Deciphering the Meaning
Of 'Water Access'

Question: I live in a lake community. Motorized boats aren't allowed on the lake, but this is the only restriction on its use. Should I note this "water access" when I list my home? What effect might this have on the property's value?

-- Noreen, Minneapolis

Noreen: The term has several meanings. In real-estate circles, when most people hear of a property with water access, they assume the lot is adjacent to the water. With these homes, one can walk from his or her land right out into the water or launch a boat into it.

But having water access can also mean simply that a right to use the water comes with the land. For example, some developments have their own private docks and water privileges extend to all members -- even those whose property isn't located right on the water. A third meaning covers homes that offer public access to water somewhere nearby.

In terms of valuation, property that is adjacent to the water almost always commands a higher price. Private-access privileges are worth a bit less, and public access typically adds the least value to the price of a home. To avoid problems later on, it's important to clarify for potential buyers exactly what kind of access the property offers.

-- Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Tips and Traps When Renovating Your Home," (McGraw-Hill, 2000).

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