Home Buying in Portland>Question Details

Ann, Home Buyer in Portland, OR

to buy or not buy the slip on a floating home property?

Asked by Ann, Portland, OR Tue Aug 9, 2011

There is a home for sale for $250,000, the slip is an additional $120,000. Do I want to buy the slip or not?

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7
Buy the slip? Maybe, maybe not. What else can you do with 120K, assuming you have the cash? The slip will save you something like $500 a month, but it's not going to appreciate and could be hard to resell (even though it's 'liquid'), and the return on another investment like stocks, gold, pork bellies or a rental house might generate more benefits. I don't think buying is an automatic decision anymore.
0 votes Thank Flag Link Tue Aug 9, 2011
Yes buy the slip. Rents are the unknown when you buy a floating home. You are going to see raises in the rates so this is way to control that. If the owners all own there spots you will have a much better HOA. Tom Inglesby
0 votes Thank Flag Link Tue Aug 9, 2011
That is a good question...the next one then being where do you put or keep the home if not?
0 votes Thank Flag Link Tue Aug 9, 2011
It sounds like you are looking at the cute floating home in a front slip at Tomahawk Moorage. Buy the slip! This is a great moorage with low HOA fees. The value is there and don't forget that price is always somewhat negotiable. If you rent it, your monthly's go up by $600 a month which is not tax deductible! I live in a floating home and love it! Call me if I can answer any other questions or help you with this property as I live 4 houses away.
0 votes Thank Flag Link Tue Aug 9, 2011
Tough call. I lived in a floating home community where the slips were individually owned. The level of maintenance and community cohesion were great and HOAs were low. But 120k is a lot of money, so you have to calculate the trade-offs. Basically, slip ownership makes for a better neighborhood and lower long term costs, when you consider that slip rents can easily run $500 a month, no part of which is tax-deductible.
0 votes Thank Flag Link Tue Aug 9, 2011
Yes, if you can. It protects you and provides value. Slip rental fees can rise.
0 votes Thank Flag Link Tue Aug 9, 2011
Yes you want to purchase the slip. Slips are limited to purchase in Portland and you want low fees and a good Moorage. Columbia RIdge moorage is a very nice location. Susan Colton
Web Reference: http://www.susancolton.com
0 votes Thank Flag Link Tue Aug 9, 2011
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