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The Norfolk Broads Forum / Properties for Sale or Rent / Buying a mooring
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Posted By Discussion Topic: Buying a mooring

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Watty
Feb-15-2016 @ 9:08 AM                           Permalink
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Hi all,

After having a boat in rented moorings for 4 years, I have started to think about buying a mooring.

Although there is obviously an initial outlay, and I would have to borrow some of the money to afford it, I like the fact that the monthly repayments on the loan would eventually lead to something that I would own so that, in time, the loan would be repaid, and I would effectively have no mooring fees other than maintenance, etc.

Also, I've been told that moorings go up/down in value approximately in line with housing, so it strikes me that it wouldn't be a bad investment over 20 years either and if I decided to sell it when older, would make a nice addition to the retirement fund.

I would be very grateful for people's opinion on this, and whether it's something that might be a good idea to do.  



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essexboy
Feb-15-2016 @ 9:29 AM                           Permalink
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I have thought about this as well, the points I think need sorting are it must be freehold, maintenance is a not inconsiderable expemce in the long term . if you could find a mooring for 2 or more the initial outlay could more than be recouped by renting out the spare, but I wonder about insurance if you go down that route.

George Sims

CaptBryan
Feb-15-2016 @ 9:36 AM                           Permalink
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As said needs to be freehold. The other most important point is ACCESS. No good if you find you can only get on your bit by river. Get your Solicitor to check access and then check it again along with all the other permissions.

Captain Howe.

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Luise
Feb-15-2016 @ 1:33 PM                           Permalink
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I am an ex-mooring owner, can only pass own my own experiences.

Consider firstly the size: you may only need, say, 25'. But when you come to sell in twenty years, will 25' be what's wanted? Owners with boats smaller than that may well be obliged by increasing costs to trail'n'sail, it's obviously useless for anybody with a larger boat. So are your needs “typical”?

Access, security both for your boat and your vehicle while you're away is important, as is the provision of shore power and water. All of these are desirable/essential, but will add considerably to the outlay. A marina will have all of this in place.

Quay heading replacement is a chore, I know when I investigated doing mine there was even a question about the provenance of any earth I might use to back-fill behind the new piling. Of course, there are those who ignore the BA's observations - it seems if you scream loud enough you'll get retrospective pp.

Dredging? Can depends on your neighbours. I had a great one - whose boat never shifted - who not only refused to contribute to the general collection but refused to move to allow a proper dredger into the dyke. Within a couple of years I could only get into and leave my mooring at St Olaves a few hours either side of HW.

Costs? My plot was subject to “Non-Domestic Rates”, in fact I paid nothing; when I bought my mooring privately I didn't bother with a Solicitor, the vendor had all the deeds and historical bumpf (proving continuous right of access and all that), we downloaded the transfer forms from the Internet, had our signatures witnessed, then drove to Peterborough together to effect the transfer in the presence of the Land Registrar, who made it official for I think it was fifty quid. When I sold it in 2014 I put it through Waterside Estate Agents whose Commission was £2,100; The buyer insisted on going through a Solicitor, mine charged £655, I don't know how much his charged. The buyer's loss, I'd included three grand to cover these costs.

Own a mooring or use a marina? Personal choice, but I've got to the time of life where if the weather's good I want to be out on the boat, not mowing grass or nailing planks to the quay heading. In fact, I'd already “outgrown” my mooring, my current boat is too big. Financially I didn't lose, but sometimes, the “I bought a house for £100,000 and sold it twenty years later for £250,000” pundits lose sight of the fact that during those twenty years people's salaries doubled and so did the cost of everything else. Work out how much you'll lose on the interest you might have made investing your deposit, add the real cost of your loan, guess how much a plot might fetch when you come to sell it, factor in whether or not DIY is a pleasure or a chore, then make your own decision…

Peter

Regulo
Feb-15-2016 @ 1:34 PM                           Permalink
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Have you considered buying a mooring within an existing marina? I have done this and found a lot of the negatives of owning a stand-alone mooring to be alleviated. There are, of course, annual maintenance charges for the upkeep of communal areas, walkways, and access roadway, but you do get the peace of mind that you're not out on your own. The marina owners/managers, keep an eye on things, and strangers are challenged. Plus, there's usually someone around, even in the depths of winter.

Regards, Ray.

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Watty
Feb-15-2016 @ 2:41 PM                           Permalink
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Thanks very much for the replies and advice which are gratefully received.  I am also considering a possible mooring in a marina/boatyard, but they told me they couldn't do any work on our boat (pumpouts, fuel, etc) on weekends as they were dealing with holiday boats.  I can see why, but mostly use our boat at weekends, so some of the advantages of a marina/boatyard seem mitigated.  

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Regulo
Feb-15-2016 @ 3:07 PM                           Permalink
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The marina I'm in doesn't have any engineering/boatyard facilities, and as such are happy for outside contractors to undertake minor works, as long as previously agreed. The downside is if the situation arises where more extensive works are required. That entails moving the boat to wherever the work can be done - most yards are happy to collect and return boats for you.

Regards, Ray.

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and a tin of plutonium?


This message was edited by Regulo on Feb-15-16 @ 3:07 PM

dannyboy
Feb-15-2016 @ 11:21 PM                           Permalink
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I'd need to own a mooring for rather a long time to make it worth buying at current prices... far too much bother I think...

Danny

'In Caelis et in aqua'  

essexboy
Feb-15-2016 @ 11:46 PM                           Permalink
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Your point about a mooring in a marina that can't /won't do pump outs etc at weekends, could be fixed if they had a key and just did pump outs etc during the week so the boat was ready for you each weekend. After all if you trust them to keep an eye on your boat anyway, trusting them to do that service is not a "biggy" (iMHO)

George Sims

Islander
Feb-16-2016 @ 2:30 PM                           Permalink
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Louise (Peter) PM sent.
Regards
Colin Cheers

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