Now that you have decided to buy a waterfront property, what things should you be aware of when searching for and buying a waterfront property? Here are several tips for buying a waterfront property, that if followed, will lead to a successful purchase.
Price It Right
When buying a waterfront property, making sure the pricing is right, from the start, is extremely important. Pricing a waterfront piece of property takes research of the market – so make sure the sellers have done their research. There are several methods to determining the list price of a home that should be used. The most common method used to determine value is by completing a comparative market analysis. The analysis can include the following factors;
- Location – The location of a waterfront property is even more magnified as it such a unique property. Distance from amenities versus privacy and exclusiveness.
- Waterfront Size – The body of water that a property is located on is very important. Waterfront size, water quality, watercraft usage, public access, population on the waterfront, can impact the value of a waterfront home, both positively and negatively.
- Frontage – This is a very important factor that needs to be taken into consideration. Generally, the more the frontage, the more privacy and access to the water leading to a higher price. Is the frontage easily accessible via a path or sloping lawn? Is the water depth conducive to allowing boat access? Is the frontage able to be used for recreational purposes? Are the docks in good shape, sturdy and easily used?
- Amenities – Many waterfront properties on lakes are located near a quaint village where simple supplies can be purchased and a fun pub or gift shop offers a different distraction. In addition to the community amenities, it’s important to know if there is protected parkland on the lake which will limit future building thus preserving the privacy, golf courses near by and if float planes can land.
- Mechanical & Maintenance – The utilities for a waterfront property in cottage county vary immensely. If you are NOT a do-it-yourselfer it’s best to ask how the home operates. Water wells with pumps and pressure tanks need power – it would be good to see a generator attached to the system for hydro outages. Water filtration and softening is popular in the country and is a bonus if already installed. Under floor heating, propane for cooking and solar panels can all help make the country home a wonderful choice.
Waterfront properties are normally worth hundreds of thousands or even millions of dollars, so several hundred dollars spent on an appraisal can mean a return of several thousands of dollars.
This waterfront home offers 3,400 square feet of gracious living space, featuring extensive windows in the Great Room which overlook the lake. The price is right at $849,900 in Canadian funds (about $650,000 in U.S. dollars). Insurers estimate the house would cost almost twice as much to replace. Furnishings etc. are available for purchase.