.

Some agents believe that keeping your house on the market will have you appealing to a much smaller inventory of buyers who have very specific needs that your home might not match. Others counter that less inventory over the holidays means less competition and since more people have vacations this time of year, they actually have more time to search for their ideal home.

The holidays can provide a breather for homes that have been on the market awhile, as some use the time to remove property from the market in favor of a fresh start in January. However, you risk losing the buyer who may have been looking in December to capture tax benefits that many consider with their need to buy a home.

What’s the best solution? Of course it’s up to individual homeowners and their respective circumstances. Prospective sellers should discuss their holiday prospects in detail with their Prudential Waterfront Properties agent. Working together, they can make holiday wishes come true.

There are many Real Estate opportunities at Smith Mountain Lake during the months of November and December. Check out these “Five Great Things About Homeownership” for buyers courtesy of Realty Times.

1. Equity: While buying a home may come with some hefty initial costs you will make that money back over time with equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year.  Homeownership is about building long-term wealth.

2. Predictability: Provided you have a fixed-rate term on your mortgage it’s predictable. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans.

3. Ownership: Homeownership means you “own” your home and with that come some incredible perks.  You can renovate, update, paint, and decorate to your heart’s desire. The bottom line is this is your home and you can personalize it to your taste.

4. Great Deals: It’s a great time to buy. Interest rates are at historic lows and homes are more affordable than ever. This means big savings for today’s buyers. If you have steady income and cash for a down payment, contact a Prudential Waterfront Properties REALTOR about what homes in the Smith Mountain Lake area could be a fit for you.

5. Relationships: Homeowners have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors who own their homes stay put much longer than those who rent which means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.

In the spirit of the season, take advantage of the joys of Smith Mountain Lake homeownership! Visit www.SmithMtnLake.com to check out the latest properties available.

Check out this online photo gallery from the 9th-Annual Smith Mountain Lake Fall Chili and Craft Festival held on Saturday, November 9th.  Congratulations to the winners!

The Willard Companies is pleased to announce it’s annual Holiday Tree Lighting and Open House event at Westlake Towne Center on Thursday, December 1, 2011 from 5:30 – 7:30 p.m. in front of Westlake Library. Several new activities are planned as follows: attendees can register for a $1,000 shopping spree awarded at the conclusion of the event, live entertainment by EastLake Community Church and Westlake Baptist Church members, and special appearances by Miss Smith Mountain Lake and Miss Blue Ridge pageant winners!

Several other festive activities taking place during the two hour event includes the following:

• Special arrival of Santa on vintage fire truck
• Holiday photos with Santa provided by Your School Photos
• Horse and Carriage Rides sponsored by Kroger
• Antique Car Show at Kroger Fuel Center
• Live concert by Smith Mountain Lake Harmeneers
• Live concert by Burnt Chimney and Dudley Elementary choirs
• Live concert by EastLake Community Church members
• Live concert by Westlake Baptist Church members
• Complimentary refreshments provided

In addition to the tree lighting and holiday festivities, 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 “How the Grinch Stole Christmas” at Westlake Cinema showing immediately after the event. Collection boxes will be located inside the retail stores during the event and movie vouchers can be picked up after toy donation. Tickets are not available for purchase.

Participating Towne Center businesses will be serving refreshments during the event and will be offering previews to exclusive holiday gifts, which include Kroger, 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 22’ 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 Ron Willard, President of The Willard Companies, “This event serves as a great way to jump start the holiday season. It’s fun for the community to come together and celebrate the spirit of the holiday season while at the same time collecting toy donations for a worthy cause and supporting local businesses.”

As winter approaches, preparations should be considered both inside and outside your Smith Mountain Lake home to protect your investment, maintain your safety, and provide comfort throughout the colder winter months.

 

Indoor Preparations

The most obvious items to address as the winter months approach center largely around ensuring that your home remains warm. Regardless of your heat source there are preventative measures that should be taken to ensure that you remain warm and safe inside your home. Some of the most important areas to assess include:

• Furnaces – regular annual furnace inspections will help keep your furnace in good repair. Cleaning or replacing furnace filters monthly during the operating months will also keep your furnace operating efficiently.
• Oil Heaters – like furnaces, oil heaters require annual inspections and maintenance. Annual inspections should include: inspecting the chimney, cleaning the pipes to remove soot build up, replacing the air filter, checking oil pressure and cleaning the oil filter bowl. Oil supplies will need to be replenished.
• Fireplaces – periodic cleanings should be performed by a chimney sweep to remove soot and creosote buildup to prevent chimney fires. It is also a good time to ensure that woodpiles are sufficiently stocked for the winter months with well-seasoned wood. Woodpiles should be located in a dry location and in an area away from structures to prevent granting wood-eating insects, such as termites, easy access to your home.
• Inspect windows and door for leaks – replacing cracked windows, or sealing air leaks around doors and windows will not only make the winter months more comfortable, but will also lower the costs of heating your home. One method of sealing leaks around windows is by using a removable caulking product which allows for easy removal and restoration of functionality for windows with the return of warmer weather in the spring.
• Evaluate smoke detectors and related safety equipment – the ending of daylight savings time is an ideal time to replace batteries in smoke detectors and any other battery-powered safety or emergency equipment. It is also a good time to evaluate existing smoke detectors, carbon monoxide detectors and fire extinguishers in terms of lifespan and whether they provide an adequate level of coverage. Smoke detectors and fire extinguishers are generally considered to have a lifespan of 10 years, whereas carbon monoxide detectors have a lifespan generally ranging from 2 to 5 years. Beware that batteries in the carbon monoxide detectors may still function after the actual carbon monoxide sensor has ceased being operational.

Outdoor Preparations

Outdoor preparations should include a walk around your property with an eye for cracks in foundations, the mortar in brick structures, and caulking or weather stripping that has failed. Other things to look for include: evidence of uninvited guests in the form of rodents or birds living or nesting in unsafe or unwanted locations, exposed wood that may need some type of protective treatment applied, and items that are too close to heat sources that could become fire hazards. In addition to this general evaluation, here is a list of specific items to consider:

 

• Hoses/hose bibs – in regions where temperatures drop below freezing, it is important to disconnect and drain your garden hoses, and either wrap hose bibs or cover them with insulating covers to prevent freezing pipes. A quick inspection for other exposed pipes that may need insulating will prevent the headache of dealing with broken pipes later.
• Sprinkler systems – in colder climates, sprinkler systems will need to be drained to prevent water from freezing and causing cracked or broken pipes. You may be able to drain the water yourself, or you may hire a professional to winterize it by blowing the water out of your system with an air compressor.
• Roof – inspect your roof for any loose, missing, worn or damaged shingles, tiles or other roofing material and have any needed repairs made to prevent unwanted water damage.
• Clean your gutters and downspouts – after leaves and other tree debris has fallen and collected in your gutters, it will be important to clean the gutters and downspouts to prevent water from backing up and causing water damage or overflowing during winter storms.
• Clean landscaping tools – when storing your landscaping tools for winter, take the opportunity to clean them well, apply a light coat of lubricant on tools such as pruning shears to keep them operational and to extend their lifespan, and replace tools that are in poor condition so you’ll be prepared next spring when your landscaping begins to come to life once again.
• Prepare winter equipment – now is the time to test winter equipment that you may need in the coming months and make any necessary repairs ahead of time. Knowing that the snow blower or back-up generator will work and are in good repair and that you are prepared for inclement weather will provide peace of mind. It is also a good time to place this equipment along with shovels and salt in an accessible location so it is readily available when it is needed.
• Winter fertilizer – an application of winter fertilizer to lawns will promote stronger roots and help produce a healthier lawn in the spring.
• Plants – take a look at your landscaping and determine if there are plants that may be sensitive to cooler weather and require special preparation. While some plants may need to be trimmed, others may require additional composting materials around their roots to protect them during freezing temperatures, and others will need to be moved to a sheltered area or indoors. This is also a good time to lift bulbs that won’t survive the colder temperatures such as dahlias and to consider planting spring bulbs like tulips and daffodils.

Emergency Planning

Lastly, don’t forget to review or establish an emergency plan and supply kit.

Emergency plans should include:

• Designated out-of-area contact as a centralized point person – often in emergencies it is easier to reach an out-of-area contact than a local one to relay information about impacted family members
• Back-up meeting place
• Back-up child care and pet care arrangements
• Accommodations for any special needs (non-ambulatory or disabled family members, family members using oxygen tanks, etc.)

Emergency supply kits should be kept in an easily accessible location and contain:

• Water
• Non-perishable food
• Pet food
• Blankets
• First Aid kit
• Candles and matches/lighter
• Battery-operated radio
• Flashlights
• Important phone numbers – relatives, utilities
• Fuel for any back-up heat sources
• Supplies for existing medical conditions
• For homes with infants, an adequate supply of diapers and infant related items

There’s an episode of the hit TV series “How I Met Your Mother” where the characters of Marshall and Lily decide to buy a home in a neighborhood they are unfamiliar with, only to learn later that it sits downwind from a sewer plant. The message is obvious: A buyer must do his or her due diligence on prospective neighborhoods throughout the Smith Mountain Lake and Franklin County region to make the best real estate decisions.

For starters, investigate the local school district in Franklin County as good schools boost your property value. Research the closest parks and community centers and consider how busy streets impact the neighborhood.

Profiling the perfect neighborhood also involves meeting prospective neighbors. Walk through the area and say hello to people, and ask them for their impressions of the neighborhood. While you’re at it look around. Are there lots of kids on the block? Do people walk or jog through the neighborhood at night? A neighborhood can speak volumes by itself.

Don’t forget to map out stores and restaurants in the area. You may be used to a five-minute drive to the local grocery store, only to find out that your new home is 25 minutes away from the nearest place to buy milk. Of course, find out if your potential new home is part of a neighborhood association bearing regular fees, and if your community has lawn or construction restrictions.

A good Prudential Waterfront Properties REALTOR can furnish you with a wealth of local information, and will take you on a tour of the closest commerce centers, restaurants and shops.

With a little groundwork you can help ensure that your dream house is surrounded by a dream neighborhood.

Westlake Cinema, in partnership with AFI Films, will be offering local screenings from AFI Films award-winning “100 Years…100 Movies” (10th Anniversary Edition) list beginning November 8 every Tuesday and Friday at 1 p.m.

The selected films chosen from AFI Films “100 Years…100 Movies” (10th Anniversary Edition) list and its respective ranking are scheduled through the end of the year as follows:

“Mr. Smith Goes to Washington” (1939) (#26)
Tuesday, Nov. 8 and Friday, Nov. 11        1 p.m.

“Casablanca” (1942) (#3)
Tuesday, Nov. 15 and Friday, Nov. 18      1 p.m.

“Singin’ in the Rain” (1952) (#5)
Tuesday, Nov. 22 and Friday, Nov. 25      1 p.m.

“Saving Private Ryan” (1998) (#71)
Tuesday, Nov. 29 and Friday, Dec. 2       1 p.m.

“Forrest Gump” (1994) (#76)
Tuesday, Dec. 6 and Friday, Dec. 9         1 p.m.

“E.T. The Extra-Terrestrial” (1982) (#24)
Tuesday, Dec. 13 and Friday, Dec. 16     1 p.m.

“A Street Car Named Desire” (1951) (#47)
Tuesday, Dec. 20 and Friday, Dec. 23     1 p.m.

“It’s A Wonderful Life” (1946) (#20)
Tuesday, Dec. 27 and Friday, Dec. 30     1 p.m.

The weekly showings will be offered for a discounted ticket cost of $5.00. Seating is limited and available on a first-come, first-serve basis. In addition, Westlake Cinema will be offering a $1.00 discount off individual concessions for these special screenings. Movie times are subject to change. Show times will publish in local media as well as on facebook, online and on the box office recording.

“AFI is a proven leader in film, television and digital media and their “100 Years…100 Movies” (10th Anniversary Edition) list is determined by a jury of 1,500 industry film artists, critics and historians. We are excited to offer Smith Mountain Lake and area residents the chance to walk down memory lane and witness these timeless classics on the big screen,” stated Christopher Finley, Director of Marketing and PR for The Willard Companies, owners of the cinema.

To view a complete film list of AFI’s “100 Years…100 Movies” (10th Anniversary Edition), visit online at WestlakeCinema.com. For additional questions about the Westlake Cinema and AFI Films “100 Years…100 Movies” film program, show times or other inquires, contact Thomas Althoff, General Manager of Westlake Cinema at (540) 721-6314.

About Westlake Cinema

Westlake Cinema is a 13,800-square-foot cinema featuring a four-plex movie theater with stadium seating, concessions and games. In addition, Westlake Cinema offers Dolby® Digital Surround Sound and optional headphones hooked to a USL Infrared Hearing System for those with hearing impairments. Westlake Cinema’s goal is to offer moviegoers an upscale theater with first run movies, state of the art sound system and full service concession area. Additional information about Westlake Cinema is available at WestlakeCinema.com

About the American Film Institute

AFI is America’s promise to preserve the history of the motion picture, to honor the artists and their work and to educate the next generation of storytellers. AFI is dedicated to initiatives that engage the past, the present and the future of the moving image arts. Additional information about AFI is available at AFI.com.

Come to Smith Mountain Lake for the 9th-Annual Smith Mountain Lake Fall Chili and Craft Festival on Saturday, November 9th.  Enjoy a full-day event featuring music, 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.

There’s an active schedule planned with cooking beginning at 9:00 AM, tasting at noon, judging at 3:00 PM, awards at 4:00 PM and great fun for everyone all day long! The doors are open to the public from 11:00 AM until 4:00PM.  The festival is located next to Halesford Bridge on Route 122 in Moneta. There will be music by the Harmoneers Waterfront 4 Quartet, Gretna Little Theater presents a takeoff on the TV show Hee Haw, Candy Top, the Clown, Kyle Edgell, nationally know caricature artist, and plenty of plaza activity. Come out and visit with Miss Smith Mountain Lake, and Miss SML Outstanding Teen. And, of course, you’ll find lots of chili for every taste as participants compete for the title of Smith Mountain Lake Chili Festival Champion. The size of the trophy says it all! Stop by the Smith Mountain Lake Visitor’s Center to see for yourself. The trophies are already on display. Festival goers will share in the bounty and judging as they determine who wins the coveted ‘People’s Choice Award’. Showmanship and chili excellence go hand in hand at this event to the delight of the crowd.

There’s something for everyone at this lakeside event. Come by car or come by boat, there’s plenty of free parking. Put this festival into your ‘no frills’ entertainment schedule. Gatherings like this are all about enjoyment for everyone and what better place to gather than Smith Mountain Lake?

Official rules and contestant application forms are available on line at www.visitsmithmountainlake.com or at the SMLRCC Visitor Center at Bridgewater Plaza. The cost for chili contestants is only $25.00 for a 9 x 10 ft space.   Addtional spaces available at $75.00 each. All entries must be received no later than 5:00 PM, Friday, October 28th. This event features cooking, tasting, music, craft vendors…judges, prizes and much more. Prizes for 1st, 2nd, 3rd place in Chili Cooking, 1st place Showmanship and the People’s Choice award. Join in on the fun as a spectator or a contestant. It’s going to be a “hot time” at Smith Mountain Lake. For more information, contact the SML Visitor’s Center at: 540.721.1203 or check out the website.

At Smith Mountain Lake you’ll find wonderful places and people. Our area’s great natural beauty–from the waters and woods to the Blue Ridge Mountains of Virginia–is the perfect destination for your very own style of fun, whether you seek days full of activities or just plain relaxing.  Smith Mountain Lake – it’s closer than you think!