These top 5 attributes give Maine lakefront property its value
From 1998 to 2005, prices of lakefront properties appreciated at a rate of 10%-15% per year. Since mid-2005, prices have leveled off. That's good news for today's lakefront buyer.
Lakefront properties are made up of two parts: the building and the lot. While it's true that building materials and the cost of labor have been increasing the replacement cost of the house, it pales in comparison to the increase in the value of the lot over the same period. It's important for a buyer of lakefront property to understand what gives a lakefront lot its value. Everyone's heard of location, location, location.but what is it exactly about location that gives a lakefront property its value? Here are the 5 attributes that give a property's location its value, listed in priority order:
#1 Sandy Beach:
# 2 View:
#3 Level Lot:
#4 Proximity to the water:
If you give a maximum 10-point value to each of the 5 attributes described here, a perfect property would attain a score of 50. It's my experience that there are very few properties that approach a score of 50. When looking at properties, play a little game and evaluate the property on how it measures up to the 5 top attributes. Those that score the best should be seriously considered. Please note: Sometimes one of the attributes is so outstanding that the other attributes don't seem to matter. Go for it!!!! If you love a property, go with your gut and buy it!
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