Quote:
Originally Posted by pjard
This is a cut n' paste from another thread....
In case anyone is interested, slip F-6 sold today at auction for $37,000.00 I keep thinking about buying a slip but even at $37K it's still better to rent. Here's my logic....cost of money for $37K is $1,500, Taxes to Gilford $1,200, Association Fees $1,500...total cost to own is $4,200. Rents at MVYC including winter storage are $2,800 to $4,000....cheaper to rent! Someone please find the flaw in my logic...really.
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The only logic against your example would be that in 10-15 years if you decide to sell it you can actually get something back.
Monies paid in rentals are gone. It is my understanding that there are also clubs with fees far less than $1500.
$37k is pretty cheap for a slip.
I ran the numbers in the past on $50-60k slips and they were obviously further from making sense which is why I chose against buying.