The Ultimate Guide to Buying a Boat Slip
You just bought your dream boat. Great! Now you need somewhere to put it. Do you go with a dry slip or wet slip? Here we will talk about important things to consider when looking for your dream slip.
What is a boat slip?
A boat slip is a spot to park your boat typically in a marina covered on three sides by walkway and one side by water.
Boat slip vs. Dock?
Whereas a boat slip is covered on three sides by walkway, a dock (picutred below) is covered on three sides by water.
Wet Slip vs. Dry Slip?
A wet slip is located on the water, while a dry slip (pictured below) is located off the water, typically in a covered area. Some are located in storage on racks which are accessible by forklift.
Things to consider when purchasing your slip
Costs For Slip Owners - HOA Fees & Taxes
Your slip will most likely have a homeowners association (HOA) fee that is usually paid on either a monthly, quarterly, or annual basis. This is to cover common area costs such as maintenance and repairs, utilities, and other services such as trash removal, security, etc. It is a good idea to check on those costs prior to purchasing your slip.
Lease vs. Deeded Bottom
Depending on the slip you purchase, some come with ownership to the land below the water (deeded) and some require entering into a lease agreement with the State (leased). If you lease the bay bottom, there may be a fee associated with transfer of the slip (In Florida Keys, it’s a 6% transfer tax) as well as yearly fees for the lease. With a deeded or owned bay bottom, there will likely be property taxes involved which is something to consider.
Amenities
Another thing to consider is what amenities are available at the marina. Common amenities include a boat ramp (check on access times), bathhouse for showering, on-site dockmaster, pumpout station for boat sewage, restaurant, laundry, fish cleaning, tiki house, pool, gym, security, vehicle parking, electric (for charging batteries, etc), fuel on-site, boat ramp, dock storage box. It’s important to consider what amenities might be useful to you and whether the marina has them.
Liveaboard or not?
A big factor for many slip purchasers is whether or not they can liveaboard their slip when parked at the marina. This is an important thing to consider before you purchase your slip. Some marinas offer a hybrid model where there are restrictions on how many consecutive nights and how many nights per month you can live aboard. Check with the marina or realtor.
Location
Consider if your slip is located on or near the bay vs. the ocean. Oftentimes, the bay will be more protected from storms and waves. Where do you often do your boating? Make sure access is easy from the marina. For example, if your slip is located in the bay and it is difficult or takes a while to get to the ocean that might be something to consider.
Dimensions
One of the most important things to consider is the size of the slip and whether it will accommodate the size of the vessel you would like to put there. Make sure the dimensions will work (including depth!) and that the marina will approve the boat size.
Rent
Some marinas will allow renting while others won’t. In addition, there may be rules around short-term renting vs long-term. Finally, some marinas will actually take care of the rental process while for others you will have to find a tenant (you can list your rental on slipmarketplace.com). It’s important to check on these policies ahead of time.
Price
The cost of the slip will be a combination of the factors listed above such as location, amenities, and size of the slip. Make sure to check a website with listings such as slipmarketplace.com to compare slips in your area and make sure it fits within your budget!
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