Lots of things. And what about a high end luxury rental?

Not every beautiful lake house makes a great vacation rental.

When buyers tell me they are looking for a Smith Mountain Lake property that they can enjoy themselves and potentially use as a short-term rental, I encourage them to look beyond pretty finishes and ask a different question:

What features will make guests choose this house over all the other lake homes available to rent?

Location, water, sleeping arrangements, gathering spaces, outdoor amenities, privacy and lake access can all make a tremendous difference.

That’s one reason I think 2245 Thomason Lane in Goodview is such an interesting property.

The current owners have never rented the home, so there is no rental history to rely upon or income being represented. However, short-term rentals are permitted, and the property has many of the characteristics buyers typically look for when considering a lake home with vacation-rental potential.

1. WATER, WATER & MORE WATER 🌊

At Smith Mountain Lake, the lake itself is the amenity — and waterfront isn’t all created equal.

2245 Thomason Lane sits on a gorgeous point lot with more than 500 feet of shoreline.

Even during the unusually low lake levels we’ve experienced, the owners have continued using their boat and jet skis. Water at the dock was recently measured at approximately 25 feet deep.

For an owner who wants to enjoy the home personally, that’s a huge benefit. For a potential vacation rental, reliable boating access can also be a major consideration for guests coming to Smith Mountain Lake specifically to spend their vacation on the water.

2. A DOCK THAT FEELS LIKE PART OF THE VACATION 🚤

Vacationers don’t come to Smith Mountain Lake to sit inside all week!

A great dock can become one of the most-used “rooms” of a lake house.

This property has an impressive three-slip dock with a cabana, providing space for boating, jet skis, swimming, relaxing and spending the day by the water.

For larger groups traveling together, having room for multiple watercraft can be particularly attractive.

3. TWO ENTRY-LEVEL PRIMARY SUITES 🛏️

This is one of my favorite features of the house.

There are two primary suites on the entry level.

Think about how people vacation together: two couples, parents and adult children, grandparents traveling with family, or multiple families sharing one large home.

Instead of one couple getting the wonderful primary suite while everybody else draws straws 😂, this floor plan gives more than one couple comfortable accommodations on the main level.

It also offers flexibility for guests who prefer to avoid stairs.

4. TWO FULL KITCHENS 🍽️

Another feature that can be incredibly useful when several families or generations are sharing a home is having a second full kitchen on the lower level.

Anyone who has ever vacationed with a houseful of people knows what happens around breakfast and dinner!

Two kitchens can provide separation between groups, additional food and beverage storage, and more flexibility for entertaining.

It also makes the lower level feel much more like its own living area rather than simply additional bedrooms.

5. ROOM TO BE TOGETHER — AND ROOM TO GET AWAY FROM EACH OTHER

This is something buyers sometimes overlook.

A house can technically sleep a lot of people without actually functioning well for a large group.

The best vacation homes provide multiple gathering areas so everyone doesn’t have to occupy the same room all day.

At Thomason Lane, the combination of two living levels, two kitchens, outdoor spaces, screened porch, dock and firepit areas gives guests plenty of opportunities to spread out.

Grandparents can enjoy coffee on the screened porch while the kids head toward the water. One group can watch a movie downstairs while another group relaxes upstairs.

That flexibility matters when you’re putting several people under one roof for a week.

6. OUTDOOR LIVING IS A BIG DEAL AT THE LAKE 🔥

A Smith Mountain Lake vacation should be about more than the house itself.

This property offers a wonderful screened porch, outdoor gathering spaces and two firepit areas.

Those are exactly the kinds of spaces where lake memories happen — morning coffee overlooking the water, dinner outside, drinks in the evening and everyone sitting around a fire after a day on the lake.

And because they’re usable without ever leaving the property, they add another layer to the vacation experience.

7. PRIVACY 🌲

Some vacationers want to be close to restaurants and activity.

Others come to the lake because they want to get away from everything.

2245 Thomason Lane offers a private setting with an extraordinary amount of waterfront. You’re not simply looking at a small slice of water between neighboring houses.

For buyers looking for a true lake retreat, that feeling of privacy can be difficult to duplicate.

8. YEAR-ROUND APPEAL 🔥

The strongest vacation properties aren’t necessarily useful only during June, July and August.

A fireplace, comfortable indoor gathering spaces, screened and outdoor areas, beautiful views and a home large enough for family gatherings can give owners reasons to use the property during spring, fall and even winter.

Think Thanksgiving at the lake, fall weekends around the firepit, football weekends, family reunions or a quiet winter getaway.

That doesn’t guarantee year-round rental demand, of course, but having amenities that aren’t completely dependent on swimming weather certainly broadens how a property can be enjoyed.

9. A HOME THAT HAS ALREADY RECEIVED SIGNIFICANT IMPROVEMENTS

The current owners purchased 2245 Thomason Lane in 2021 for approximately $1.2 million and then invested approximately $500,000 in improvements in 2022.

That is important context for a buyer comparing this property with homes that may require significant updating after purchase.

Instead of spending the first year tackling a long renovation list, a buyer may be able to spend that time enjoying the lake.

SO, DOES IT MAKE A GREAT INVESTMENT PROPERTY?

That’s where I always give buyers an important word of caution:

A great vacation home and a great financial investment aren’t automatically the same thing.

Before purchasing any property specifically for short-term rental income, buyers should evaluate projected rental rates and occupancy, management expenses, cleaning and maintenance costs, insurance, taxes, financing, local regulations and any applicable subdivision or HOA restrictions.

I would never promise a buyer a particular return without doing that homework.

But when we’re talking about the physical characteristics that can make a Smith Mountain Lake vacation property stand out, 2245 Thomason Lane checks an unusually large number of boxes:

• 500+ feet of shoreline
• Point lot
• Deep water
• Three-slip dock and cabana
• Two entry-level primary suites
• Two full kitchens
• Multiple indoor gathering areas
• Screened porch
• Fireplace
• Two firepit areas
• Privacy
• Plenty of room for family and guests
• Short-term rentals permitted
• Approximately $500,000 in improvements completed by the current owners

And remember — this home has never been rented.

So a buyer could continue enjoying it strictly as a private family retreat or explore its potential as a luxury Smith Mountain Lake vacation rental.

2245 Thomason Lane | Goodview, Virginia

Now offered at $1,599,999

If you’re considering purchasing a Smith Mountain Lake property for personal use, investment purposes — or a combination of both — I’d be happy to help you understand what features to look for and compare the options currently available.

Edna Jamieson Wood, REALTOR®
Smith Mountain Lake & Roanoke Area Real Estate Specialist
Wainwright & Co., REALTORS®
🌐 SmithMountainLakeWaterfrontProperties.com