Perhaps you’ve decided this is the best time to sell your lake property. If so, there are many variables to take into account when it comes to pricing your house. How much do gorgeous views factor into the value of your home? How much value does a lakefront add to a property?
Here are some things to keep in mind before you go ahead and put your lake house on the market.
Views can double the value of a lakefront location
The number of available lakefront properties is very limited, but the demand for these is also very high. That’s what makes properties like these so expensive. A property that offers an unobstructed view of the lake will definitely be worth more than one with a limited view of the water.
When pricing a home, take into consideration whether the entire house has a vantage point of the view. Where is the view the most spectacular? Is it from the living room, or the bedroom? Or are views showcased only in one part of the house?
A home with a partially obstructed view increases the property’s overall value by about 10 to 30%. A clearer view of the waterfront could add 30 to 50% to the property’s value. However, a home with an incredible, unobstructed view of the lake can dramatically boost its market value anywhere from 75 to 100% of its worth in an ordinary location.
Proximity to the water adds value to a lakefront location
While a lakefront location can add up to $100,000 to the value of a home, that premium will depend on how close the house is to the water. Moreover, how accessible is the lake from your home? Can you literally go jump in the lake just a few steps from your front porch or deck? Or would you need to hike over a hill to reach the water?
The distance of your property from the water will impact the overall value of your home. What’s more, the array of activities that lake offers – swimming, fishing, and sailing, for example – will also affect property values.
Lakefront homes can list at a higher price if they have a dock that allows buyers easy access to water activities via their boats. The quality of the lake water can also impact your property’s value – negatively for algae growth and positively in terms of a pricing boost for clarity and cleanliness.
A well-maintained home adds value to a lakefront location
Properties close to any body of water will sooner or later bear the impact of their constant exposure to moisture. The home’s fixtures may be prone to rust, mold, or mildew. Erosion may eat into your frontage. Flooding is a problem. Rising water levels pose a real threat to older waterfront properties.
Therefore, the care and maintenance of your property throughout years of ownership will have an effect on how you price your home. It’s also key to highlight improvements and upgrades.
Homes erected in the last five years tend to be built at higher elevations, making these more resistant to flooding. These newer properties can pitch a higher value compared to older ones. Experts say that a newer lakefront property is more likely to keep its value and the likelihood that it will appreciate over time is higher than older properties.
A real estate professional will know how to add value to a lakefront location
Consider what emotions you’d like to heighten and evoke in your prospective buyers. Showcase your property’s relaxing qualities. Emphasize its potential for creating new and lasting memories. Show off and highlight the property’s strongest characteristics in listing photos and staging. It’s important to work with a real estate professional to weave your personal story of what your lake house has to offer buyers.
If you’re planning on putting your own lakefront house for sale in CT, and need an expert opinion on how to price your home, Kathleen Harrison is your best option for ideas, advice, and guidance. Talk to Katie at 860.307.7203 or 860.354.0479, or send her an email at kharrison(at)fazzoneandharrisonrealty(dotted)com to learn more.
She and her business partner combined their 45 years of real estate experience to best meet the needs of their customers, and founded Fazzone & Harrison Realty LLC in 1996. Their extensive knowledge of the surrounding communities and years of real estate experience helps their clients with the information they need to make the right selling decisions. Their effective marketing strategy will help ensure that your property receives maximum exposure to attract qualified buyers for your lakefront property.