Docks are a significant investment and can offer many benefits, such as providing access to water, increasing property value, and enhancing the enjoyment of waterfront property.
Some people lease a dock instead of buying it to reduce the upfront cost. However, there are several factors to consider when deciding, as leasing or purchasing a dock can significantly impact your waterfront experience.
Let’s consider the pros and cons of buying vs leasing a dock. Given your circumstances, this will help you determine which of the two is better.
Advantages of Leasing Your Dock
Lower Initial Cost
Leasing a dock typically involves a substantially lower upfront cost than purchasing. This can be a considerable advantage for individuals operating within a strict budget or those who prefer to allocate their capital to other investments or expenses.
Some docks are cheaper than others due to the material and size. For example, floating docks are usually less expensive than fixed docks.
Many dock lease agreements come with built-in maintenance and repair provisions. This means that the leasing company or property owner often covers the cost of keeping your dock in prime condition, reducing both your responsibility and financial burden.
Dock leasing offers a level of flexibility that can be particularly appealing. If you ever wish to change your location along the waterfront or upgrade to a different dock model, you can do so more easily than if you own the dock outright.
No Long-term Commitment
Leasing does not entail a long-term commitment. This flexibility is beneficial if your waterfront property plans are temporary, subject to change, or you anticipate the need to relocate.
Advantages of Purchasing Your Dock
Purchasing a dock means you own the asset, and its value can be appreciated over time. This can potentially provide a financial return on your investment, particularly if waterfront property values in your area are on the rise.
Dock ownership grants you complete control over the design and customization of your dock. You can create a space that perfectly suits your needs and preferences, from boat slips to seating areas and beyond.
If you plan to use the dock for many years, ownership can be a cost-effective option in the long run. You won’t be paying ongoing lease or rental fees, and the equity you build can offset the initial purchase cost.
Property Value Enhancement
A well-maintained dock can enhance the overall value of your waterfront property. It can make your property more attractive to potential buyers if you decide to sell in the future, potentially leading to a higher selling price.
What Should You Opt For?
When deciding whether to buy or lease a dock, you must carefully assess a few things.
- Look at your financial status first, then consider your budget and monthly expenses. What can you afford? Don’t forget to account for the maintenance and upkeep costs of buying a dock.
- When deciding whether to lease or purchase a dock, it is essential to consider how you will use it and your future needs.
- Compare the cost of buying and maintaining the dock against the total cost of leasing, considering fees and other potential costs.
Whatever you decide on, ensure it aligns with your long-term plans for your property and finances.
Nor Col EZ Dock offers dock-building services for the best types of docks, EZ Dock. They also provide accessories that allow you to expand your floating dock and spruce up the platform. For more information, call (800) 654-8168.