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Old 06-04-2019, 10:46 AM   #1
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Own or lease your slip?

Do you own or lease your boat slip? I may be able to afford a decent trawler in the future, but I'm a bit uneasy about where to keep it and how much it will cost to do so. I would just like to hear other folk's experiences and pluses/minuses of both owning and leasing?
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Old 06-04-2019, 11:00 AM   #2
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Do you own or lease your boat slip? I may be able to afford a decent trawler in the future, but I'm a bit uneasy about where to keep it and how much it will cost to do so. I would just like to hear other folk's experiences and pluses/minuses of both owning and leasing?
Neither - we owned our own 1,000# mooring which is partially maintained by a local marina. About $500/yr for yearly haul and place and to make periodic updates.
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Old 06-04-2019, 11:02 AM   #3
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Own ours at the bottom of the garden.

Prior kept in a marina 40 foot slip for around $520 per month, annual contract.
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Old 06-04-2019, 11:23 AM   #4
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We tie ours up behind our house. We have had slips at marinas before. Other than getting a jerk as a slip neighbor nothing wrong with a marina.
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Old 06-04-2019, 12:03 PM   #5
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i own mine . hoa is from 1100 to 1500 a year . you could rent the slip for around 225 a month 200 with a year lease i guess . that's not much more than the hoa and taxes . i probably should have rented as i want to move the boat around anyway .
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Old 06-04-2019, 12:11 PM   #6
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In Portland, many people keep their boats in boathouses. You effectively rent the dock space your boathouse connects to, but you own the house (and sometimes the water rights it floats on).
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Old 06-04-2019, 12:23 PM   #7
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Owning a slip is like owning another piece of property. You hope it increases in value.
Per crappy neighbors, it can happen when you buy a house.
In the case of crappy neighbors, untie, go for a trip...... maybe find a new slip then sell or rent your first slip.
The advantage of owning a slip, the price will remain the same or ideally increase.
You can still write off the mortgage interest and property taxes.
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Old 06-04-2019, 12:33 PM   #8
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i own mine . hoa is from 1100 to 1500 a year . you could rent the slip for around 225 a month 200 with a year lease i guess . that's not much more than the hoa and taxes . i probably should have rented as i want to move the boat around anyway .
I see you're in Oriental. My family (mom's side) is from there....and still there.
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Old 06-04-2019, 12:38 PM   #9
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We are one of the closest and nicest marinas to you here:

http://www.cypresslandingmarina.com

Well protected floating docks with a class 3 hurricane rating Near Washington NC.
All slips are owned with a yearly assessment for marina maintenance and capital reserves (a million 6 in the bank, so well managed). a 38-42' slip will cost you about 10-14K to buy plus about 1K in yearly assessments that includes electric, taxes and water. Owned and run by the owners with a volunteer maintenance staff that keeps it all pristine. Slips for sale are available for out of community owners...No rentals or subleases....Everyone here has a vested interest in keeping it nice..generally 30 slips on the market at any given time

By comparison, I paid about $2500 yr at the Washington waterfront for slip rental before I moved here. Other (less desirable) marinas in the area are about the same...

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Old 06-04-2019, 12:43 PM   #10
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I own my Dockominium east of Toronto. Condo fee is $115 per month including electric and water. Property taxes are $350 per year and I own the bottom under my slip. Slip is 47 x 16 with 33 foot finger and a 50/125/250 power tower. They sell for about 35K right now and do not stay on the market very long.
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Old 06-04-2019, 12:47 PM   #11
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We own ours, it's covered and in a prime area. DNR lease, electricity and condo fees run about 200 a month.... Probably wouldn't own a boat if we didn't own our slip.
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Old 06-04-2019, 12:55 PM   #12
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We rent our slip for $220AUD/month ($154 USD) including power, water, secure parking etc.
Our rent has increased a total of 10% over 5 years.

To buy the slip would be $60-70,000. Just interest, property taxes and maintenance fees are almost double the cost of renting. Marina slip prices are flat or slightly dropping in Adelaide over the past 5 years.

It makes no sense to buy here, but every city would vary. I'd consider a house with a slip, but in Adelaide they are rare.
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Old 06-04-2019, 02:08 PM   #13
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Would like to own my own slip where I stay in Fort Myers during the winter. $80k plus property tax, quarterly HOA assessment and maybe insurance makes it hard to justify. $900 a month for the 5 months I'm there during the winter, makes leasing a better option.

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Old 06-04-2019, 02:30 PM   #14
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Not a lot of docks here for sale over 40'... and those that are go for 60K+.

I'm in a one of the major marinas on the lake and rent a 60' covered slip for $570/month

Includes water, wifi, trash, and cable. 30'+ slips have separate electric meters which are billed to the boat owner. Pump outs at the gas dock are free, or they'll come to your slip for $75 bucks. I like free... (usually a $20 tip to the two lads handling the pump out).
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Old 06-04-2019, 02:33 PM   #15
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We looked at both options and decided to rent. It's a great marina with terrific people but we intend to cruise full time after retirement so renting was far cheaper in the long run.
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Old 06-04-2019, 02:42 PM   #16
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We started out leasing at our condo marina (from an individual owner), then wound up buying when our landlord offered a price we couldn't walk away from.

Pluses - no annual lease negotiations, a say in all board matters, and lower overall costs (though you do have principal tied up in the slip which could otherwise be invested).

Negatives - difficult to move to another slip, sometimes slow to sell, can't get financing, could get hit with a special assessment.

As to the moving slips issue, we are thinking about a larger boat and it won't fit in our slip, leaving us with the decision to either rent out our current slip and rent a larger one from another owner, or sell our current slip and then buy or rent a larger one.

As to being slow to sell, I truly believe the market dictates prices and the ones that sit on the market at our marina are just not priced realistically for the market.

Lastly as to negatives, they replaced all the floating docks several years ago, well before we purchased, and I know for a fact that for two years our entire rent went to cover the then slip owner's assessment for the upgrades. Fortunately for us, the docks are now all new and the new board is doing a great job with the finances.

Lastly, as to costs, we actually purchased a second slip last year at a great price that we now rent out. The income from that slip covers probably 2/3rds of our costs (assessments and taxes) for both of our slip.

I think that buying verses renting a slip is much the same decision process as for a house -- it really comes down to how long do you plan to stay in the slip. If you plan to change boats or move locations in the next few years it probably makes more sense to rent. Same if you think you can do better by investing the money and using the investment returns to offset your lease costs. Otherwise, it may be cheaper in the long run to buy.
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Old 06-04-2019, 02:57 PM   #17
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We rent our slip for $220AUD/month ($154 USD) including power, water, secure parking etc.
Our rent has increased a total of 10% over 5 years.

To buy the slip would be $60-70,000. Just interest, property taxes and maintenance fees are almost double the cost of renting. Marina slip prices are flat or slightly dropping in Adelaide over the past 5 years.

It makes no sense to buy here, but every city would vary. I'd consider a house with a slip, but in Adelaide they are rare.
$220/month is incredibly cheap....is that a typo ?? I'm paying $1280/ month tor an 18m slip including water and power and that's the cheapest I've paid for years around Sydney; it's cheaper than Mooloolaba too.
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Old 06-04-2019, 03:10 PM   #18
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My slip is "owned" by my YC, but its an equity club and the slip is permanently assigned to me. So, in a sense I own it.
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Old 06-04-2019, 03:21 PM   #19
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Starting my reply over again...

Up until 2013 we always rented a slip at a marina or our Yacht Club. Then in 2013 we were renting a condo slip from an owner. Another slip in the marina was for sale but was more money than we wanted to spend. Times were tough still in the real estate market and slips are even more sensitive to market downturns.

The bank foreclosed on the slip for sale and we gathered up what ready cash we had and made a very, very low offer, 25% below asking and about 20% below what it had sold for 5 years prior (right before the recession). The bank didnít know what to do with a condo slip so they accepted the offer (surprised me!).

So we own a 50í slip. When we bought it, the rental rate was $9/ft for the slip, or $450/mo + electricity. Current rental rates are $11/ft or $550/mo. We pay $127/mo in HOA fees and about $125/mo in property taxes. So while on the surface it might appear that we save $300/mo by owning, that doesnít count the opportunity cost of the value of the slip which is about $150,000 now. So my savings are only returning about 2.5% of the value of my investment every year. Not a great return.

Granted, the value of the slip has increased since we bought it, but that could drop again at the next recession.

The advantage is that I canít be kicked out my slip and I have a lot of control/input into how our little marina is managed. I also have a decent slip in a wonderful location. In general, all the owners and tenants are great neighbors. If I decide to sell the boat, I still have the revenue stream (small as it is) from the slip or I can simply sell it. Slips my size are in demand so there is always someone looking to rent the slip.

The disadvantage is that I have money tied up in a floating piece of real estate. There are always risks with this. Part of the marina is on leased DNR water. We have a creek and wetland next to us that is a constant source of silting up which needs to be managed along with the numerous city, county, state, and federal agencies which have an interest in such things.

All in all, Iím happy to be an owner and Iím hoping that if the economy does well over the next 20 years, it will prove to be a reasonable investment.
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Old 06-04-2019, 03:35 PM   #20
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I bought a 75ft slip for about $84500 about 15 years ago. Market value now is about $220K. I still own it.
The 55ft I have now, 20years about sold for about 55K. I forgot how much I paid for it which generally mean, I think I paid too much. It is very close to the exit gate.... (gated community) and at my age, 'close' is necessary.
The condo association has 'first refusal' on any sale.
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