What Makes Lake Anna a Great Second Home?
Local Realtors Share Why a Second Home in Lake Anna is a Good Investment
With year-round activities, picturesque views and proximity to several major cities, Lake Anna has become a popular location for a second home. Owning a second home may seem daunting to some. There are options for buyers to turn their second home inter an investment property by renting it out most of the time, or keep it as their private getaway. When you own a second home or property in Lake Anna, you’re able to enjoy it at your leisure. Invite friends and family to join you on vacation, or allow another family to have that same experience in your home. Whatever you decide, it’s important to know the benefits of owning property in Lake Anna. We spoke with local realtors about why a second home in Lake Anna is an excellent getaway and a great investment.
Ron Gentry and Kathy Gardner, Dockside Realty
It’s a great time to own a second home as an investment at Lake Anna. Whenever I am in the rental department of our real estate company, I am amazed at how busy they are! The demand for vacation rentals seems to constantly outstrip the available inventory.
It’s not just summer rentals. The Dominion Power plant has scheduled maintenance “outages” a couple times of year, during the off season. The outages usually bring in several hundred skilled workers for up to a month and they all need places to stay. We are also seeing more families and groups that come for holiday gatherings at Thanksgiving, Christmas, New Years and Easter. Owners usually “block out” the time they and their families want to use the property for themselves, then use the rental income from the rest of the time to offset their costs of ownership.
Lake Anna is centrally located about an hour-and-a-half southwest of Washington D.C., and about an hour from Richmond and Charlottesville. Close enough to come for a weekend or a longer family vacation. Lake Anna has become a popular destination for people up and down the East Coast.
The close proximity to the Washington D.C. metropolitan area makes Lake Anna a logical place to start looking for a vacation or second home. There are plenty of resales in all price ranges. Every home or property is different. If you don’t find just what you are looking for, there are lots of qualified local builders as well. Choose from a detached home, townhome or condo.
Prices are stable and it’s a buyer’s market. Buy your vacation/second home now and retire here when you’re ready. To offset some of the costs, you can take advantage of the strong vacation rental market. Rental management services are available. Lake Anna is a unique real estate market. To avoid any pitfalls, it is highly recommended that you work with a knowledgeable, professional local realtor to guide and educate you through the process.
Kathy and I bought a home at Lake Anna in 1994. For the first 11 years it was a weekend home, we’ve been at the lake full time since 2005 and have loved every minute of it.
Angel Hough, Long & Foster
Having been born and raised in the Lake Anna area, I can think of several reasons why owning property at Lake Anna is a good investment. First is due to the location. We are centrally located just a short distance from several major cities like Charlottesville, Richmond, Northern Virginia, Washington D.C. and Fredericksburg.
The second reason is due to the income possibilities. Property management in this area has become extremely popular over the past decade. People interested in looking for a nice place to host a wedding or have a reunion are drawn to Lake Anna because of its natural beauty. Once they decide to visit, they’ll need to find a place to stay for the weekend or all week. As you can tell, if you are the owner of a rental property, you are looking to make some good money during peak season.
The final reason a second home in Lake Anna is a good investment is that the area is just beautiful! I can’t think of a better place that I would like to spend my time looking over the lake, a backdrop of greenery against a blue sky with a glimpse of the mountains in the background. Lake Anna gives you a place to escape the city, get away from the noise and just relax and enjoy the scenery. With many local restaurants, you won’t need to worry about cooking or having to travel far for a good meal. With many activities and events in the area, there is always something to do.
Mitch Shumate, Lake Anna Realty
Buying a second home is a dream for many and a reality for so few. It is easy to imagine yourself enjoying vacations, retiring to a place you love or even generating income as a second home owner. There are many reasons why investing a second home is a good idea.
A second home most likely will appreciate in value over time, especially in a vacation destination area like Lake Anna. You will also be able to deduct property taxes on your second home, as well as other tax write-offs.
If you plan on retiring into your second home, buying early is a good idea. Not only will your second home provide vacation opportunities for you and your family, it also allows a smooth transition to the area when you do retire.
When you aren’t using your second home, generate income off your investment by renting the property. By renting out your second home, you’re giving another family or group of friends a chance to bond and create memories in your gathering space, while also making some money.
Tax deductions for second-home owners are also something that you should take into consideration. Tax laws offer several tax breaks that can help make second-home ownership more affordable. Be sure to find out which tax rules can apply to you, depending on how you use your property.