Is It Better to Rent or Buy a Boat Slip?
As eager as you may be to get out on the water, determining whether to rent or buy a slip at a marina boat dock can be a big decision – one that you will want to consider carefully before going forward. Of course, you will need to do some research about the market to determine whether or not renting or buying a boat slip is right for you.
Renting vs. Buying a Boat Slip: What to Consider
- Cost – In some parts of the United States, boat slips are reasonably priced or sometimes even under-priced. However, there are areas where demand is extremely high and buying a boat slip will be a large expenditure.
- Permanence – The question of whether it is better to rent or buy a boat slip also comes down to your permanence in any one location. If you are settled in an area and plan to stay long enough to make your investment worthwhile, buying a boat slip could be a great choice. Buying could allow you to build equity and your investment could increase in value. Buying your boat slip also protects you against rising costs if the demand for slips in your area increases. There is also the possibility of renting your slip if demand in your area is high and you want to set off for a while.
- Location – When deciding whether to rent or buy a boat slip, you will want to consider the location of your boat dock. For example, will you prefer to be closer to the open water, or is your preference a boat dock at the front of the marina? If you choose to go with a public dock, be aware that they don’t always provide as high of security because they are often open to the public. Though private marinas are generally more costly, you may feel better about the security measures taken there.
The right boat dock for you depends on a variety of factors. There are advantages and disadvantages to both buying and renting a boat slip that you should be aware of before you set out. Largely, your decision will depend on the market and what is available in your area.
Buying a Boat Dock for Your Property
Lastly, if you own a property on the water, buying a boat dock and installing it on your own waterfront property may be the most economical option for you. Not only will you enjoy the luxury and convenience of accessing your boat from your own land, but the dock itself is a long-term investment in your property. For questions about boat docks for sale, contact the experts at AccuDock. We have your answers!