Congratulations to Adam Lynch with Prudential Waterfront Properties, located at Smith Mountain Lake, who was elected as a new director on the Roanoke Valley Association of REALTORS board at a recent Installation and Awards Ceremony. Melissa Morgan of Renaissance Real Estate was installed as RVAR’s President. Also installed were Betty Kingery as President-elect and Donna Greer as Vice President. In addition to Adam Lynch, one other new director, Bryan Musselwhite, was installed. Jeff Snyder and Richard Wimberley were installed for a second term as Directors.

During his Real Estate career, Lynch has earned multiple real estate certifications including the Accredited Buyers Representative® (ABR), Graduate of Real Estate Institute (GRI), and Short Sales & Foreclosure Resource (SFR). Lynch is a member Virginia Association of REALTORS®, National Association of REALTORS®, and Smith Mountain Lake Chamber of Commerce. He is a graduate from University of Tennessee at Knoxville and earned a B.A. degree in History. Lynch is a native of and currently resides in Franklin County with his wife, Allyson.

Buying a home can be one of the more stressful experiences in life. It is often a long and sometimes intimidating process, lasting up to six months on average. The Smith Mountain Lake Real Estate market is huge and changes often with swings up and down. It’s easy to become overwhelmed by how much is ahead of you and how little you know about the process. But with the right attitude, it can also be an enjoyable, even exhilarating experience.

Here are some tips to make your home-buying experience positive and less stressful.

Preparing to Move

Organize

Be prepared by becoming knowledgeable. Educate yourself on each step of the process so you know what to expect. Get organized ahead of time. Keep a notebook and calendar dedicated exclusively to the home-buying process. An Excel spreadsheet is a great way to organize and compare all the information you gather, such as the homes you are interested in, potential lenders, and different mortgage rates.

Finances

Assess your financial situation before you begin looking for a home. Come up with a solid number for the maximum amount you can afford, as well as a target amount you would like to spend, ahead of time. Overestimate the closing costs (interest rates can change). This is also a good time to begin gathering the financial documents that you’ll need when applying for a loan.

Keep your finances in order until you close on your new home, which could be as long as six months away. Do whatever you can to help improve your credit score; don’t acquire new debt (no major purchases, new loans or new credit cards), reduce or eliminate any current debt, and pay your bills on time. It is never too early to begin improving your credit and is best started as early as two years prior to purchasing a home.

Find an Agent

Find a Prudential Waterfront Properties real estate agent who you trust and connect with on a personal level. Communication in this relationship is fundamental. Some questions to ask yourself: Are they good at translating industry jargon into terms you can easily understand? Do they communicate well using media that works for you, such as email, cell phone, or video conferencing? Credentials are a big factor too. Choose a Prudential Waterfront Properties agent with proven expertise in both the type of property and property location that interests you.

Finding a Home

“Think from the end,” is a common phrase heard in human potential circles. See yourself in your new home. How does it make you feel? What does it look like? Keep a journal to record these thoughts. Be as descriptive as possible. This can help to not only narrow down precisely what you are looking for in a home, but it can also help anchor you emotionally during a potentially unstable time by keeping the big picture in mind.

While dreaming of your new Smith Mountain Lake home is an important first step, keeping your expectations in check is equally important. Keep in mind that the criteria of what you are looking for in a home will change along the way. No house is perfect. Be willing to compromise on some of your requirements. Make a list of your top priorities (must-have’s) and lower priorities (nice-to-have’s). This will help identify areas where you can be more flexible.

Once you’ve found a home you like and know what you can work with financially, don’t let the latest market news influence your decision to move forward. If you start second-guessing the housing market or interest rates, you risk losing the home to another buyer. Choose a home because you love it. Listen to your heart.

Waiting for Acceptance

Once you’ve made an offer on a new home, try to relax and engage in your routine activities while you wait to hear whether the seller accepts your offer. During this waiting period, there are many potential stressors that could send your mind reeling. What if the seller rejects your offer, or comes back with an unreasonable counter-offer? Was your offer too little, or too much? Be prepared to make many offers before one is accepted. Keep in mind, even if your offer is accepted, there’s no guarantee it will close. Try to remain detached from the outcome until after the property has been inspected and you’ve been approved for a mortgage.

Inspection Period

Hire experienced and certified inspectors to conduct a thorough inspection of the property including possible insect damage. Be present during inspection, so you can ask questions regarding the home and become knowledgeable about any issues that are discovered.

Getting approved for a Loan

Taking out a loan can be the most stressful part of the home-buying process. Transactions typically take at least a month to complete. Having your financial situation scrutinized can be an uncomfortable process. Worrying about whether you will be approved is an added stressor. It helps to gather your financial records (credit card balances/statements, bank statements, investment statements) prior to meeting with a loan officer. Obtain a copy of your credit report; you’re entitled by law to one free credit report per year. A copy of your 4506 T form (IRS Tax Return Transcript), which includes a summary of your tax information, is also available online for download.

Don’t lose sight of the fact that you have options when choosing a lender and a mortgage. This can help restore a sense of control when so much of the home-buying process is out of your hands. Talk to several lenders; don’t just go for the first lender you talk to. Consult with your Real Estate agent to help you through the process of securing a mortgage. Don’t hesitate to ask questions until you understand the answer.

After Close, Moving In

Congratulations! You’ve successfully negotiated yourself through the complex maze that is home-buying and now find yourself at last kicking back on your couch with your favorite drink in the home of your dreams.

Be Sure to Download Smith Mountain Lake Regional Chamber of Commerce New Mobile App.

The Smith Mountain Lake Regional Chamber of Commerce is now providing a mobile app (MyChamberApp) that helps consumers find discounts, events, and services offered by Chamber of Commerce members.

MyChamberApp provides maps, locations, phone numbers, websites, images, and even videos to help consumers make a shopping decision.

MyChamberApp is available to iPhone, iPod, Android and Blackberry users for Free (www.MyChamberApp.com/download).

The Smith Mountain Lake Regional Chamber is one of the early adopters of this mobile technology; we are proudly serving our community and continue to help stimulate local commerce while supporting our members.

To find out more, contact Annette Stamus, 540-721-1203

www.MyChamberApp.com

You may love your Smith Mountain Lake home, but that doesn’t mean that everyone coming through the door will feel the same way. What may be “charming” to the seller may seem off-putting to a prospective buyer. Many sellers attempt to stage their Smith Mountain Lake home themselves and, in doing so, create mistakes that can actually sidetrack the sale of their homes.

Here are some of the biggest staging mistakes, according to professional home stagers.

1. Getting too personal: Home staging is meant to create a neutral canvas that will appeal to the majority of buyers. Staging is all about de-personalizing the space, and creating more of a luxury hotel or a model home look that will appeal to most everyone. This is not the time to bring in your unique style and create a look that appeals to just you.

2. Using dark colors: If painting, you should choose a nice, neutral and warm color, such as beige tones, grey tones, or light blue or pale greens. You’ll be amazed at the transformation a few coats of fresh paint will make on your home.

3. Not taking advantage of natural light: People love natural light, so blocking off any light with heavy curtains or furniture can hurt your sale, especially if the home has attractive views. Anything dated in a home is a turn-off to a potential buyer and window treatments are one of them.

4. Thinking more is better: Scale down your furniture. The size of the furniture needs to be in balance with the scale of the room and the other furniture in it. Remember that the purpose of furniture when selling a home is to define the purpose of the room and to show what will fit where. It is not meant to show that you can provide seating for 15 in your living room and every seat has a side table to rest drinks on.

5. Leaving pets at home: You need to remove all traces of animals from the house and make sure “Fido” or “Sunshine” is away during showings. Having a pet could kill a sale before someone even steps into a house.

6. Neglecting the outside: People care about the outside space just as much as the inside, so add flowers, make sure the lawn is mowed, the yard is tidy and add a few backyard accessories for the kids.

7. Only dealing with “main” rooms: People are quick to stage living rooms, kitchens and bedrooms, but don’t forget to spruce up the garage, basement and closets as well.

8. Forgetting fixtures: When staging a home, it’s important to ensure all lights are burning with fresh bulbs, and that all fixtures are working.

Remember, staging a home means showcasing the property’s many features, not concealing its flaws. Make sure your house is in good condition and use staging to cast the home in the best light.

It may not be the first thing one thinks about when decorating for a sale, but the addition of rugs to a Smith Mountain Lake home can go a long way.

Rugs can help warm a dreary room, add a splash of color to a dull space, can tone down a room that already has strong and bright colored furniture, and create a new look to almost any room. Plus, it’s a quick fix to any floors that may need replacing.

While there are Persian rugs that can cost thousands of dollars, many rugs can be purchased for prices in the hundreds.

A leather rug can lend depth to rooms and complements traditional and rustic styles. Wool rugs are warm, sustainable, and a great way to add a natural accent to your home. Meanwhile shag rugs can add dimension to a flat room and are extra cozy.

If you anticipate lots of traffic and wear, consider a patterned rug that will tend to hide stains. Also, a wool rug is easier to clean than those of other fabrics.

Pricey oriental rugs are a great eye-catcher when someone comes to see a home. These should be kept out of direct sunlight or they will fade, and these rugs must be specially cleaned.

A jute rug is a perfect indoor/outdoor fabric for enclosed patios and outdoor rooms.

One quick and relatively inexpensive way to dress up a room is by adding area rugs, which come in a wide range of colors and designs. These rugs provide warmth and comfort and can help to absorb sound in a room.

The shape of the rug should mirror the furniture or the room size. For example, a rectangular dining table should have a rectangular rug underneath. Likewise, a round dining table should be paired with a round rug.

Interior designers say you should never cover the entire floor with an area rug; leave at least nine inches of the floor exposed. However, a small rug right in front of the entry door is acceptable.

In a dining room make sure your rug is large enough to accommodate the legs of all chairs. As a guide, your rug should extend 24 inches from the edge of the table to the edge of the rug.

Also be sure your rugs don’t cover floor vents or keep doors from opening.       Finally, for safety, avoid placing rugs so that traffic patterns have people walking along carpet edges where they can catch a toe or heel.

Colorful rugs, placed correctly, can give your Smith Mountain Lake home a distinctive look and added dimension that potential buyers will remember.

Check out this The Water’s Edge Feature showcasing The Water’s Edge Country Club and beautiful Smith Mountain Lake written by Grace E. Pedalino in the current issue of Virginia Bride Magazine. Awesome photos by Photography by Frame, Holland Photo Arts, and Bob Updegrove!

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.