Whether you’re looking to freshen up outdated facilities or add amenities like a restaurant or ship’s store, there are six important things you should consider before starting your boat dock capital expansion project.Â
1. Return on Investment
One of the most important things to know before making a capital improvement is your return on investment.Â This may come in the form of additional cash flow from slip rental or improvements to public areas that draw more visitors to ancillary amenities. Talk to your accountant and marina contractor about which improvements will provide a greater return on investment.
2.Â Planning and Timing
The first thing to consider when it comes to capital expansion of your marinaÂ is when exactly you want it to open. Then it’s just a matter of working backwards from that date to set up a timeline for completion of individual projects. Knowing timelines needed for the items below will help with your planning.
3. Permitting Requirements
It’s always a good idea to contact your regulatory agencies to attain the proper permits well in advance of starting your marinaÂ capital expansion project. Different agencies work at different paces.Â Sometimes a simple letter of permission that can be obtained in a matter of weeks is all that is required to start your project.Â Some agencies may require environmental, archeological or feasibility studies before beginning and these can often take months.
Talk to your insurance provider to know the type of coverage and the cost of coverage you will need to add.
Delays in projects are often the result of lag time in funding often associated with the timing of payouts from loans or insurance companies. Whether through loans, insurance claims, owner contribution or grants, it’s important to know that your funding will be in place when you begin your marina capital expansion project.
6. Contractorâ€™s capabilities
Your marina contractor can provide you with manufacturing and installation timelines to aid in your planning. Itâ€™s best to choose an established, experienced marina contractor when undertaking a major expansion, and this is where MariCorp US excels. Call usÂ todayÂ to start planning for your next expansion.
No matter what form your capital expansion project takes, partnering with MariCorp US will ensure it’s on time and on budget. Speak to an expert now, call 877-858-DOCK.