Smith Mountain Lake Real Estate – Debbie Shelton

The Best Year in Smith Mountain Lake Real Estate Since 2008

If you’ve been wondering how the Smith Mountain Lake real estate market weathered 2017, get ready for some good news. Last year was the best year in Smith Mountain Lake real estate since 2008, and we have the data to support it.

Here’s the Proof

Winter weather hasn’t slowed down the SML real estate market, and data supports ongoing growth. January saw the sale of 22 waterfront homes, versus 14 in 2017. That equates to a 57% increase with an additional 33 under contract and pending sale.

What This Means for Buyers and Sellers

If you’ve considered purchasing a Smith Mountain Lake home, get in now while prices are still under pressure and interest rates are low. Conversely, if you’re thinking of selling your Smith Mountain Lake home, know that buyers are coming back. If numbers continue to perform as well as January, we’re in for a very hot summer.

 

This Smith Mountain Lake real estate market report compares sales between various properties during the last quarters of 2016 and 2017.

How Will Home Upgrades Affect My Taxes?

Filing your taxes is probably not an event that any of us particularly look forward to, but knowing that there is a possibility of a tax credit could offer a silver lining. If you’re thinking about making upgrades to your home in hopes of recouping tax dollars, here are a few items to consider:

 

Repairs and Improvements are Two Different Things

The IRS defines “repair” as anything that you do to your home to keep it in a good condition, whereas an “improvement” is something that you do to your home that increases it resale value or improves your home’s usefulness. For example, replacing your leaking roof may be considered a repair, whereas upgrading to solar panels may be considered an improvement.

Increase Your Adjusted Cost Basis

If you make a profit when you sell your home, that profit is referred to as capital gains, which is taxable. However, if you increase your adjusted cost basis, which refers to what you paid for the home, plus any costs incurred during the home improvement process, then you’ll show a lower profit, which will result in a lower capital gains tax. Make sure to keep all of your receipts and pertinent paperwork for reference when it’s time to sell.

Medical Modifications

When you make renovations to your home for medical purposes, such as adding ramps, support bars, or widening doorways, you may be able to deduct those costs on your taxes. Speak to your professional tax preparer regarding any limitations.

 

When in doubt, it’s always best to speak to your tax preparer. Tax laws change every year, and a professional tax preparer will know exactly what you can deduct. As a rule of thumb, keep all of your receipts and paperwork so that you have everything you need in order to maximize your deductions.

 

Source: Integrity Home Mortgage Corporation, “Home Upgrades and Your Taxes: What You Need to Know”

Farmland at Smith Mountain Lake

When you think of Smith Mountain Lake, it’s hard not to envision the area’s most popular attraction…the lake itself. However, residents and frequent visitors know that there’s far more to SML than just water. In fact, if you’re interested in relocating to Smith Mountain Lake, but not necessarily interested in living on the water, then you may want to explore properties that are slightly off the beaten path.

Smith Mountain Lake spans three counties: Franklin, Bedford, and Pittsylvania. In addition to surrounding the lake, each of these areas offer peaceful, countryside retreats. Whether you’re looking for farm properties, a secluded country home, or a quiet spot with pastures for your horses to graze, you’ll be pleasantly surprised at the listings on offer within the Smith Mountain Lake area.

And the best part? You’re still within minutes of Smith Mountain Lake.

If you love the Smith Mountain Lake community, but prefer a more secluded, rural setting, then I invite you to browse available farm, horse, and country home listings from my website, www.DebbieShelton.com. I provide experienced, specialized attention to clients interested in buying and selling Smith Mountain Lake properties, ranging from sprawling landscapes to waterfront estates.