your business. An accurate value on the
real estate can be done based on previous sales of similar properties in your
area. There are a number of other methods, but this is a typical buyer’s preferred
method and unfortunately, not a lot of
marinas get sold, so there isn’t much to
compare to.
The banks will want a certified
appraisal, not a real estate agent’s “
opinion of value”. You would get this
appraisal done closer to the sale and
usually you can use the “opinion of
value” as a guideline to setting the land
and building prices.
Once you have this, realistically value
your tools and equipment, office furniture, computers – everything the business owns. Once you have done this,
you’ll be fairly accurate in taking half the
value; other than trucks and autos, used
equipment doesn’t sell for much. The
critical next step is to meet with your
town planner or hire a planner to determine exactly what uses your property is
zoned for, or could be zoned for, in the
official plan.
The appraiser will base his value on
the “best use” and potential uses of the
property. Recently, the one we have all
been looking for is “multiple-unit, residential dwelling” which doesn’t mean
you are building condos, but rather it
means that the property is zoned for
uses other than your marina. This
removes the appraiser’s need to note that
the best or, worse still, only use for the
property is as a marina which, in the
