A lovely waterfront home surrounded by picture-perfect views of a serene lake already sells itself. However, it’s not simply a matter of putting your lakefront home on the market and sitting back while waiting for offers to come in.
With every advantage offered by a gorgeous location is a potential problem just waiting to rear its ugly head, whether it’s risk of flooding, pesky water insects, a decaying dock, or soil erosion.
There are plenty of different factors to consider when you’re selling a lakefront home. So to help you enjoy a smooth, stress-free home selling process, we give you some helpful tips to keep in mind on how to sell your home quickly:
Work with a real estate agent who specializes in waterfront properties
Start off by looking for the right real estate agent to represent you. Not all agents have experience in selling waterfront homes, so you want to work with someone who already knows how to market and sell this type of property.
Additionally, waterfront homes fall within the luxury price bracket, so you’ll also need an agent who specializes in high-end properties to help you set an ideal price and attract the right buyer for your home.
Those in the market for a waterfront home often seek out agents who have an extensive portfolio of waterfront properties. Getting to this specific subset of homebuyer serves as your biggest advantage when you have the right agent at your side.
Set your price based on the body of water, the views, and proximity to the water
There are certain factors that can allow you to raise or lower the value of your waterfront property. For example, you’ll be able to get a higher premium if your home is situated on a larger lake instead of a smaller one. The same applies to homes situated near the water, but keep in mind that premiums decline significantly after reaching the 60 to 100-meter mark.
One common problem with pricing a lakefront home is the availability of recent comparable sales available, which you can use as a reference. This is another great reason why it’s important to find an experienced agent. Pricing a home too high may leave it on the market for too long, which could result in prospective buyers thinking there may be something wrong with it. Pricing it too low on the other hand will mean leaving money on the table.
Working with the right agent will help you set a fair and competitive price that takes factors including the body of water, the views, and the proximity to the water into account.
Get information on your waterfront property rights and find out how they’ll transfer to prospective buyers
Each waterfront home comes with a particular set of rights which cover details such as access to the water, ownership boundaries, and the type of changes you’re allowed to implement on the property.
The rights you have will depend on several factors, including state, federal, and local laws, the body of water it’s located next to, and the distance to the water. When you put a lakefront home on the market, buyers will need information on the rights pertaining to the property.
Here are some of the details you should be aware of:
- State or local waterfront buffer zones that could limit any building or landscaping plans.
- Littoral rights (which applies to properties situated along the ocean, large lakes, or bays) governing the property.
- Water depth and size of boat supported by this depth.
- Permit requirements for piers and docks.
- Easements on the property which could limit water access.
Consider getting a pre-listing inspection
Getting an inspection before placing your home on the market is a smart move in general. It could be even more of a game-changer when the property you’re trying to sell is a waterfront home.
When you’re trying to attract prospective buyers in the luxury market, it’s always best to be transparent regarding any issues with the property. You want to avoid reaching the later stages of the process only to have them find out about a particular issue that might be a deal breaker, forcing you to restart the entire process.
It’s also worth noting that inspections for a waterfront property also sometimes cover more than the standard inspection. Inspectors will also include any extensions such as retaining walls and docks attached to the property. Performing an inspection can also detect problems such as structural deterioration and soil loss, which are important issues you should be aware of during the initial stages, allowing you to make any necessary repairs before your home hits the market.