Waterfront homes are already valuable real estate assets, but that doesn't mean you should let yours sit on its potential. There are multiple ways to add value to your waterfront home, either through simple quick fixes or large in-depth renovations. Here are a few tips to help you get the most out of your investment and guarantee you the highest price when it's time to sell.
Invest some time and resources in landscaping. You can breathe new life into your property through well-manicured lawns with strategically planted plants. Cleaning up your yard and installing new walkways, sidings, and driveways can also make your home more visually appealing and inviting.
Here's a tip — when landscaping, go for native plants in the area because they can thrive naturally and need less maintenance. Also, go with pavements that are easy to sweep and hose off.
Shoreline or seawall erosion is every waterfront homeowner's nightmare and is virtually the first thing most buyers will look at when looking to buy a waterfront property. Poorly maintained shorelines or seawalls can be costly in the long run as they could deteriorate your property's structural integrity and affect your property's land value. Many buyers will walk away from a piece of property with a poorly installed or maintained shoreline or seawall because they know the magnitude of risk it carries.
Boat Dock, Dock House, or Other Dock Project
If your waterfront property does not yet have a dock, now is a good time to consider adding one. Waterfront homes are all about luxurious living, and most people looking for this kind of home tend to have passions like boating and fishing. Therefore, adding a floating dock can help your property garner more attention. You can also consider other overwater dockside structures like decks, gazebos, or tiki huts that are likely to increase the recreational value of your home.
Add an Outdoor Kitchen
Adding an outdoor kitchen on your deck or patio can make your waterfront home more appealing to potential buyers. Most waterfront homeowners like to spend more time outdoors with family and friends during the warmer months, and an outdoor kitchen creates the perfect space to gather, entertain, and enjoy some meals.
Install a Fire Pit and a Grill
If you're looking for ways to make your waterfront property more valuable, consider installing a fire pit and grill near your patio, deck, or outdoor seating area. These simple additions are relatively inexpensive and can add instant value to your home, and create an ideal space for grilling and socializing with family and friends. What's more therapeutic than sitting around a fire pit with the right company? Do some research to find how much these fixtures cost to install and the drawbacks of each. For instance, fire pits can be dangerous since they involve fire, so follow all safety precautions. Grills are not as dangerous but keep in mind that they can be expensive to maintain over time, especially gas grills. If possible, install both features into one central spot where everyone can enjoy them together.
Waterfront houses are more likely to have chipping and fading paint because of the harsh weather elements they are exposed to. Investing in a fresh coat of exterior paint is an easy fix that can leave your waterfront home looking new again.
Add Some Outdoor Lighting
Ambient outdoor lighting can make your property particularly eye-catching and inviting at night. Also, a well-lit property is always safer and more secure.
Add a Pool
Waterfront properties obviously have a lot of water surrounding them, which is why many homeowners are usually less incentivized to construct a swimming pool. All the same, remember, not all waters are swimming friendly, and if the one near your home isn't, consider adding a pool. Depending on your budget, try going for something with a bit more character than a standard pool, such as an infinity-style pool.
Finish Your Basement
Finishing your basement allows you to expand your living space and can add an extra recreational or storage space to your waterfront home. It's also a sure way to increase your home's resale value. That said, before you start working on your basement, ensure it's structurally sound and has adequate drainage around the foundation. Also, confirm that all electrical wiring is up-to-date and there are no plumbing leaks within the walls or floors. More importantly, check for any signs of mold growth, which can be toxic to humans and pets.
Install Smart Home Technology
No matter the type of property, smart technology will most certainly increase the appeal of your waterfront home to potential buyers. Many smart home technologies are available today, from voice assistants that help perform basic tasks like controlling the lights, locking doors, and controlling temperatures to smart home tech applied in intruder technology to enhance home security.
So, if you're looking to increase the value of your waterfront home today, remember, there is a caveat - don't overdo it! You want to make sure you are able to recoup your financial investment when it's time to sell. For instance, it doesn't make a lot of sense to install some pricey high-end fixtures in a home that is in a middle-class neighborhood. They might add a lavish feel to your home, but all-in-all prove to be an over improvement from a financial point of view.
If you're planning to buy or sell a waterfront home in New Jersey, or if you need more advice on the right improvements that will yield the highest return on investment, contact an agent at CENTURY 21 Action Plus Realty.