A dockominium is a privately owned dock at a marina with a small apartment-like building attached. It is a form of boat storage with private mooring. Traditionally, marinas lease and rent these structures but these docks are for ownership. They usually come about when a marina converts or sells individual slips to private owners. Dockominiums are usually associated with a more luxury market.
Individual owners are responsible for paying their monthly, quarterly, or annual association dues and for paying their own property taxes assessed on the slip. However, there are limitations as most owners don’t own the “land” their vessel floats on. Marinas must abide by the laws in their area and this could restrain owners on what they can do with their dockominium.
Who is in charge of a dockominuim?
All prices and policies are subject to the individual marinas ans locations where an owner will be purchasing. There are different laws per state and it should be taken into account when buying a space. Individual owners are responsible for paying their monthly, quarterly, or annual association dues and for paying their own property taxes assessed on the slip. However, there are limitations as most owners don’t own the “land” their vessel floats on. Marinas must abide by the laws in their area and this could restrain owners on what they could do.
What goes into owning space at a dockominum?
When it comes to owning anything, it’s important to know what goes into buying it. Owners should compare costs at different marinas to find the best prices. Docks will charge real estate taxes and monthly fees based on what amenities are available to owners, such as wifi, cable, or laundry. Ownership can be by deed, shares, or a long-term lease. An individual owner may not be able to hold a title to their space. For most cases, a purchaser is buying exclusive rights to the space and common areas are shared with other owners. It is crucial to research and shop around to get the most out of the ownership.