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Opinion on dockominium

Old 12-02-2020, 07:54 AM
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Default Opinion on dockominium

I am looking at an opportunity to buy a boat slip - i.,e. dockominium. I wonder whether there are any dockominium owners on this forum who can share their insight on buying vs renting. I may not need a boat slip right away as I have a place for my current boat, but my boat is at the maximum length the current mooring field allows. I am planning for the future when I upgrade. Opportunities for dockominium don't pop up often in my area. If I am not using the slip for now, would it be a viable option to buy a boat slip and rent it out as an investment?

Many thanks for your insights

- capecodtuna
Old 12-02-2020, 08:02 AM
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Look real close at the financials for the "association" or whatever entity owns the community area. I would want to see solid standing there to insure random large assessments aren't popping up all the time.

Just personal opinion, but if you are looking to buy I would be using it myself over a mooring.
Old 12-02-2020, 08:26 AM
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I have owned a slip for 6 years and it’s worked out well. Used it myself for 3 years and same full time renter the last 3 years, pays 6 months in advance.

Association dues run 400 a quarter but no assessments in 6 years. Best part is slip has appreciated around 40k.
Old 12-02-2020, 08:30 AM
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Originally Posted by autobaun70 View Post
Look real close at the financials for the "association" or whatever entity owns the community area. I would want to see solid standing there to insure random large assessments aren't popping up all the time.

Just personal opinion, but if you are looking to buy I would be using it myself over a mooring.
This ^^^^ And make sure there's nothing in the fine print that prohibits you from renting it out if you're not using it.
Old 12-02-2020, 08:43 AM
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Thank you all above!

Other than the association fee, are there any other expenses? Does the owner pay property tax? Insurance?
Old 12-02-2020, 08:46 AM
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I have a friend who's been contemplating for over 5 years on buying one. He keeps regretting on not buying since the appreciation has done so well. Most of them have doubled in price.
Old 12-02-2020, 08:46 AM
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Originally Posted by capecodtuna View Post
Thank you all above!

Other than the association fee, are there any other expenses? Does the owner pay property tax? Insurance?
That's all going to vary state by state. Could have assessments for all sorts of stuff over and above association fees. Dredging, repairs, etc. Should all be covered well in the legal docs backing the entity. Can probably find them on the county GIS/Register of Deeds Site.

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