Quote:
Originally Posted by Lakesrider
Yeah, owning a condo slip is a terrible idea. I mean I was an idiot and bought one for $52,000.00 and sold it for $89,000.
I own another now. Bought it for $82,000 and was offered $95,000.
We are looking for $109,000. Boat included.
I am such a putz!  
When owning you don't have to look around for a slip to rent every year.
When you own, you can easily rent out your slip to pay for the mortgage if you don't want to use it. You also make friends that you get used to every year. They will check your boat for you if you are not around some weekends. Renters don't always get that kind of camaraderie. Check with the association though. Just because you own does not mean you can just put any size boat in the slip. Own it or not most have a beam and length limit. |
Lakesrider:
Birchhaven is correct that buying a boat slip at this point is not a smart investment. The numbers simply don't work as there is tons of negative cash flow associated with the average slip purchase these days. Many people made gobs of money buying and selling houses, but guess what that doesn't work too well now. Unless you plan on owning your slip for a longtime or you subscribe to the greater fool theory I would be careful.