When you buy a waterfront property to renovate and resell, commercial projects may be some of your best buyers. There are a few ways that you can renovate a waterfront property to make it more accessible to different commercial buyers.
Before You Buy: Know Your Rights
Before you buy any waterfront property, you need to make sure that you have full rights to use the waterfront space however you like. Some neighborhood communities may prevent you from fishing or using motorized vehicles, for instance. This can affect the value of your property as you are potentially shutting some buyers out. Know what's allowed on your waterfront property and bid accordingly.
Build Up the Views
One step that you can take to increase your property's value right away is to capitalize on the water views. You should try to build along the length of the coast in order to increase the amount of window space with a seafront view. When you're showing the property or listing your statistics in a real estate brochure, these numbers will be important for buyers.
Provide Access to the Water
Water access is only as good as the access points you provide. If your property doesn't have any water access yet, docks and a boat lift area will be crucial steps for increasing your property's value and appeal to many waterfront property buyers. Before you start to build a seawall or dock, be sure that you have the correct local government permits in place, then call a professional installation company, like SteMic Enterprises Inc.
Enclosed Beach Access
Alcohol isn't allowed on most public beaches, and the rights for property owners vary by state. In order to make your property appealing for restaurants, you may want to build an enclosed space that sits right on the water. This may mean that you need to extend your main building until it touches the water line, but these upgrades can bring in a lot of revenue. Check with your local laws to see what kinds of spaces are acceptable for a liquor license; some will require the space to be indoors, while others may accept a space that's enclosed on two or three sides.
If your waterfront property sits in a commercial or mixed-use zone, then you could stand to make a good profit by making your property appealing to commercial buyers. The qualities that a commercial real estate developer would look for are fairly specific; use the steps above to get started on your renovation.Share