So long as people love living next to water, lakefront property will always command a premium market price. According to one study by Collateral Analytics, lakeside homes sell for a 25% higher average price than comparable properties in the same zip code!
Are we suggesting that you should create equity by relocating your current house next to a lake? Or digging an enormous hole next to your home, and then waiting for heavy rain? No. Unfortunately, these are both highly impractical home improvement projects.
What we would like to point out is this: A home that is already blessed with a beautiful lakeside location can still increase in value with a few reasonable improvements. And if you’re fortunate enough to count ducks and geese among the birds that gather in your backyard, why wouldn’t you want to maximize your property value? Here are just a few ways you can increase the value of your lakefront property!
Enhance Your Home’s Curb Appeal
Don’t count on that lake to carry your home’s aesthetics all by itself. You still want to beautify any parts of your property that sit on dry land. But the lake is the star of the show, so make certain no part of your landscaping blocks or otherwise detracts from the full view of the crystal blue water.
Plants that are native to your area will add a certain romance to your property without clashing with the landscape. They’re also easy to maintain, as they’re perfectly adapted to the environment. Retaining walls and other structures that guard against corrosion are stellar. This is because they can preserve a property while subtly directing attention to the lake behind them.
Clean Up Your Shoreline
This is one of the quickest, easiest and most effective ways to enhance your lakefront property’s appeal. Begin by cutting away any large weeds and other less-than-stately plants that have taken root alongside your shoreline. A few minutes with a set of pruning shears is all it takes!
Add to Your Outdoor Living Space
You want to spend as much of your free time admiring that lake as you’re able – and so will your home’s next owners. That’s why you’ll all benefit from any improvements which make outdoor living more comfortable. Few lakeside properties wouldn’t be made better by the addition of a patio dining area, porch swing, gazebo or firepit. If you’d like to invest a little more in your lakeside backyard, consider adding a spa or dry bar. You could even add an outdoor kitchen with a built-in gas grill.
Make Your Property Boat-Friendly
Even if you don’t appreciate boats and boat-related activities, your lakefront property’s future owner almost certainly will. If you haven’t got a dock yet, consider adding one to your priority. An inexpensive floating dock is enough for fishing, swimming and launching canoes. But, a more permanent (and stable) structure will create greater value for your property in the long run.
If your backyard already has a dock, improvements such as a swim ladder, electrical system or outdoor lighting will make it more appealing. If you’d really like to entice potential buyers, then even the smallest boathouse is certain to capture their imaginations!
Hire a Realtor Who Specializes in Lakefront Properties
A real estate agent who has dedicated their career to lakefront homes will create more value than one who takes a more generalized approach to their business. A specialist will advise the best ways to prepare your unique lakeside home for the market and has very likely already established relationships with dozens of buyers who would love to view your property.
Boll Realty in Ottertail, Minnesota has specialized in lakeside property, farmland, cabins and hunting grounds throughout Otter Tail County since 1975. With listings available at over 35 lakes, we’re your best partner if you’d like to sell or purchase a lakefront property in our beautiful neck of the woods. We welcome you to contact us today!