6 Secrets to Pricing a Waterfront Property in Niagara Falls, ON
What goes into properly pricing a waterfront home? That is an important and excellent question for both sellers and buyers alike. There are six secrets to establishing the value of a waterfront home. Not everyone agrees on which element is of greater value, but what matters the most in this situation is getting the best fit for your “dream home.” Buyers can use this list to determine what is most important to them, while sellers can use the list to consider how their home’s value comes into play before setting the best-asking price.
In this article, we will uncover six secrets to pricing your Niagara Falls, ON waterfront property.
1. View of the Water
Perhaps the biggest impact on the price of a waterfront home will be what type of view of the water it has. Wide views (the scope of the view from right to left) and deep (how far you can visually see into the distance) will be the most appealing to prospective buyers. The widest and deepest views tend to be situated on bays, which can be rough and shallow at times and not best suited to large or deep boats, which is important to keep in mind.
2. Depth of the Water
Depending on where you are looking to relocate to in Ontario, whether it is Niagara Falls or St. Catharines, the depth of the water can come into play, bringing additional value to your home for prospective buyers who happen to also own boats. A dock that is submerged in between 5 feet and 6 feet of water will be considered a deep water dock. This depth will work for those who own power boats up to 50 feet in length or shallow draft sailboats, those who enjoy simpler boating can use kayaks, canoes, or jet skis for homes with shallow water docks that can accommodate these particular boats at a more reasonable asking price.
3. A Good Location
The closer a property lies to a city or good-sized town in Niagara Falls, the better the value of the home. With the neighbourhood having ideal proximity to all of the best city amenities around while still being far enough to feel like a tranquil property, your home’s value will skyrocket, meaning a seller can ideally list it higher than other homes that lack a good location feature.
4. The Condition of the Home
The condition of the home, whether it is a waterfront property or not, will always sell for more. Homes that are considered move-in ready are more appealing to prospective buyers who don’t have the desire or time on their hands to renovate. If you are the seller, it is important to prepare your home to get it show-ready before listing it on the market. When interviewing real estate agents, sellers should ask if the agent will provide staging services to aid in this process. On the other hand, prospective buyers who are looking for a good bargain should ideally be shopping around for a home that needs a little bit of work.
5. The Size of the Home
Every single waterfront property is unique in a sense; it is not possible to only price by square footage alone. That being said, larger homes tend to command a high value. The desired size of the home will also vary depending on the needs of the buyer. Some prospective buyers might be looking for a two-bedroom condominium equipped with a boat slip for a weekend getaway, while others with children are looking for additional rooms to accommodate a growing family.
6. How Many Acres is the Home On?
Those who are interested in investing in a waterfront property are also going to be looking for privacy and may be dismayed that they have to choose between a small lot or an expensive property. Privacy objectives can be achieved at a lower price as long as they have landscaping and hardscaping to work with. Think fences, fast-growing evergreens, and screened-in side porches are a great means to obtaining privacy without needing to buy a huge waterfront property. However, if owning a large property is at the top of the buyer’s priority list, this objective can be obtained if buyers can stay on budget by looking at properties further from city amenities.
Conclusion
Every waterfront property in Niagara Falls, ON, is a unique work of art, and the factors that will have the biggest effect on value should be evaluated on a property-specific basis. For buyers, it is important to be aware of the six secrets of waterfront home values as well as your family’s needs to help prioritize the perfect match. For sellers, understanding what buyers are going to be looking for and how to make your home shine will help you get top dollar. Trust the real estate professionals at Hendricks Team Realty to guide you in selling, finding, and settling down in the home of your dreams in the many beautiful waterfront neighbourhoods that make up Niagara Falls, ON today.