What to Consider When Buying an Old Marina
If you have the goal of owning your own marina and creating a thriving income from the endeavor, you may be considering purchasing one that is already built. There are some benefits to purchasing older marinas, but there are also some things that you should consider first. Before you visit a local real estate agent and marina builder regarding older marinas, you may want to consider these key points.
Inspection Criteria
The first thing to consider with the purchase of an older marina is an inspection. Most marina builders do offer an inspection of some kind that can determine if the marina you are considering meets the code for the area. This will also let you know if there are any repairs you need to consider or if you should consider demolition and replacement of certain parts of the marina. The inspection can also let you know if there are any issues that may cause costly problems later or any repairs that may need to be considered within the next few years.
Expansion Options
Once you decide on an old marina for your project, you may want to consider your options for possible expansions. You may find that over time you have seasons where more docking space is needed. The problem may be that expanding isn't possible with the current structure. You may also have a design in mind for the expansion, but you are unsure if it is possible. A marina builder can step in and help you decide if expansions are possible and how they can be created. By knowing this information, you can decide if the property will suit your long term needs.
Marina Upgrades
There are several upgrades you may want to make to the current old marina property you are considering. Marina builders know what the latest upgrades are and what most marinas are looking for. They can help you consider what upgrades may be best, how they can be implemented, and if any reconstruction needs to occur. For example, you may want to go with solar lighting options of the marina rather than electrical. A marina builder can let you know if this is ideal and if a safety issue may be present.
By taking these key points into account, you can decide if the older marina you are considering is the right option for you or if you need to move to a different marina for your investment. You can also consult with a marina builder to determine your next steps for buying and opening your marina.