Appraisals and Water Frontage: What You Need to Know 

When you’re involved in the residential real estate process, either as an owner, a buyer, or a seller, knowing how appraisals work and having an understanding of the different things that can impact appraisal value is important. At Allstate Appraisal, we know that one thing that can impact your appraisal is whether the property is located at a spot with water views. Waterfront properties can be difficult to appraise, although they are often more valuable. Here’s an overview of what you should know about appraisals and water frontage—

How Does Water Impact Property Value?

If you’re located on water, whether an ocean, a lake, or another body of water, the value of your home may be more in comparison to neighbors who don’t have the same waterfront access or views that you do. That being said, there are several elements that will impact the value of the home, particularly as it pertains to water. These include:

• Rarity. Rarity refers to how unique of a situation, setting, or location the home enjoys. For example, if there is street privacy in addition to waterfront views, if the home is iconic or historic, or if there is extended front footage, these can all increase the value of a property.
• Location. As with all real estate appraisals, location, location, location is key. A home that is located on water in a more desirable location in a more valuable market will be valued more than a home located on water in a less desirable location. 
• Waterfront access and amenities. Another factor that will play a role in the value of a waterfront home is the access and amenities that being waterfront provides. For example, large dock structures, expansive views, and walk-out access can all improve value. 
• Setting. Another thing to think about that is similar to location but also very distinct is that of setting. Larger properties that are private and have good road access and parking may be valued at more. 
• Structure. Of course, the structure of the home itself will always be considered when appraising real estate, regardless of location or setting. Desirable floor plans and amenities are always in style. 

Call Allstate Appraisal Today

At Allstate Appraisal, we have you covered when it comes to answering your questions about residential real estate and how values are impacted by being alongside the water. To learn more about the value of your waterfront property, call our team directly today.