How Much Added Value Does a Waterfront Add to a Property on the Forgotten Coast of Florida?
The Added Value Perks of Living the Waterfront Dream to a Property
Waterfront Properties on the Forgotten Coast of Florida come with a higher price tag than their inland counterparts. Despite fluctuating in value like the rest of the real estate market, waterfront properties sell at a higher price than homes that are not on the water. As a seller, you might be wondering how much value a waterfront adds to your property.
In this article, we will discuss what to learn about the gorgeous views and the promise of watersport opportunities that translate into property value.
Waterfront Pricing by Square Footage
Homes that overlook the chain of water or an interconnected navigable water system on the market tend to be more desirable. Waterfront properties are valued at least up to 30% to 50% higher than inland comps. The wide range of pricing differences can be confusing for sellers, but to help determine the price of your own waterfront home, consider utilizing a value estimator calculator, which will use comparative data from sources in your local area to give an accurate representation of your home value, including the waterfront surcharge in your locale.
Related: How to Sell a House That Won't Sell
What Factors Determine the Value of Your Waterfront Adds to Your Property?
A waterfront location on the Forgotten Coast of Florida can add anywhere between $50k to $100k to a home's value. How much value a waterfront adds to a property will depend on the following factors:
The View
Many professional real estate agents agree that a view of the water adds value when it comes to determining the dollar amount, which can be a more subjective endeavor. When it comes to pricing a home, it is important to consider whether the whole house takes advantage of the view or if it is only partial. For example, if the view can only be seen through the living room or a master bedroom.
Water Access
Whether you can directly access the water and how easily you can access it will impact overall property value. If you can open the slider door and walk across your private yard to dip your toes in the lake, the home may be worth a lot. If the path to the water involves a much longer or steeper walk, that is not going to be as valuable.
Outdoor Amenities
Selling a waterfront home means selling that complete, everyday vacation lifestyle. Outdoor living comforts can make all the difference in a home's price point. Waterfront homes can list a higher price if they have a dock or pier that closely follows municipal permits and guidelines. These types of features will entice buyers looking to partake in water recreational activities, from swimming and fishing to boating. Adding a pool to the property can add an average of 7% more to the home's value when it comes time to sell.
How Can I Market My Waterfront Home to Sell?
When it comes time to sell your waterfront property, know that prospective buyers will be comparing yours to other waterfront properties. As with any big purchase like buying a home, they will respond best to a home that is in good condition and has a more reasonable price for the value. There are four areas where you can maximize the value of your waterfront home and help it stand out from the local competition.
- Maintenance. Homes on any type of body of water will take a beating because of the moisture. Exterior fixtures and surfaces might be prone to deterioration, rust, and erosion due to extra exposure to water. If you are looking for tips, we have listed a few, including the following:
- Seal or stain a deck or outdoor furniture that looks faded.
- Pay for a pre-listing home inspection to clue you in any structural or moisture problems, including mold or mildew on wood siding.
- Take care of land erosion issues with a retaining wall, a seawall, a rip rap barrier, or a wetland area of natural grasses and plantings.
- Inspect a pier, dock, bulkhead, or break wall on the property.
- Improvements. Some municipalities will restrict how much homeowners can expand or renovate a waterfront home, and it is important to highlight what it is you have done, especially regarding waterfront concerns. If you are looking for tips, we have listed a few, including the following:
- Siding Upgrades. Fiber and brick-cement siding are more durable under damp conditions and can resemble wood but have a low moisture content and won't rot or deteriorate from UV rays or moisture.
- Window Upgrades. Fiberglass windows provide additional protection against seasonal weather from lakes and the ocean.
- Roofing Upgrades. With less than a 1% moisture absorption rate, clay or concrete tile presents an advantage to waterfront home buyers.
- Systems Upgrades. Ensure to point out any specific updates to plumbing, septic, insulation, and heating/cooling that would be appealing to waterfront buyers in your area.
- Cosmetic Upgrades. Point out any recent exterior or interior renovations that might set your property apart from the competition.
- Your Association. If your property is part of a lake association, be sure to highlight the benefits rather than hitting buyers with the dues. Waterfront associations can add value to a property, and buyers need to be more aware that the money spent is worth it in the long run. If you are looking for tips, we have listed a few, including the following:
- Monitoring the lake's water quality.
- Educating residents and visitors on wildlife and water.
- Defending the water against invasive species.
- Protecting property values of lakefront homeowners.
- Creating a community of like-minded waterfront neighbors.
Conclusion
Given the choice, almost everyone would opt to live on the water, and yet the number of waterfront properties available is limited. Waterfront properties are more valuable because there are not as many homes on the water. Waterfront property is a hot commodity and can seem like your property can sell itself, especially if it has been well-maintained. In today's market, there is more nuance than ever when it comes to selling waterfront property.
When keeping these valuation tips in mind, you can rest assured that you'll get top dollar for your waterfront property when you go to sell. Trust your professional real estate agent at Coastal Realty Group to guide you in listing your waterfront property on the Forgotten Coast of Florida for what it is worth and guiding you to find and settle in the home of your dreams in the many beautiful neighborhoods today.
