Fgeo14

Getting a Lake House

72 posts in this topic

1 hour ago, Chaparral Rider said:

Yes, we were extremely frugal until we hit late 30's and then it hits you that if not now then when?  

... or ... be frugal and retire early. Freedom 55 or 45 whatever the case might be, and enjoy your hobbies.

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Hang around too long ?  And you will be working in H D or Lowe.  Until a H1-B  replacement shows up.

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16 hours ago, Richard W said:

... or ... be frugal and retire early. Freedom 55 or 45 whatever the case might be, and enjoy your hobbies.

Funny, early retirement has never crossed my mind.  I can't even imagine what that would be like.  I won't be living full time in MN that much I know.  

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19 hours ago, Richard W said:

... or ... be frugal and retire early. Freedom 55 or 45 whatever the case might be, and enjoy your hobbies.

My fear of retiring early is that would give me another 40-50 hours a week to travel, buy toys, have new hobbies, etc. I could retire now but current retirement plan only  works if I keep my spending about the same as it is now. But with all that extra time, I'm afraid my spending would go WAY up!! 

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In my business....nobody retires it seems.  For the folks who are of retirement age, their clients and travel become their family and hobby and then they just take their spouses with all over the world with them on their travels.  A convention somewhere warm becomes a vacation with your spouse and a trip to London or South America or wherever becomes a destination.  People can't walk away from seven figures to stop living this life.  

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On 11/21/2016 at 9:47 PM, Fgeo14 said:

I'm on the fence about getting one. It would be on either Lake Gaston (NC) or Smith Mountain Lake (VA). I do question if my kids would be up for staying there every weekend during the summer (ages 17, 14 and 10). Anyone been down this road before? Any regrets?

Fgeo14 - did you end up getting a lake house?  Your situation sounds pretty much like ours - 3 boys (17, 15, 12).  We live in NoVa and have been looking at waterfront homes everywhere (SML, Lake Anna, Lake Gaston, Northern Neck, OBX, Delaware Beaches, etc.) - in the end we decided to go with a house in Lake Gaston.  My in-laws have a house there and we've been going there for last 10+ years.  For us it isn't about the investment (probably a lot of better places to put the $) but more so for the family aspect of it and the memories - our kids, their friends, the grandparents, etc.  Also - thought it would be a great place for the boys to meet up as they get older entering college and eventually with their own families (i.e. our grandkids).  We aren't in the house yet (will be by end of April) but everyone is really excited so far - hopefully that continues as the years go on.

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Can't beat having a lake house.  It will create more family memories than anything else you will do.  Spend the money and enjoy life while you are working.  Retirement is great but old age sucks.

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2 hours ago, Bawuva said:

Fgeo14 - did you end up getting a lake house?  Your situation sounds pretty much like ours - 3 boys (17, 15, 12).  We live in NoVa and have been looking at waterfront homes everywhere (SML, Lake Anna, Lake Gaston, Northern Neck, OBX, Delaware Beaches, etc.) - in the end we decided to go with a house in Lake Gaston.  My in-laws have a house there and we've been going there for last 10+ years.  For us it isn't about the investment (probably a lot of better places to put the $) but more so for the family aspect of it and the memories - our kids, their friends, the grandparents, etc.  Also - thought it would be a great place for the boys to meet up as they get older entering college and eventually with their own families (i.e. our grandkids).  We aren't in the house yet (will be by end of April) but everyone is really excited so far - hopefully that continues as the years go on.

We did not yet. Great news for you!! We are renting one at Gaston for a week end of June by the dam. Sweet place too:)

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Fgeo14 - Any reason you're not considering Lake Anna?    It certainly is closer to Richmond! 

I'm also in Richmond, and I have friends that have places at LKA, Gaston, and SML.   Those three lakes are basically one hour, two hours, and three hours away from RVA.   It seems that my SML lake friends user their place a lot less than the LKA friends because they complain about the 3+ hour drive. If you plan to go to the lake mostly for weekends those extra couple of hours on the road can be a PIA.  Just something to consider!

 

 

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8 hours ago, newboat2016 said:

Fgeo14 - Any reason you're not considering Lake Anna?    It certainly is closer to Richmond! 

I'm also in Richmond, and I have friends that have places at LKA, Gaston, and SML.   Those three lakes are basically one hour, two hours, and three hours away from RVA.   It seems that my SML lake friends user their place a lot less than the LKA friends because they complain about the 3+ hour drive. If you plan to go to the lake mostly for weekends those extra couple of hours on the road can be a PIA.  Just something to consider!

 

 

You are right about the closer the better.  When we lived in Midlothian we would take 360 and go through Blackstone to 85, 90 minutes to our Gaston cottage.   Now we drive 12 hours between Maryland and Florida big PIA.  But retirement in FL is A+

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On 11/28/2016 at 1:32 PM, delaney said:

+1 - even the fall maint. is not a chore for me.  it is relaxing.  

One cost saving tip that has saved me is I am a big fan of the Nest Thermostat.  I changed that out after our 1st year and my heating and cooling costs have dropped easily by 1/2.

I keep the heat on 50 deg for the winter and only close the valves to sinks and fridge in case of hose blow out.  (changed any plastic compression fitting to SS threaded)  bought a case of the foam insulation and rented a thermal camera for a day during the winter.  found cold spots and kids and i had fun adding insulation behind walls.  makes a big difference.

there is always something, but what a great way to stay busy.  

Great idea

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On 11/25/2016 at 2:58 PM, VAboater said:

Fgeo, I'm on sml  I can't compare it to the other lake. I think / hope property values are about as low as they are going to go since the recession.  We bought a fixer upper last year.  Kids did not like going to do work of coarse.  We are less than an hour away so a little different situation than yours perhaps.   Nice lake. No negatives other than cost, but as others have implied, you only get one shot at this and none of us are getting any younger. Pm me if you want more details. 

Very cool, hopefully in the next 12months. Did you have a good realtor?

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On 3/27/2017 at 7:51 PM, Bawuva said:

Fgeo14 - did you end up getting a lake house?  Your situation sounds pretty much like ours - 3 boys (17, 15, 12).  We live in NoVa and have been looking at waterfront homes everywhere (SML, Lake Anna, Lake Gaston, Northern Neck, OBX, Delaware Beaches, etc.) - in the end we decided to go with a house in Lake Gaston.  My in-laws have a house there and we've been going there for last 10+ years.  For us it isn't about the investment (probably a lot of better places to put the $) but more so for the family aspect of it and the memories - our kids, their friends, the grandparents, etc.  Also - thought it would be a great place for the boys to meet up as they get older entering college and eventually with their own families (i.e. our grandkids).  We aren't in the house yet (will be by end of April) but everyone is really excited so far - hopefully that continues as the years go on.

This is the debate in my house now.  The admiral is taking her time with this one.  Family has property in the Northern neck.(white sands harbor)  House looks over the beach and there is a lake about a mile away so it has the best of both worlds.    I prefer the  Delaware Beaches where we have several friends and the kids have lots of friends.  I just hate the added HOA cost of most properties near the del beaches.   The wife is thinking Lake house though.  

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We had a great first summer with the lake house - my kids loved it and lots of memories were made.  Before we bought at Lake Gaston, we looked at places in Dewey area as well as Northern Neck (we have friends with houses in both places).  Pros and cons to all the places but the lake ended up being best for us - something we really didn't focus on before we bought at the lake was the boathouse/lifts... this ended up being a great entertaining area for us and is the central point for a lot of activities (paddle boarding, kayaking, swimming, fishing, etc).  Plus keeps our two boats out of the water and under cover.

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- another random comment about a lake house.  for us anything longer than 2 hrs commute was a law of diminishing returns.  drives that take 2 hrs or shorter you can make on a whim any longer and that requires a commitment.  you will use your lake house more if its in that 2 hr drive range.  everyone is different but that helped us out.  there were better deals 3 and 4 hrs away for us but what is truly better is being there!!!

same reason we bought a slip instead of trailering - we used the boat more

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Ever considered renting a vacation property on the lake?  Seems to me you could lease a place a couple weeks out of the year or a couple months at a time. Would be cheaper for a second place and none of the maintenance. Then you could also change locations whenever you wanted.

i have a close relative with gobs of money.  Big real estate investor type. Owns many houses with no mortgage on any of them that he leases out. He rents vacation places from time to time.  I asked him, why he didn’t own a cabin in the mountains, condo at the beach or a lake house.  He said, it would be a bad investment.  He would have to pay someone to take care of it, he would be tied to one location, and short of VRBO leasing it out, it would cost him a ton of money.  Much cheaper just to rent something whenever he wanted. Seemed like good advice.

Now, a counter to that could be if you plan to retire to that place.  Then buying at today’s price should (baring another downturn) be a lot cheaper than at a future price.  

 

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 We built our current house as a stopgap in 1970. Still here.    :wub:          Would never give it up.  We travel & rent a lot some years.

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On 1/4/2018 at 10:04 AM, delaney said:

- another random comment about a lake house.  for us anything longer than 2 hrs commute was a law of diminishing returns.  drives that take 2 hrs or shorter you can make on a whim any longer and that requires a commitment.  you will use your lake house more if its in that 2 hr drive range.  everyone is different but that helped us out.  there were better deals 3 and 4 hrs away for us but what is truly better is being there!!!

same reason we bought a slip instead of trailering - we used the boat more

Truer words never spoken...the values of the lake homes start dropping further and further as you get past the practicality point of longer distances.  Traffic is the big issue in addition to the distance.  Just getting  'out of town' can take a long time on a Friday evening.  We like that we can leave the office a bit early and get to the lake house in time to jump on the Chap and cruise to a bar or resort and have dinner and drinks.  We are two hours and ten minutes door to door which is the sweet spot for practicality but unfortunately the sweet spot for property sellers as well given the lakes start about 90 minutes out of the city.  

I would then add on to delaney's comment that we can get away with a smaller boat without a head because boating habits are drastically different when your housing is on the lake versus trailering to the lake.  

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I remember long ago. The famous 5 gallon painters pails. 1 with a removable cover .  1 with a center cut out & with a stack of full sized paper towels ( sanitary seats ). 

 Same sex person.  If not married. Would hold up the famous HUGE beach towel. To create privacy.  We endured.:)

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A  water person needs a water shoreline to look out  at times. Time to admit to ourselves.  I am very lucky to have this every day.

A gin & tonic while seated in my recliner under the big shade tree next to the cottage. Always a breeze between the 2.  Life has been good to me.

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