Own or lease your slip?
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OldDan1943
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Gotta laugh at the Rules.
Initially, this marina had a rule that one could not stay on board for more than 4 or 5 days.
I would need to get off the boat to shop for food and get the sheets laundered. That satisfied the written rules.
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I own a boathouse at a Yacht Club in the PNW which I paid $17,000 for in 2003. Spent about another $10,000 on materials raising the roof and replacing sheet metal, widening the boathouse, lengthening it, new flotation and curtain.
I rent the slip from the Yacht Club, which I am a member, and have control over the clubs operation and moorage fees.
I pay a quarterly fee to the Yacht Club which ranges from $350 to $450, depending on electricity use. About $1,600 per year. The fee covers moorage, dues, assessments and electricity. In addition, I am required to contribute 16 hours of work time per year or pay $50/hour for unworked hours.
The club has a DNR lease renewal coming up and moorage will most likely go up. Additionally, the boathouses will need to be brought up to current standards. I am replacing the foam flotation, a few at a time with plastic tubs.
When I'm done boating, I should get back whatever I've invested in the boathouse plus a little profit when I sell.
I rent the slip from the Yacht Club, which I am a member, and have control over the clubs operation and moorage fees.
I pay a quarterly fee to the Yacht Club which ranges from $350 to $450, depending on electricity use. About $1,600 per year. The fee covers moorage, dues, assessments and electricity. In addition, I am required to contribute 16 hours of work time per year or pay $50/hour for unworked hours.
The club has a DNR lease renewal coming up and moorage will most likely go up. Additionally, the boathouses will need to be brought up to current standards. I am replacing the foam flotation, a few at a time with plastic tubs.
When I'm done boating, I should get back whatever I've invested in the boathouse plus a little profit when I sell.
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That points out the difference in areas. In Beaufort, NC that same slip would cost you $40k-60k and your maintenance would be higher as well. Yet, rental slips in the same locations are moderately priced.
In South Florida, a 40' slip will run over $100k, but then rent is much higher too. Of course, there are slips that have sold for a million dollars too.
45 foot covered is threatening to go over the $200k mark and that does not include the $300/ mo dues or the aging roof. Downside of renting in the past couple years was scarcity in finding a spot on short notice and rental fees climbing 20%+ as the economy took off.
If I want to keep boating, I may have no choice at some point.
Edit: area is Washington State.
If I want to keep boating, I may have no choice at some point.
Edit: area is Washington State.
High Wire
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I'm a renter by the month. Very few purchase options available where I'm at in SW FL. Renting lets me move or stay put when I want without going through a sale.
Its a double edged sword because you can go cruising and come back to find no slips available. Good news is there are lots of homes with empty slips in canals in back that would like a little cash coming in to offset the costs of a waterfront home. Sometimes it takes a few months for one to open up where you want it. I have yet to find one of these homeowners that would allow living aboard like a marina.
Its a double edged sword because you can go cruising and come back to find no slips available. Good news is there are lots of homes with empty slips in canals in back that would like a little cash coming in to offset the costs of a waterfront home. Sometimes it takes a few months for one to open up where you want it. I have yet to find one of these homeowners that would allow living aboard like a marina.
pattormey
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Lease. Look at the numbers
At only $250-$300/mo to rent a slip in my marina vs buying at $35,000+, the math is easy. In this marina, owners also must join the club at $900/yr and they assess for dredging and repairs (last dredge was $1700/owner).
Meanwhile, I pay my monthly and can move when I like.
At only $250-$300/mo to rent a slip in my marina vs buying at $35,000+, the math is easy. In this marina, owners also must join the club at $900/yr and they assess for dredging and repairs (last dredge was $1700/owner).
Meanwhile, I pay my monthly and can move when I like.
dhays
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I just happened to check on mine. I misstated that we purchased the slip in 2013. It was actually in Summer of 2011. Based on the 2018 tax assessed value (typically very conservative in our county) the value of the slip is 21.5% more than what we paid for it.
That looks better than it really is since the assessed value during that time has only increased 5.5%. We bought it at a fire sale price which made it reasonable.
So as I mentioned before, as an investment vehicle it has not been great. So far I've only seen a return of a bit over 5%. Even so, I like being an owner. Much like owning my boat. It would make more financial sense to simply charter, but I'd rather own.
That looks better than it really is since the assessed value during that time has only increased 5.5%. We bought it at a fire sale price which made it reasonable.
So as I mentioned before, as an investment vehicle it has not been great. So far I've only seen a return of a bit over 5%. Even so, I like being an owner. Much like owning my boat. It would make more financial sense to simply charter, but I'd rather own.
jimisbell
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Tax appraisal is NOT an appraisal of value. In our area there seems to be NO correlation. I have had people try to buy houses from me for the Tax Appraisal value. My response is, "You will pay a premium to me because I spent many hours EVERY year, at the tax office, to keep the appraisal DOWN."
I bought my boat and it was at a marina at $300 + a month. I looked around and found a property with a 75' concrete bulkhead on a canal in the best Hurricane Hole on the Texas coast. (Harvey, CAT4, hit head on and the eye passed over the property. My 36 foot sailboat with sails furled on forstay and boom, suffered no damage.) The price was $24,000 15 years ago. The taxes were so low that my 75 foot slip was essentially free when appreciation is considered. Current tax appraisal is $80,000 and I would not sell for less than $200,000. I have a 36 foot sailboat (leasing at $180 a month) and a 34' powerboat, mine, tied there.
I bought my boat and it was at a marina at $300 + a month. I looked around and found a property with a 75' concrete bulkhead on a canal in the best Hurricane Hole on the Texas coast. (Harvey, CAT4, hit head on and the eye passed over the property. My 36 foot sailboat with sails furled on forstay and boom, suffered no damage.) The price was $24,000 15 years ago. The taxes were so low that my 75 foot slip was essentially free when appreciation is considered. Current tax appraisal is $80,000 and I would not sell for less than $200,000. I have a 36 foot sailboat (leasing at $180 a month) and a 34' powerboat, mine, tied there.
dhays
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In our state, property tax is supposed to be assessed at the market value of the property. In practice, the tax assessment value is typically well below market value. One of the reason, I think, for this is it lessens the work for the assessors office arguing over the assessed value. If my tax assessed goes up on my house and I complain to the assessor office about it, they then can determine what the market value of my house really is and assess it accordingly. That tends to cut down on the complaints.
jimisbell
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In our state, property tax is supposed to be assessed at the market value of the property. In practice, the tax assessment value is typically well below market value. One of the reason, I think, for this is it lessens the work for the assessors office arguing over the assessed value. If my tax assessed goes up on my house and I complain to the assessor office about it, they then can determine what the market value of my house really is and assess it accordingly. That tends to cut down on the complaints.
In Texas it is illegal to RAISE the assessment if you protest. That is unethical to threaten you that way. But they can say they wont reduce it. Then you can take it to arbitration and if that fails to court. I have never been to court but several times to arbitration. The arbitration board is made up of unpaid volunteers that have no vested interest in the case either way and they are unusually fair....in my opinion.
Deckape
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Since I have owned a in the water boat, I'm had it behind my house or in the slip I owned in the keys in marathron at Harbour Cay Club. It was a small 24 slip marina that is a co-op with 24 owners and was a great boater/liveaboard marina with a shop, clubhouse,apartment for use by owner/family ,small boat area,trailer parking and about 2 acres of property. A great location in the keys and a great starting point to start cruise from. Prices have gone up and down ,but with limited slips in the keys as well as Florida ,I think buying a slip would be the best option when you want a place to dock your boat and liveaboard for some time. Cruisng not so much.
ctjstr
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I'm just across the bay from you and our situation is similar. I own the boathouse and do whatever is needed for maintenance. I rent the slip in the yacht club and rent, improvements, elect, dues etc averages about 200/month or a bit less. I don't think I'd consider buying a slip unless it involved a boathouse. I'd be hard pressed to own boat in this area without having a house to keep it in. Just makes things so much easier. The boathouses here are pretty stable. Certainly not an investment, but at least you get a good bit of your money back when you sell.
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