DMage
New Member
Wife and I are looking to get into boating, and after doing months of research (and browsing this forum) plus plenty of window shopping we've pretty much decided we want to find a 1989-1990 390EC. We are expecting our first child soon so wouldn't purchase a boat for the next year or so either way.
With that said I have done a lot of shopping around for prices on slips, and, being that I hate paying money to rent I searched for slips for sale. That led into a whole different set of research and shopping. The marina that I found has some reasonably priced slips, but I am looking now for a second opinion - is this a good price, and is what I am planning a good idea?
The marina I am looking at has slips for sale in the mid to high 20's. Their 43 x 18 slip is around $26k with a $190/month maintenance fee, and the 58 x 17.5 slip is around $29k with a $250/month maintenance fee.
Comparable marinas in the area would charge around $5500/year to dock the 390. Maintenance fees here would be more than half of that for the 43' dock @ 2280 or 3000 if I decided to buy up to the next largest 58' slip. Obviously if the maintenance fee and the comparable marina's rent fee stayed equivalent I would be looking at a 8 - 12 year break even.
Since I am not looking to occupy the slip for at least the next year (and more likely not for the next two years) it would be rented out. I can purchase a slip with a renter in place that would immediately cover the maintenance fees and bring in about $200 in profits per month, or $2400/yr. This makes my monthly immediate cost zero and shortens the break even point of the purchase.
Logically this makes sense to me, not to mention when we get the boat it would save me ~$200/month on dock fees. Downsides that I am seeing are that I have no experience on the waterways or the area, and am going into this blind. I've talked to other slip owners and renters and they all have good things to say about the marina and the area though. However, unlike some marinas with slips for rent that we checked out, this place was relatively quiet. They have social gatherings but it was nowhere near as lively as the other marinas we stopped at.
Any slip owners out there have advice? Anyone who was looking at buying a slip who backed out for reasons care to share why?
With that said I have done a lot of shopping around for prices on slips, and, being that I hate paying money to rent I searched for slips for sale. That led into a whole different set of research and shopping. The marina that I found has some reasonably priced slips, but I am looking now for a second opinion - is this a good price, and is what I am planning a good idea?
The marina I am looking at has slips for sale in the mid to high 20's. Their 43 x 18 slip is around $26k with a $190/month maintenance fee, and the 58 x 17.5 slip is around $29k with a $250/month maintenance fee.
Comparable marinas in the area would charge around $5500/year to dock the 390. Maintenance fees here would be more than half of that for the 43' dock @ 2280 or 3000 if I decided to buy up to the next largest 58' slip. Obviously if the maintenance fee and the comparable marina's rent fee stayed equivalent I would be looking at a 8 - 12 year break even.
Since I am not looking to occupy the slip for at least the next year (and more likely not for the next two years) it would be rented out. I can purchase a slip with a renter in place that would immediately cover the maintenance fees and bring in about $200 in profits per month, or $2400/yr. This makes my monthly immediate cost zero and shortens the break even point of the purchase.
Logically this makes sense to me, not to mention when we get the boat it would save me ~$200/month on dock fees. Downsides that I am seeing are that I have no experience on the waterways or the area, and am going into this blind. I've talked to other slip owners and renters and they all have good things to say about the marina and the area though. However, unlike some marinas with slips for rent that we checked out, this place was relatively quiet. They have social gatherings but it was nowhere near as lively as the other marinas we stopped at.
Any slip owners out there have advice? Anyone who was looking at buying a slip who backed out for reasons care to share why?