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March
7

Calculating the True Value of Waterfront Property in Ohio

Calculating the True Value of Waterfront Property in Ohio

Proximity to water is one of the largest influences on the value of a piece of property. Whether the property is located near a lake, river or ocean, buyers are willing to pay a lot more for it. A lot of people believe the value lies in the view, there's actually much more to justify the higher price.  

Desirability

Waterfront property tends to cost more because buyers place a value on this type of property. Look at it this way. If you'd pay $200,000 for a house with views of other houses and the street, what would you pay for the exact same house with a view of a serene lake, or of rushing rapids? Chances are you'd pay more, and that desirability factor is a big part of the higher price of waterfront property.

Scarcity

We all know that 70% of the Earth's surface is water. Even though water isn't scarce, waterfront land to build upon is. The basic principles of supply and demand dictate that prices go up for any desirable item for which there is a limited supply. The classic saying that the three secrets to real estate are "Location, Location, Location" holds true here. Being on the water is typically the best location available.

Development Cost

The value of waterfront property also lies in its development cost. Generally it is more expensive to develop. Builders might need to engage in special reinforcement to prevent erosion or avulsion of the land. Lake or riverfront properties may be located away from water, sewer and electric infrastructure, requiring developers to pay high connection charges or to build well or septic systems to provide basic utilities to the parcel. All of these additional costs get taken into account when the property is being priced for sale.

Size & Design

Other factors that can impact the price and value of waterfront property is its size and design. The property could be large to allow for a buffer between the house and the water in the event of flooding or erosion, or it could be common practice to build more expensive buildings adjacent to the water. Whatever the reason, people who can afford water views most likely are going to want a fancier home, so developers will put as much additional value as they can onto the waterfront lots so they can price the property higher.

If you have a prime waterfront location, it can significantly increase the value of your home. The question is only by how much. There is limited availability because there simply isn't enough waterfront land to build on. This makes the waterfront properties that do exist extremely valuable.

Nationally, waterfront homes can be worth more than double of the value of homes overall. The real estate website Zillow says that the most expensive waterfront homes are located in Hawaii, California, and along the coast of Long Island Sound. Nationwide, the premium for waterfront homes has increased year over year.



If you are interested in starting the search for your dream lake home, contact Choice Properties today!

January
17

What To Do If You Inherit Property In Indian Lake Ohio

What To Do If You Inherit Property In Indian Lake Ohio

Inheriting property is not an easy process. You may think that it's like winning the lottery, like getting a reward with little or no detriment, but the fact is that it's not that simple. There are many challenges that you will face if you inherit property. However, should you inherit property in Indian Lake Ohio, you will also see benefits, such as the value of your home going up, because the area is a desirable lakefront, and people are always looking to buy near the water.

Regardless, it can be tricky to navigate the emotions when you are inheriting property from a loved one you have lost. It is up to you to decide whether to accept or refuse this inheritance, and whether you want to use that property to live in or rent out or even sell. We have some insights to help you make those decisions.

Is There A Will?

Before anything else can happen, you need to determine whether there is a valid will. If there is one, then the probate process needs to be followed, and any outstanding debts paid. Without a will, the courts will follow the relevant laws of intestacy. Should there be a will, and its intention is for you to benefit from the property, then it is advisable to work with the executor of the estate as well as a trusted real estate expert. Find out if the deceased owes more on the mortgage than the property is worth, or if there are outstanding liens or taxes on the property, so you don't end up losing money by accepting the inheritance.

The good news here is that the state of Ohio doesn't levy estate or inheritance taxes, so you won't have to pay any for your Indian Lake Ohio property. However, there may be federal taxes to be paid.

Selling or Renting

Indian Lake Ohio is a location that is very much in demand. Even if the home you have inherited is not in great shape, the location can more than make up for it. You will probably be able to sell fast and for a good price. Or you might find that the home is up to date with improvements and repairs and you could make a good rental income while you decide whether or not to sell. After a few years of renting, you may even want to move into the home yourself. There are a lot of options available to you with your inheritance. Take some time and speak to experts like Choice Properties before you make the final decision.

Ultimately, what you do with your newly inherited property in Indian Lake Ohio is up to you. Different options work for different people. You may decide to keep the property for sentimental reasons, or for financial reasons. You may decide to sell for those same reasons. Whatever you want to do, get an appraisal first and find a good property agent. At Choice Properties, our experts will be able to guide you and answer any questions you may have, to help you make the right decision.  


For more information on speaking with our award winning real estates at Choice Properties, give us a call! 

 

October
25

Tips for Selling Waterfront Property in Ohio

You might think that selling waterfront property in Ohio would be a breeze. After all, who doesn't want a waterfront home? However, it isn't always an easy sale, no matter how beautiful the property might be. Knowing how to sell a waterfront property in Ohio can make all the difference between how long your property stays on the market and how quickly it sells. Following are some tips from our experienced real estate specialists to help you sell your waterfront property right here in central Ohio.

 

Tips for Selling Waterfront Property in Ohio

Reasonable Price Tag

In any real estate market, the price of the property is one of the biggest factors. The price has to be right for a buyer to take the bait. Pricing your property right is half the marketing. Pricing it wrong will make the property sit in the market for longer than you want. Ensure that you're pricing your waterfront property fairly by taking into account the location, the size of the waterfront, what amenities are around it, and the state of the market. It may be worth consulting a professional to determine a fair value for today's real estate market.

 

Staging Is Important

It doesn't matter how much waterfront your property actually has, if no one can see it. For your waterfront property in Ohio, staging is going to be very important. If there are a lot of plants and trees obstructing a beautiful view, consider trimming some of them to make the most of the view. A realtor can help you stage your waterfront property to show off its best assets. Just a little bit of staging can go a long way to making your property more appealing.

 

Dock Accessibility

Beyond a doubt, one of the most important aspects of selling your waterfront property will be the dock. Any potential buyer is going to want to see the dock and make sure that it is relatively easy to access. If dock access is difficult, then a buyer may pass on the home, regardless of all its other qualities. It's a good idea to also ensure the stability of the dock. The last thing you want to kill the sale of your waterfront home is an unsafe dock.

 

A Picture Is Worth A Thousand Words

Having great photos and a comprehensive video tour can be a vital tool in your marketing plan. The lake you live on should be a significant part of the marketing you do. If you can, hire a professional photographer to take some exterior shots. It will be well worth the money you pay. In all the picture taking however, don't forget the descriptions of the property. Pictures are important, but a well crafted description will give it another push.

 

Selling waterfront property in Ohio can be a simple matter.
With the proper preparation, planning and execution, you can be assured that the
process will be relatively stress free and lead to a successful sale.

Contact the experts at Choice Properties today and find out how you can sell waterfront property in Ohio, even in difficult markets.

August
17

How to Value Waterfront Property in Ohio

Waterfront property is unique in a number of ways, particularly in Ohio. This means it may be more difficult to determine value on a property but it is worth discussing the unique factors and be aware of those prior to valuating waterfront property.

evaluating waterfront properties in ohio

Sales Comparison

People use the sales comparison approach quite often when looking at properties. Things such as comparing a neighbor's home value to one's own or appraisers who get detailed evaluations based on recently sold homes in the area to value a home are using sales comparisons. A similar property with similar features in both the land where the home is located and the home itself may make it easier to determine an estimate of value even if it is just a guess.

Market Periods

Look around at properties in the same neighborhood which sold in a similar market period. Marker periods in the central Ohio area are a product of a few things including weather and school schedules.

Winter: the slowest market period is between December through March when sale prices tend to be at the lowest point

Spring-early summer: busiest period starting in April through mid-August. Typically the highest prices are peaking at this point as parents want to decide prior to school start dates

Late summer-fall: Late August through November see sales slow down as school begins and everyone heads into the holiday and winter seasons.

Generally speaking, appraisers like to locate a similar property to one in the same neighborhood which has sold in the past 6 months but often look at homes sold in the past year. When this occurs, the review of past sales may span across many market periods.

Central Ohio home sale prices tend to peak at their highest in the Spring-early summer then decrease or remain level until the following year. This is due to supply and demand being high. Market periods are important to determine value for property as a similar one sold in December may have sold for less than it would in the busier market periods (early spring to summer).

Variation Between Properties

All homes have variation since no two homes sit in the same place. No two homes are the same and each variation has a value placed on it used in adjusting overall value.

Waterfront Properties

Standing beside a lake with a slight breeze blowing, it can feel moist and damp or warm and inviting depending on the time of year. Waterfront properties may experience a few different things depending on relationship to the water. This is due to winds blowing from west to east and variation at one property is likely to shift values from another property that may face a different direction or have a different vantage point. Properties on the western shore of water may have higher values than those on the east shore.

Having an outdoor living space with a patio, deck and yard are important for people who want to enjoy the view of a waterfront property. It is important to note the amenities people will enjoy and those they may not. Not every person wants or needs a boat dock but it may be an important selling point regardless and is worth making sure the dock, if it exists, is in good working condition.

 

Home estimates are done every day by trained realtors with experience in the Ohio region. Contact Choice Properties to find out how we can assist you in finding the best appraisers and value for your property if you are looking to purchase or sell waterfront property.





April
12

Health Benefits of Ohio Lakefront Living

Ohio lakefront living is beneficial in so many ways. Relaxation and peace are not the only reasons being by water increases overall health. Ohio has many beautiful spots to choose from when selecting the optimal lakefront property. Learn more about why waterfront homes provide so much for people who enjoy the serenity of living by a lake.

 

Health Benefits of Ohio Lakefront Living

 

Improve Cognitive Functioning

People are likely to enter a quiet, meditative state when near water. Close proximity to water floods the brain with feel good hormones such as dopamine, serotonin and oxytocin. Because of this, people can enhance brain processing while slowing down to enjoy the peace being by water brings.

 

Fresh Air

Air quality near lakes is higher than inland air which makes it a healthy choice for individuals who want fresh, clean breezes blowing through their windows. After a day out on the lake or spending time near a lake, people tend to feel more refreshed and ready for the days ahead. Living that way every day is like being on permanent vacation.

 

Sounds of Silence

The soothing sounds of water coming up to shore or nature hovering nearby the water can be extremely relaxing. Nature and water have ways of calming down the senses from the overload of living with too much hustle and bustle. Spas use fountains with running water for this reason. Living near water will bottle this spa effect and bring it home to provide relaxation and a refuge from the outside world.

 

The "Blue Mind" Effect

Compelling research has shown that water tends to draw people in towards it, like a magnet. Much of a person's daily stress can be relieved by living closer to water. Green spaces in communities help reduce stress and water can provide the same effect.

 

Immunity

Immune systems function like a well-oiled machine. When stress is high, the machine may not run at optimal potential. As stress decreases, as it can do near water, a person will experience more positive health benefits inside the body including increased immunity. Lakefront living provides a healthier, more relaxed lifestyle in which to exist.

 

Lakefront living is a great opportunity to take advantage of all the health benefits it offers. Choice Properties provides the best selection of lakefront living at affordable price points and seeks to give you the best service through our top notch realtors.

Let us help you find the best lakefront Ohio property.

Give us a call today!

April
7

Ohio is currently seeing a boon in the real estate market for luxury lakefront homes. More people are interested in buying property than at any point since 2005. With this busy real estate market, it is a great time to consider the options when searching for luxury lakefront homes which suit the needs of the entire family.

 

Hot Market

Nationwide sales have been going steadily up since February, 2007. The spring buying season is approaching when homes go up on the market in time for summer and fall sales. Realtors are anticipating a stronger than ever buying season this year. Homebuyers are looking for more properties and, with many available on the current market, the demand is higher than ever. Steady job growth combined with an improving economy means more households are saving up for that perfect lakefront property.

 

Trends

The past several years have seen a downturn in the real estate market due to fluctuations in the job market and overall economy. When these two are weaker, people are less likely to look to make big purchases or moves. A recent look at trends in home purchases by the Ohio Association of Realtors demonstrates a swifter than average pace of families seeking their perfect home at an increase of around 14% over the year before. In the Ohio house market, strong sales and steady growth are leading to great deals on homes.

 

Buy Now

As with any market trends, when there are an influx of buyers for available properties, prices can rise. Now is the best time to consider buying lakefront property on the market, whether new or existing, before prices go up. Due to high demand, lakefront luxury homes don't generally last long as they are in higher demand than other properties in the area. It is currently a buyers market in that there are more buyers than sellers after years of a sluggish market. Mortgage rates are low with rises expected so now is a great time to get started on the search and begin putting together criteria for purchasing a home.


Luxury lakefront homes are in demand and the market is open for all buyers with fewer properties at low prices. Ohio is a hot market right now with a growing economy and improving employment statistics which make homebuyers more confident than ever that, without a doubt, buying a home right now is the right decision.

 

Get more advice on how to get the process started to get you that luxury dream home.

Contact one of our agents today.

 

February
2

The American Dream of Living on a Lake

The dream of living on the water is closer than most think. For waterfront homeowners, a home by the water means access to amenities such as beaches and a relaxed atmosphere many people speak of but have not attained. A lifestyle which includes living on a lake is within reach when choosing to make Indian Lake home.

 

Lakefront Experience

Life in Indian Lake is about access to amazing schools, neighborhoods and communities which foster engagement but also provide privacy. Many people who enjoy living on a lake seek ambiance but do not want to sacrifice access to shopping centers, outdoor recreation and other activities. A lakefront home in Indian Lake is sure to provide opportunities to enjoy many activities including water sports, boating, hiking, biking, parks and more. Privacy is important to some people while others seek a lively atmosphere, both of which can be found at Indian Lake as well in the many neighborhoods which surround the lake itself.

 

Things to Consider

When deciding which home is a good fit for living on the water, there are many things to consider. Not all lakes are treated equal. It is important to look at some key factors when making a decision to purchase a home.

 

Public or private: if variety is what is important, public lakes offer opportunities to engage in watersports, some with limitations. There may be permits or fees for certain activities. Private lake areas will provide a home away from home with space to enjoy the lake without the public access, for those who enjoy this lifestyle feature. Indian Lake has both public and private areas which afford opportunities enjoy both types of access.

 

Upkeep - lake homes may require more maintenance than the typical home. The dock and shoreline will need regular maintenance. A knowledgeable realtor can outline all the features, amenities and costs associated with living on the water.

 

Weather conditions - the natural elements play a key role in deciding which home will be suitable for living on a lake. Some homes are more prone to the elements than others with seasonal changes affecting weather conditions year to year.

 

Next generation - living on the water may seem like a dream but kids may see it differently. A backyard may be important to some families with children. Safety is a factor to consider when looking at lakefront property including fences or other features to keep kids from falling into the water.

 

Location - families who choose Indian Lake look for location and convenience of schools, commute times, neighbors and atmosphere. In balance, a great home will include all of these and more such as indoor and outdoor dining, shopping and spaces for everyone in the family to enjoy. Indian Lake offers friendly neighborhood pubs, restaurants, shops and, of course, the lake with year round activities which makes finding a home and living on the water a dream come true. 

 

Get more advice on how living on the lake can become a reality.

Contact one of our agents today.

November
20

Indian Lake 2

 

When you live in a place as beautiful as Indian Lake, Ohio, it's important to keep the place clean and green for residents, visitors, and future generations alike.   One of the things we always hear from people new to the area is how clean and well-kept the lake and surrounding communities are.  There's a special pride inherent in living along the waterfront and enjoying so much natural beauty.  There is almost an instinctual sense of urgency to protect its beauty and keep it healthy for all to enjoy.

 

In the Indian Lake area, volunteers meet frequently to pick up trash and clean up the natural areas.  We have three recycling centers in the area, open 24/7, and a pay-as-you-throw trash service available via vending machines throughout the area.  Our recycling centers are well lite and use camera security systems to prevent illegal dumping.  We all make trash but we don't have to pollute the area we all love so much by mishandling it. 

 

In a world with dwindling natural resources and natural wonders that continue to see the erosion of mass tourism, we're proud to guard and protect our local wildlife and landscapes.  People have been enjoying one of the largest man-made lakes in the region for over a hundred years and we want to keep it that way for future generations to enjoy.

 

The communities around Indian Lake are full of people who care about the cleanliness and beauty of their neighborhood.  If you're looking for a place to call home that's clean and full of fresh air, consider taking a look at our Indian Lake Real Estate Properties today.

 

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