Value of Home Lifts in Sale Agreements
How Do Home Lifts Impact Real Estate Sales in Sarasota and Manatee Counties?
Quick Answer
In Sarasota and Manatee counties, home lifts are increasingly relevant for elevating the value and marketability of properties. Lifts, often found in elevated coastal homes, townhomes, and luxury properties, attract a broader buyer pool, especially among retirees and second-home owners. They enhance marketability by providing added comfort and accessibility, which stands out in a growing inventory market. While lifts seldom add their full installation cost to a property’s value, they help justify stronger pricing, especially in market segments with high competition. For expert updates on the Florida West Coast real estate market, contact Michael Renick — your dedicated specialist.
The Complete Picture
Home lifts are becoming an essential feature in real estate transactions across Sarasota and Manatee counties. These lifts are common in elevated homes, especially in areas prone to flooding like barrier islands and flood zones AE and VE. They not only enhance a property’s livability but also help control flood risk, a significant concern for buyers in these regions. Installing a lift can make a multi-story home more appealing in a competitive market, where buyers have many choices. While they might not boost property prices dollar-for-dollar, they play a crucial role in maintaining value, especially for older coastal homes or walk-up townhomes facing stiff competition.
Lots of choices….. I found Mike and his team to be heads and tails above the rest. I’ve used other local real estate agents but they just don’t get it. Mike returns phone calls promptly. Why don’t other agents understand how important this is? Mike and Eric know the market and how to leverage that information in favor of their client. When they separated the two bedroom units with stairs from the ones without, we found a completely different picture. I can completely, and without reservation, recommend these guys! The fact that their company is run locally gives them, and of course me, a huge advantage! John
– shrayjohn, Zillow Review
Key Insights
Enhancing Marketability
In Sarasota and Manatee counties, home lifts distinguish properties in areas where inventory is rising. With many options available, features that improve access and comfort, especially for aging buyers, become crucial. Properties located on Longboat Key or other barrier islands benefit significantly as buyers prioritize ease of access.
Pricing Strategy
Properties with lifts often maintain stronger pricing against homes lacking such features. In competitive segments, such as luxury or older coastal homes, lifts help retain top-tier value. They cater to those planning for long-term living, making them attractive to retirees who dominate the local market.
Regulatory and Risk Considerations
Proper permits and compliance with local Florida codes are vital when buying or selling homes with lifts. Buyers should examine these, especially in areas with strict zoning and flood regulations. Ensuring the lift complies with regulations helps avoid potential legal issues and assures buyers of the property’s safety.
Market Reality
Sarasota and Manatee counties are experiencing an increase in property inventory, giving buyers more choices. In such conditions, homes with added features like lifts stand out, especially in flood-prone regions where lift installations are part of broader risk management strategies. Lifts can stabilize property values in softer market segments, making them more competitive against other similar homes.
My wife and I have owned nine houses/ condos. Eric Teoh rates right at the top as a realtor and person for being competent, caring and thorough. Eric led our search, offed excellent insights and was successful in finding our most recent purchase. Eric has truly gone the “extra mile” by checking while our condo was being renovated after the sale. He , also, checks the property while we are away. We have found Eric to be an excellent listener, who had our best interest in mind during our search and purchase. Eric is approaches his duties with a genuine positive professinal attitude. Eric has my permission to give you my contact information, if, you would like to talk with me.
– coach pariseau, Zillow Review
Action Steps
- Research Permits and Compliance: Verify the lift’s installation date, permits, and compliance with local Florida regulations. This is crucial, particularly in areas with specific zoning laws.
- Review Maintenance Records: Ensure the lift has documentation for regular service and repairs, which indicates proper upkeep and can be used in negotiations.
- Evaluate Future Costs: Consider the remaining lifespan of the lift, typical maintenance costs, and potential repair expenses to assess total ownership costs.
- Understand Property-Specific Factors: Account for insurance, HOA rules, and shared maintenance responsibilities typical of condos and townhomes in Sarasota/Manatee.
- Assess Market Positioning: Analyze how a lift positions your property in terms of pricing against comparable homes without similar features in your neighborhood.
Frequently Asked Questions
- Are home lifts common in Sarasota and Manatee County homes?
Lifts are typical in elevated coastal homes, townhomes, and luxury properties in Sarasota and Manatee. In flood zones AE and VE, they are often part of flood risk management strategies, enhancing accessibility and making them desirable for buyers, especially retirees. - How do home lifts affect property value?
While lifts don’t usually add their full cost to property value, they help justify higher prices in competitive market segments. This is especially true in areas like Longboat Key, where homes face strict zoning and insurance considerations. - What should buyers look for when considering a home with a lift?
Buyers should inspect permits, service records, and compliance with Florida’s local codes. Pay attention to flood-related regulations and ensure the lift benefits from proper maintenance and safety checks. - What selling strategies should homeowners with lifts consider?
Sellers should fully service the lift before listing and compile all relevant documentation. This builds buyer confidence and helps clarify negotiation points, especially regarding maintenance responsibilities within homeowner associations. - Is a specialist inspection necessary for home lifts?
A dedicated inspection by a qualified lift contractor is advisable since general inspectors may not evaluate the lift’s mechanical and safety systems in detail. This is crucial in areas with higher regulatory scrutiny like Sarasota’s coastal zones.
Closing
Understanding the impact of home lifts on real estate sales in Sarasota and Manatee counties is crucial for informed property decisions. Lifts offer practical advantages in marketability and pricing strategy, making them a valuable feature in many homes. Ready to talk strategy? Call Michael Renick at 941.400.8735.
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