A marina is a docking location for smaller boats and personal watercraft units. Marinas can be rented, made public on a first come, first serve basis, or purchased by individual buyers who want a permanent place to dock their boats or other types of watercraft.
Many people look to buy a marina when they own a boat, but they don't live on the water, or when they do live on the water, but they don't have a personal dock of their own. When you buy a marina, you benefit in many ways. You can buy a marina similarly to how you buy a house, via a real estate agent and a typical mortgage or lending program.
To learn more about how to buy a marina, speak to a real estate agent. Marina prices vary depending on where they are located, how much space they allow, and other factors. Here are two reasons to buy a marina.
You have a permanent home for your watercraft
Perhaps the most engaging reason to buy a marina is this: you have somewhere to permanently dock your watercraft. If you want to be able to just hop in your boat whenever you wish without hitching up to a vehicle and driving it to an accessible dock, then the right option for you is to buy a waterfront marina outright. Make sure you buy a marina in a location where you wish to explore the waters — it will cut down on your water travel time.
You have an investment you can gain equity in
When you buy a marina, you invest in real estate, even though what you're purchasing is waterfront and doesn't include a home. If you decide you no longer need a marina of your own, or you sell your watercraft, you can put your marina back on the market, and if the market is in your favor, you can even make a potential profit.
Should you choose to rent out your marina when you don't need it, you can make money on it in this way as well. If making money and building equity in your marina is your main goal, then buy a marina that is large enough to house not just your boat but the boats of other people as well. You can use part of the rental profits you can get on your marina to help pay for any lending fees you are carrying on the marina's purchase. Your real estate agent will show you available marinas in your area and surrounding locations.