Thinking of buying a slip

[jumpjets]

I'm thinking about buying a boat slip and lift down by the ocean. I currently live 45 miles from the shore, but I enjoy boating there. I intend to move down to that area within the next 1 year or so.

Is buying a slip generally a good investment? Do these things generally appreciate over time? Obviously I'll do more research, but initially it looks like a good deal.

 

[lakegeorge]

We owned a slip in Michigan and used it for several years and enjoyed it. When owning a slip you can deduct it on your income taxes, at least back then you could { 1991 }
There will also be property taxes on it. We sold it for what we paid for it. There was a time that we could have made money on it, but the market went down.
I would suggest buying a slip that will fit a larger boat as it will give you a better market for resale in the future. Our slips were called dockominiums.
Check out any tax advantages on owning one. We sold ours in 1991 and things may have changed since then.

 

[ssobol]

Don't know where you are thinking of doing this, but also check the taxes on the dock and the boat being stored there. For example, in VA there are three counties in the state that do not charge personal property tax on boats kept there. The rest do. A dock in one of those counties is worth more than in others. You may find that the taxes you pay now on your boat may be different if you decide to keep the boat by the shore.