Owning a commercial property is a great investment, especially in the Southeastern North Carolina area. Although it is a great investment, there are some things to be aware of when searching for the right property. Completing all of your due diligence can prevent any emergencies or unexpected costs in the future. Here are a few things to know about owning a coastal property.
Make sure the Construction/Foundation is Solid
Living near the beach comes with a lot of natural changes such as erosion or hurricanes. Make sure the foundation and general construction of your property is solid in order to avoid foundational issues due to natural changes. It is important to get a good property inspector from the get go to ensure that your property is in good standing.
Check Proximity to Water/Flood Zones
As we have mentioned in blogs before, the location of your property is EVERYTHING! You don’t want your building to be located in an area that is prone to flooding. Check how close you are to bodies of water and make sure you are not in a flood zone. Being unaware of these conditions can cost you big time if a hurricane or large storm were to come through the area.
Ensure Window and Roof Durability
Along with the previous two points, weather is unavoidable and unpredictable. One way to combat this is to make sure your windows and roof are in good standing. Fix any leaks or areas that are not totally secure to avoid any water damage.
Get the Right Insurance
On top of general homeowners insurance, you will want to consider adding supplemental hurricane coverage to your plan. Additionally, you might want to consider flood and windstorm policies as well. It might seem like a lot, but it will be imperative if disaster were to strike. You can never be too prepared!
If you need any help with searching for the right commercial property or managing your property on the coast, contact us! We have over 30 years of experience here in the Southeastern North Carolina are and are well versed in handling coastal properties! Owning a coastal property can be a great investment for you!