Q. What are the advantages of owning your own slip?
A. Discriminating boaters gain a number of advantages when they buy their own slip. Immediately upon purchase, an owner begins building equity in a rapidly dwindling resource, the demand for which continues to outstrip supply. The continued decrease in available dockage is a major market driver of future wet slip value.
The Cocoa Village Marina program also provides rental income to the owner when his slip is not in use, provides some control of expenses as rental rates climb even higher and offers possible tax savings (consult your accounting, legal and/or financial advisors). Perhaps the most significant advantage of all is the security that you and your family gain by having a home for your boat and the lifestyle our beautiful Marina provides.
Q. Are there additional costs associated with ownership other than purchase price?
A. Yes, each ship owner is a member of the Cocoa Village Marina Boater’s Association and, as such, is responsible for paying his or her share of the operating costs of the marina. This annual assessment (paid quarterly) is based on the size of the slip owned.
Q. Are there property taxes on my slip?
A. No, there are no property taxes on your slip. There are taxes on the upland properties, owned by your Association, which are paid annually out of your membership fees discussed above.
Q. How am I protected from losing my slip in case of hurricane or other catastrophic damage?
A. The rules of your Association require the marina to be insured for an amount sufficient to rebuild both the upland structures as well as the slips and over water piers. The Association has that coverage. This insurance cost is included in your monthly fee.
Q. What additional property insurance must the slip owner carry?
A. The owner of any vessel occupying the slip must carry $500,000 liability insurance.