Always rent a jeep or another heavy duty car to go to Lake Mahodand or Ushu or Utrot. Never think of driving yourself. An elderly experienced driver is more useful in these areas than a Micheal Schumacher!
The road to Ushu and Utrot (the same road going to Mahodand) is in poor condition. In fact, upto Ushu/Utrot it is in pretty good condition regarding to what lies ahead. The Swat river (or Ushu River as is called in these areas) dashes beside the road.