Purchasing a marina will provide you with ample time to enjoy the ocean and boating adventures, and can furnish you with a steady monthly income. When contemplating marinas for sale, check the infrastructure of the building, docks, and boat landings and have the property professionally inspected and valued.
Your Duties
Walking around various marinas will give you an idea of what type of layout you may ultimately use when setting up your business. A newer facility may be a turnkey operation that will only require small repairs or cleaning, prior to opening. A marina that has been closed for some time and that looks old and weathered will be more difficult to assess.
Review past property records or a history of the business that was previously run at the location to determine if the marina was located in a prime location and was successful for a long while. Look past any overgrowth or cosmetic imperfections, since these won't necessarily cost a lot to upgrade.
Any marinas that are of interest will require a closer look, which includes requesting information about the infrastructure and determining the opportunity to expand or improve upon a specific location. You may be ready to open a smaller establishment, but plan on growing your customer base and eventually expanding your business. Determine if a marina has the potential to support your vision.
An Inspection And A Valuation
If you have been pre-approved for a loan and are serious about purchasing a particular marina, it is your right to have an inspection performed and to obtain a current market value of the land and any structures that are present. Some places that are for sale may have recently been inspected.
If this is the case and a seller is anxious to part with the property, request to review the details of the report and any past valuations that have made on the real estate. Before exchanging money or signing any type of agreement, consult with a lawyer who has experience with the sale and purchase process for marinas.
A lawyer will determine if you are going to be receiving a fair deal. They will also run a background check on the property to determine if there are any liens that would prevent you from obtaining ownership. Any discrepancies that are uncovered can be remedied through a lawyer's guidance. The attorney who you hire may contact a seller directly, to handle any issues that will hinder the purchase process.
For additional information, contact a company that has marinas for sale.
