Back to the main site

wanting a boat slip, buy or rent

Iraq 69

Iraq 69

Well-Known Member
Messages
164
Reaction score
31
Hey All,

I searched and didn't find this topic, sorry if it is there and I missed it.

We are wanting to keep our toon on the water and want the pros and cons of renting a slip or buying a slip. Rent here is about $1300 to $1500 per year and to purchase a similar single covered slip is in the $20K range with a very nice 10x30 with swim platform, ladder, electric ect for $29K. Most docks are in the 10 to 16 stall size. All these within 2 miles of the homestead. A boat lift is in the $3-5k range and it would stay on the water all year.

Thanks for the help.
 
Last edited by a moderator:
On our lake there are several dock rental locations (if you don't own waterfront property with your own slip).  If you don't mind uncovered and always in the water our state docks are an option at our lake (around 500 docks).....not sure on price since I wanted a covered dock.  Then there are several covered docks (some with lifts) around the lake that range from 1200 for just covered  (no lift) and up to 1900 for covered with a lift.  Our docks are covered with a lift and have electric access  at the dock for a trickle charger if needed or a sweeper for cleaning the boat.  We also have running water and a picnic area with a fire ring for gathering around after a day out on the lake.   We fell pretty confident that our boat is safe there since there is 24 hour closed circuit cameras on each corner of our buildings as well as down the center of the walkways.  Our rent for the year is 1800 and we can leave our boat on the lift all winter as long as we pay the next seasons deposit at the end of the season.

DSCN0753_zps5d691219.jpg
 
Lift is definitely worth it. Will save a ton of wear on your boat.

I purchased a lift over a trailer. Covered dock w/power is 1400 a year. Cantilever lift that is rated high enough was about 4500 if I remember right.

I lost 5mph the first week before the lift. Dealership is on the lake so every fall they pick the boat up, service, and store indoors. Spring it's returned to my lift.
 
Now I really need to move . Summer docking ,winter storage I am over 3 K a year .
 
I decided to rent because it will take about 15 years for my rental costs of the slip to equal the cost of buying a slip (and that does not factor in the annual maintenance costs for owning) and I may not be doing much boating in 15 years since I will be 82.  If I were positive that I would still be boating in 15 to 20 years  and my boat size would remain the same I might have purchased a slip - depending on annual maintenance costs.

As for the lift - you will have that cost no matter if you buy or rent a slip and a lift is well worth the investment.  I also bought a custom mooring cover to cover all the boat during the winter (heavy duty with no holes since it covers the canvas top and frame when completely stowed and covers below the rub rail) which is also a good investment for keeping the boat clean over the winter.

Good luck in your decision.

Jack 
 
Jack65K, you also need to factor in the resale of the slip when you quit boating.  The way boating is becoming more popular as the economy improves it actually might be a decent investment
 
I just paid $1790 for a covered slip with electrics and security cameras and an owner that you don't want mad at you, big ol boy lol. No option to buy and its a full service marina with a restaurant, bath rooms with showers, gas and full service shop. Very popular place with live music ever weekend and I got the last covered slip just last week. It's expensive but no way I'd haul back and forth as I'd never go, this way we will be on the lake every weekend. I will trailer it home and put it in my garage at the end of the season.
 
There's no substitute for keeping your boat dry all year, and having a lift to protect your hull.  My old pontoon boat was 28 years old when I retired it, and even then it was due to an engine problem.  The pontoon's still good with original plywood.

While the options mentioned here appear expensive, things can be worse.  My next door neighbor built a single 12' x 30' boathouse for his tritoon.  The top is concrete and the bottom deck beside the boathouse is also concrete.  Cost:  $58,000--and that was 5 years ago.  A concrete double boathouse set on steel pilings driven down into the bottom of the lake will run just under $100K.  And relatively few new docks are even being built of wooden deck construction.

What's so bad is that such improvements must be reported to the County after completion, and they charge you a property tax on them--just like a house.
 
I would have a hard time renting something that appreciates in value...

Rent money is gone forever.

Buying might end up being free or close to it. Might even make a little return.
 
We were going to buy a small cottage about 9 miles from us on the lake, with a shared dock . Problem is that the taxes are more than what we pay for slip rental .
 
Lakefront property taxes are crazy.  We wanted to be right on the lake, our first choice was Lake George but the starting price of $1.3 million for right on the lake was obviously above our ability.  We looked at many other lakes and then decided on our current Sacandaga Lake.  I know it is not for everyone but we bought into an association [sBCA], 28 cabins with 1/3 being front row.  The association is owned equally by the 28 members with each cabin getting one vote in association matters.
 
in April 2010 we bought a cabin in the association but not the front row.  In 2013 when a front row became available we sold the first and bought the end unit on the front row.  My cabin is small, about 850 sq/ft but we love it; there are pictures in my gallery.  While single family prices around the lake value from $350k - 1 million+ we only paid $200k.  The best part of the association is our "Lake Family", we are mostly a close knit group [some abstain from community events preferring privacy or just don't come to the lake that often].   We get together throughout the year and join together for good times as well as the tough times [one of our members had cancer surgery yesterday].  Kathy and I often say joining SBCA is the best thing we ever did.
 
Here is the best part, each member currently pays $1100/year.  That covers incoming water, Dumpster service, Liability Insurance for the association and a dock slip [we manufacture and maintain our dock system] and all property and school taxes. 

The cabins don't come up for sale that often, when one becomes available it is usually snapped up by the friend of an existing member.  We always say that SBCA is the best secret on the lake. 

Associations are not for everyone and there has occasionally been a family that battles the others but they usually move out prior to the stoning but if you are social and understand that the association comes before the individual [there are some things I would have liked to do but is against the rules and I accept that] then consider looking for an association on your lake  
 
Last edited by a moderator:
I'm in city limits and waterfront so taxes are pretty high. No association. I like the freedom to do as I please and not everyone knowing my business. I would say your association Link is an exception. Sounds like a nice community.
 
You must log in or register to reply here.
Back
Top