For those seeking to sell a East Tennessee lakefront property, though, the process can be particularly tough to navigate because there are many other factors that influence buyer interest and price. Here are six common pitfalls of selling lakefront property along with important tips for avoiding them.
- Not Cleaning and Showcasing the Lakefront
Lake home buyers are buying because of the lake and lifestyle. Therefore, most of them already know exactly what they want out of a waterfront home. A world-class view, private lake access, or just a place to boat and relax are all popular aspects of the Lakefront Living lifestyle.
Start with the basics: pull weeds, pick up trash, and make sure there are no potential hazards. If you are in a cove where limbs end up on your shoreline, remove sticks and logs blocking the water. If you have turf right up to your waterline, make sure it’s neatly mowed and edged.
A smart seller will emphasize that aesthetic to help potential buyers envision themselves living at the lake. Repainting the deck, setting up some waterproof patio furniture and adding fire pit could help to create a warm and inviting outdoor living space.
2. Not Following Dock Rules
Maybe your property already has a dock, but you never really use it. Maybe you don’t have a dock, but a friend has suggested installing one to raise the value of your home. Even if you’re a boater who uses a dock on a daily basis, you might be surprised to learn that a dock comes with a handful of legal hoops to jump through.
Tennessee Valley Authority (TVA) owns land or land rights (such as a right to flood the land or prevent certain construction) along most reservoir shoreline. It’s important to understand the TVA restrictions on docks and permitting before you list, sell or buy waterfront property. Not sure? You can contact TVA’s Public Land Information Center at (800) 882-5263 and request information about your location.
3. Lousy Lakefront Infrastructure
Waterfront properties require even more maintenance than off-water homes due to inevitable environmental factors. If your home’s lake frontage has poor drainage, these water tables can lead to basement or crawl space flooding, septic system failure or standing water, which attracts insects.
So while there are areas where it’s okay to cut costs when prepping a home for sale, the health of your property’s infrastructure isn’t one of them. Spare no expense when it comes to home inspections. Don’t forget to be extra attentive to those structures most prone to moisture-specific issues, like docks and boathouses.
4. Pricing Incorrectly or Unrealistically
Not all lakes are created equal; the size, cleanliness, and recreational draw of your body of water will impact your property’s value. More important is your property’s frontage: What is your particular piece of the waterfront pie like? Size, slope, substrate, and other factors can impact the value of your frontage. Is your home in a lake community like Rarity bay or Tellico Village or is your home remote?
One of the best ways to start estimating the value of your East Tennessee lakefront property is to talk with the Lakefront Living specialists, and investigate the prices of similar properties in your area or lake community. Pretend that you’re a buyer, not a seller and “shop around”, paying special attention to homes on the same body of water as yours and different price points.
5. Poor Marketing
When you’ve tidied up your lakefront property, made sure your docks and other structures are in order, and settled on a price, you may think the work’s over. This couldn’t be further from the truth. Marketing a lakefront home can be the trickiest part of the process.
First and foremost, it’s important to ask yourself: Who will be looking to buy my home? Your target audience is a bit different than the typical homebuyer. Advertise on websites and local interest groups that cater to boaters, anglers, and other water hobbyists.
In addition to listing on large, popular sites, check out niche websites dedicated specifically to waterfront properties like Lakefront Living Realty where we have registered lists of thousands of buyers searching for East Tennessee lake homes.
6. Ignorance of the law
Finally, make sure you’re doing everything by the books. The laws and regulations governing the purchase, HOAs, renovation, and sale of waterfront property vary greatly from state to state, and even locally within states.
For instance, do you know your riparian rights? If not, consider them: As a waterfront owner, you have a legal right to access your waterfront, but that doesn’t mean that you own the water or even the land underneath the water.
Sellers should also be aware of riparian rights, or those laws concerning water access and ownership. Additionally, environmental restrictions and regulations for TVA shoreline can vary from lake to lake. If you have any questions, concerns, or hesitations about your rights and responsibilities as a East Tennessee lakefront owner, contact our Lake Team and let them guide you.
Posted by Jack Vincent, Realtor, Lakefront Living Realty, TN
Excerpts by Homespotter.com