Joanna Gaines reveals cherished summer memories, design tips and more

For some, the words "lake house" are synonymous with childhood summer memories. For "Fixer Upper" star Joanna Gaines, summer memories also bring her back to swimming -- in the street.

"When it would rain so much because none of us [neighborhood kids] had pools, we would go outside and swim in the street gutters," Gaines told "Good Morning America," laughing. "That was my lake -- the gutters -- and I loved every minute of it. Even certain smells remind me of the street and the rain."

Though Gaines didn't visit a lake house growing up, she and husband Chip's latest design venture was exactly that, a roughly 5,000-square-foot lakefront home right outside of Waco, Texas.

As with many of the powerhouse couple's latest projects, a line of products inspired by the design on "Fixer Upper: The Lakehouse" was born, including an exclusive paint palette with seven colors designed by Gaines, drawing inspiration from the peaceful charm of lakeside living.

"For me, it's always about, 'How can I help someone?'" Gaines said. "Though I might not physically be in your home with you, being able to take inspiration from this beautiful palette feels like the most natural way to be inspired."

"With every project that we work on, I want people and clients to be able to understand the story that is being told in the space," she added. "A color palette is where it all begins."

If you dream of reimagining your space at home but don't know where to begin, Gaines suggests thinking about the psychology of color and how certain colors make you feel.

"Colors are the first story with "The Lakehouse" -- the palette goes beyond the windows and brings you the calm that is felt in nature at the lake."

With 10 years of "Fixer Upper" under her belt, the design expert told "GMA" that she and her husband are overcome with gratitude.

"I feel old," she joked. "It has been so fun to look back over the past 10 years, but we also are looking forward to taking everything we learned along the way. No matter what comes next, we want to stay true to the basic principles that we started our business on, the things that ground us: home and family."

Shop The Lakehouse Collection from Magnolia Home by Joanna Gaines exclusive paint collaboration below.

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