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Highly Guarded Hints & Secrets About Purchasing a Vacation Waterfront Home

Presented by David Doebler of NY Waterfront Real Estate

Hire A Specialist

Enlist the help of a reputable real estate agent and an independent lawyer. I have assembled a team of agents that specialize in waterfront home sales.

Geographic Limitations

Don’t hire an agent or real estate office that only services a small geographic area. Many agents/offices will only show you properties on one body of water. We service all the Finger Lakes, Sodus Bay and the shores of Lake Ontario in upstate New York.

Good Investment/Bad Investment

If you’re buying a vacation home with a plan that it will go up in value, know and understand the real estate market. The waterfront homes in the Finger Lakes Region and shores of Lake Ontario have seen double digit appreciation for the past 5 years and are still considered some of the most affordable, best growth potential real estate properties in the country.

Professional Inspection

Always hire a professional home inspector. One of the best investments you can make in your vacation home purchase process is to hire a licensed home inspector. They know what to look for and can identify problems in the early stages. The inspector can caution you as to what to expect in the future. This information can be used as a negotiating tool to reduce the price or have improvements made after you are under contract.

Get To Know The Seller

My team has gone through special training to gather as much information about the seller as possible. Why are they selling? What are their worries and concerns? Are they open and generous or closed and rigid? This information helps understand the seller’s needs and helps identify any opportunities to benefit your negotiating strategy.

The Power Of Cash

Buy with the power of cash even if you don’t have it. By getting a loan pre-approval you can get the power of cash into the offer. Pre-approved is significantly different then being pre-qualified. When your loan is pre-approved you actually are approved as a borrower for a loan and the only condition is the appraisal on the property you intend to purchase. This enables you to have a shorter escrow period and provides you a stronger negotiating position.

Price Isn’t Everything

Price isn’t everything, except of course to the seller. You can use this to your advantage. If price is the seller’s main concern then give a little on price and negotiate for everything else you want. Most sellers honestly and emotionally believe that the home is worth their asking price. This can be a barrier you cannot overcome on the surface. It can be balanced out with other concessions like closing costs, home improvements, personal property, etc. Understanding and recognizing a broader range of potential wants, needs, trade-offs and opportunities can be the key to a win-win negotiation.

Think Vacation Home First

Think vacation home first, investment second. Although you may be able to generate rental income from your vacation home, it may not cover your ownership costs. The property appreciation can be counted as the investment side of you purchase.

If you are interested in purchasing a waterfront property in the Finger Lakes Region, on Sodus Bay or on Lake Ontario in upstate New York please fill out our buyer profile form located here. Completion of the profile form allows you to receive email udates of listings that meet your search criteria.

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Updated: 08/23/2017
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