Your Home On The Water
What does a slip cost?
Prices for slips within each class will vary slightly, depending upon location within the harbor (view map).
What are the benefits of owning a slip?
There exist many advantages to owning a slip versus renting a slip. These benefits include:
- If the purchase is financed by a qualifying home equity loan or second mortgage loan, the interest may be tax deductible. Additionally, the real estate taxes paid in connection with the slip are also tax deductible. Please consult your tax advisor regarding the deductibility of interest and property taxes.
- If structured properly, the after-tax cost to many will be less than the rental rate they would be paying for the same period. After the loan is paid off, the ongoing cost of owning a slip is a fraction of the cost of a rental.
- Ownership of the slip protects a boat owner from the consistent increase in rental rates.
- The slip can be sold, transferred or passed by inheritance at any time.
- If an owner is not using his slip for one or more seasons, the slip can be rented.
- Ownership of a slip allows its owner many of the benefits of lake frontage with the associated cost and can tremendously enhance the value and marketability of one’s non-lake frontage property.
- The Abbey is the only protected harbor on Lake Geneva. Increasing governmental regulation limited the number of marinas which can be built, coupled with the consistent demand for boat slips on Lake Geneva, create the potential for appreciation in your slip’s value.
Are there any banks that will finance the purchase of a slip?
Our first recommendation would be to consult with your home bank. There are a number of banks in the area that have lent money for the purchase of a slip. For information on those banks please contact the Harbormaster at 262-394-5544.