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. I spoke with local realtors about why a second home in Lake Anna is an excellent getaway and a great investment.
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.
Angel Hough, Long & Foster Real Estate
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.
Jamie Brown, Berkshire Hathaway Home Services Select Realty
Lake Anna is a peaceful location nestled between the country and larger cities, such as Washington D.C. and Richmond. Purchasing a second home at Lake Anna not only provides an easy weekend getaway, but also a way to make some extra money.
Your second home can become someone else’s vacation rental. The income you earn can even offset your expenses and mortgage payment. There are lots of homes to choose from at Lake Anna, ranging from affordable to high end. These properties have proven to increase in value, making a second home in Lake Anna a fantastic investment opportunity.
Anne Corbin, Long & Foster Real Estate
If you’re considering the purchase of a second home, Lake Anna is a great investment opportunity because this community is growing! It is conveniently located for a quick weekend escape from the city, and has a wonderful rental history since it is a popular locale.
People of all ages and lifestyles flock to Lake Anna, which improves investment property valuations. Neighborhoods have full-time and part-time residents.
Housing prices are for every investor. Waterfront-view and -access properties are popular, with affordable prices in every range.
Investing in a second home can be a profitable venture as Lake Anna continues to thrive, based on the level of building that has occurred in the past few years. While this is a rural community, there is still enough commercialization to give residents and vacationers a desire to visit and live here.
Toni McQuair, Long & Foster Real Estate
Our lake house has been, by far, the best investment we’ve made both personally and financially. It has served as the centerpiece for family and friends for the past 25 years and will ultimately be our retirement.
The location and beauty of the lake is what drew us here. The easy access to northern Virginia allowed us to be at the lake every weekend. Not only is it our second home, but our grandkids have grown up and spent quality time here.
Come to Lake Anna and make precious memories with your family.
Libby Sandridge, Dockside Realty
Many people think that owning a second home is a luxury that most can only dream about. However, at Lake Anna, we have properties that can fit most any budget. Second homes can provide you with added income and personal wealth. The rental market at Lake Anna is stable, so why not let your investment pay you back.
You can set aside the dates for personal use of your home and rent out the rest. Even if you only rent it out part time, it can help pay down the mortgage, if not all of it. You can deduct your mortgage interest, property taxes and more, so please check with a CPA.
Second homes also provide the ability to vacation on demand. What’s not to love about grabbing a bag, the kids and dog, and heading out on a moment’s notice to destress from the hectic urban hustle and bustle.
Juli Sweet, Long & Foster Real Estate
I’ve lived and worked as a real estate agent at Lake Anna for over 30 years. I have realized that there are many reasons why a second home at Lake Anna is a good investment.
Being in a central location, Lake Anna is a quick and easy getaway. Lake living allows families to bond on the water, dine by boat or car, and enjoy year-round activities.
Lake Anna has a strong rental market, making a second home a great investment. Home and land prices are going nowhere but up, so now is a great time to buy. Let’s not forget that the taxes in the three counties that encompass Lake Anna are very low.
Robin Wheeler, Lake Anna Real Estate Group
With this day in age, daily living can be stressful and sometimes a short getaway is relaxing and much needed. What I hear from many clients is just that; they want a place they can escape to, and Lake Anna isn’t a far drive for them. Many enjoy their homes all to themselves, while other clients like the fact they can make money on their home while they aren’t using it.
For the past 20 years, I have managed several vacation homes for owners that invest in a second home.
Finding the perfect home for my clients, and adding them to my vacation rental inventory, is an amazing feeling. Part of that journey is hearing stories from owners. Staying on the lake allows them to spend more time together doing things, from hanging out on the dock to taking a boat ride to the restaurants. Everyone isn’t scattered around and it is nice that everyone comfortably fits in one home.
Owning your second home of course offers tax incentives, but also the comfort of knowing your home is creating memories for so many more families. It is your own escape from your busy life, allowing you to relax and enjoy your home and all the lake activities. Share your home and make some money back on your investment.