Buying a waterfront business premises can represent several unique and exciting opportunities. Once done up to look nice, these sorts of areas can do a great deal to entice customers to visit, and they’re also considered some of the most valuable properties on the market.
That said, it’s not all sunshine and rainbows. There are many things you need to know if you’re buying into a business like this – things you wouldn’t ordinarily need to consider with a regular high-street property.
In this short article, you’ll learn the most important elements for investing in a waterfront property.
Understanding the Value of a Waterfront Property
Waterfront business premises are more in demand for several reasons. They’re usually located in prime locations, so you’ve got natural advertising through high visibility from bridges and attractions on the opposite side. Then, you’ve got the fact that in most cities or towns, waterfront areas are pedestrianised, so you have both street-level footfall and that of the waterfront itself.
While these properties may be more expensive initially, they usually always pay for themselves. Providing the right strategy is implemented, you’ve got excellent access to potential customers at all times.
As stated above, these business premises also look particularly attractive, and usually far outshine street-level aesthetics.
Zoning and Regulations
There are several unique zoning and regulatory frameworks accompanying waterfront properties you should know about, and these will be slightly different depending on where you’re based.
There may be specific environmental demands or protections that limit the extent to which you can modify or expand your property, or at the very least, you may find that these processes take longer due to the nature of seawall and shoreline building codes.
There are also other factors to consider, such as erosion and flooding, so be sure you thoroughly understand these implications before purchasing.
Considering Access
Access is one of the most fundamental things you’ll need to get right when considering your waterfront property. How people enter and exit the building will be distinct from street-level buildings, so think carefully about how people navigate the space.
If you’re changing the original use of the property, be sure to discuss this with regulators and architects to ensure you’re doing everything by the book and are providing your customers with the best experience possible.
The Need for Specialized Construction Services for Repair or Expansion
If you need to repair something on your property or are able to expand and wish to do so, you’ll always need to approach a company acutely familiar with marine construction.
While you might think something like adding a new decking area is relatively simple, there’s a great deal of planning involved and expertise required when you’re close to the water, so be sure to reach out to the right professionals.
Wrapping Up
Hopefully, you now feel a little clearer about the prospect of purchasing a waterfront property. It’s a great opportunity, and providing you go in armed with the necessary knowledge, you’ll have many years of prosperity ahead of you. Good luck!
(Featured image) Image Credit: Pexels
