How has the lake changed????

Woodsy · 08-31-2010, 02:24 PM

BI...

Your a bit off base with your numbers! At first glance a $200K island property that needs work might seem like a bargain... especially to someone who can plunk down that much for a 6 minute weightless joyride. However, look at the true costs...

$200,000 for the island property
$50,000 in work (looks like septic might be an issue according to your link)
$2,500+ taxes yearly (based on $12.54 per 1000 tax rate) likely to increase
$15,000 (modest used bowrider in 20' range)
$2,500 (yearly valet fee for 20' boat)

$270,000 first year total with a minimum of $5000 recurring expenses (you get intrest write off on mortgage & prop taxes)

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$150,000 for 3-4 year old 38' cruiser ( i have seen them alot cheaper but figured I should aim high for the sake of argument)
$4,000 - Slip rental (Mountain View or equiv)

$154,000 first year total with $4000 recurring expenses. (you get intrest write off on boat loan)

You could purchase a slip @ Mountain View for $60,000-70,000 to secure your lake access, however with a rental fee of only 4,000 - 5,000 it will take 15 plus years to pay for itself... and you will be paying a yearly fee to the MVYC association....

Its still way way cheaper to go cabin cruiser than island property.... pros and cons to both.

Woodsy

08-31-2010, 02:24 PM	#11
Woodsy Senior Member Join Date: May 2004 Location: Weirs Beach Posts: 1,966 Thanks: 80 Thanked 980 Times in 440 Posts	BI... Your a bit off base with your numbers! At first glance a $200K island property that needs work might seem like a bargain... especially to someone who can plunk down that much for a 6 minute weightless joyride. However, look at the true costs... $200,000 for the island property $50,000 in work (looks like septic might be an issue according to your link) $2,500+ taxes yearly (based on $12.54 per 1000 tax rate) likely to increase $15,000 (modest used bowrider in 20' range) $2,500 (yearly valet fee for 20' boat) $270,000 first year total with a minimum of $5000 recurring expenses (you get intrest write off on mortgage & prop taxes) ************* $150,000 for 3-4 year old 38' cruiser ( i have seen them alot cheaper but figured I should aim high for the sake of argument) $4,000 - Slip rental (Mountain View or equiv) $154,000 first year total with $4000 recurring expenses. (you get intrest write off on boat loan) You could purchase a slip @ Mountain View for $60,000-70,000 to secure your lake access, however with a rental fee of only 4,000 - 5,000 it will take 15 plus years to pay for itself... and you will be paying a yearly fee to the MVYC association.... Its still way way cheaper to go cabin cruiser than island property.... pros and cons to both. Woodsy __________________ The only way to eliminate ignorant behavior is through education. You can't fix stupid.**