Top 5 Waterfront Property Value Components!

Owning a rural waterfront property is a dream for many, offering a serene and picturesque lifestyle. However, to truly maximize the value proposition of such a property beyond its home or agricultural production potential, there are key considerations every owner should be aware of.

Here are the top five things to focus on:

1. Aesthetics of Water Frontage

The appeal of your waterfront property is greatly enhanced by the aesthetics of its water frontage. Accessible and visually appealing waterfront areas are key in maximizing the value proposition of your land.

To-Do List

• Call your local Watershed Council or Soil and Water Conservation District and ask about opportunities for assistance on your waterfront.
• Before doing any work, consult with the County Planning department to understand what you are allowed to do in the waterways and riparian areas.
• Understand what types of practices are both aesthetically appealing and also have a positive impact on stream health.

2. Water Rights

If your waterfront property has water rights, there are several items you should investigate.

To-Do List

• Ensure that the water rights have been appropriately used to protect them from possible cancellation (Full Beneficial Use)
• Have a thorough water rights research completed. This can be completed with Oregon Water Resources Department, or a Certified Water Research Examiner (CWRE).
• Review the water rights certificate/permit(s).
• Ensure the place of use and point of diversion match the water right.
• Make an application for any needed changes based on the review or, if available, apply for supplemental water rights.
• Review your water right seniority based on your source (where do I fall in line?)
• Consulting a CWRE is highly recommended for all questions about water rights.

3. Entitlements

The term entitlements loosely describes your permitted uses on the property. For example, a property zoned for Farm Use (EFU) does not guarantee you a homesite. A homesite is an important entitlement that one needs to procure to build a home.

To-Do List

• Compile a complete list of ALL land use planning and building approvals, applications or records associated with the property. This can be done directly with the county, or a more thorough report can be compiled by a Land Use Planner.
• Consult with a Land Use Planner about potential red flags and potential opportunities. Common opportunities include legal lots of record research (find additional parcels that can be developed separately), land use approval opportunities to build additional homes, and more.

4. Maintenance

A lack of general maintenance is often the cause of eroding waterfront property values (pun intended). Weather and weeds require landowners to be diligent about maintaining structures and stewarding lands. Generally speaking, properties that have very little deferred maintenance sell much more quickly and closer to the top of the market value range.

To-Do List

• Research grant programs. Many programs are available, some of which include improving irrigation systems, forest management, or fuel reduction.
• Invest in improvements and tools that make your property more efficient to maintain.


5. Property Infrastructure

So much of the development cost for rural property comes in the form of infrastructure. This infrastructure is often difficult to recognize at first glance as it comprises things like power supply lines, buried irrigation main lines, internal roads and fences, and many more things.

Infrastructure goes hand in hand with maintenance. Oftentimes, the lack of infrastructure becomes the primary reason that a property fails to meet its market value potential.


To-Do List

• Have appropriate roads in place to access the property.
• Irrigation system to deliver the water permitted for the property.
• Water and power extended to buildings and homesite locations.
• Sweat Equity—Infrastructure development is costly today. As a property owner, there is often an opportunity for sweat equity when installing infrastructure.
• Research grant programs for irrigation, fencing, etc. From time to time, programs are available for rural property owners that can help improve certain aspects of the land.


Conclusion

Waterfront Land Stewardship

Land Stewardship~ Stewardship can be defined as “the careful and responsible management of something entrusted to one’s care.”

When you set foot on a rural waterfront property that has great stewardship practices in place, it is hard to describe the profoundly positive impact that care has on your experience there. At the same time, a property that is very well managed is also a property where the owner’s financial investment is maximized.

At Martin Outdoor Property Group, one of the things we offer to all of our clients and potential clients is general consultation on what kinds of projects and research should be completed to maximize the value proposition of their land.


In the name of stewardship, we have recently partnered with the Rogue River Watershed Council and are proud to be sponsoring their Celebrate the Rogue Event!