Knowing your CT waterfront home’s worth
As a homeowner, you're probably wondering how much your lakefront property is worth. After all, you're still paying your monthly mortgage, and on top of that, the yearly property tax amount is quite hefty.
While you don't have a precise amount of what your Connecticut waterfront home could be worth, you know that a water frontage home is more expensive than a non-waterfront property. The view alone can add a substantial amount to the property's worth. As a premium property, you expect your home to have increased its value over the years you've owned it.
What is your home's value?
The easiest and most direct answer to this question is "Whatever a seller is willing to pay for it".
That may be well and good if you are selling your Connecticut lakefront property, but what if you want to know because you're considering a home upgrade? Or if it's a vacation home, you want to know because you want to use the home equity for a business loan?
Valuating a lakefront property is quite different from valuating a non-waterfront home. Many waterfront real estates are already considered luxury properties, so it can be daunting to price. There are also many things to consider when valuating a home so you can get the pricing right.
Setting the right price can be tricky. Price it too high and it can sit on the market for a long time. Price it too low and you leave money on the table.
To know the value of your waterfront home in Connecticut, you need the help of a local fulltime real estate professional who specializes in waterfront properties, like me, Deborah Laemmerhirt. As a long time resident of Connecticut, I am familiar with the local estate market of each county, and have made it my mission to get to know everything there is about selling and buying waterfront properties.
Factors to consider in a home valuation
The CMA (Comparative Market Analysis) is one of the most commonly used tools in preparing a home’s valuation. It takes into account the comparables or recently sold properties in the area that are close in size and style to your home.
The sold listings have a large influence on your property’s price. It says how much buyers are willing to pay for the property.
Another consideration in preparing the CMA is the active listings. This is the list of currently available homes for sale in your area. It’s a great way to check how much your competition prices itself so you can adjust your pricing accordingly.
Aside from these two, the following are few of the other considerations included in a valuation.
- Location. Yes, it may be a waterfront property, but how far is it from the water? Is the water easily accessible? These are some of the questions that you must look at when thinking of location.
- What type of waterfront is it? Connecticut has over 3,000 ponds, lakes, and reservoirs, not to mention 96 miles of coastline. What type of waterfront do you have? There is no particular price set to add to a specific waterfront, but its kind and size will have an impact on your property’s price.
- Waterfront visibility. While your home may indeed be a waterfront, how visible is the waterline from the property? Do you have a clear, large frontage or is the view blocked by trees and undergrowth? Generally, the clearer and larger the frontage, the higher the price.
There are many things to factor in a valuation to get to the right listing price of your CT real estate waterfront property.
Are you ready to have your property assessed?
Call me, Deborah Laemmerhirt, at 203-994-4297. As one of Connecticut’s preeminent waterfront real estate professionals, let me help find out your home’s value.
