House by the water.

[volvopaul]

Im thinking about buying a house with a mooring, I did some sums today with a house owner in Port Solent, with all the fees, council tax, marina supplement, electric and water rates is about the same as im paying to rent my Berth on the upper Hamble per year.

Ive always told myself renting a berth is a waste of money, ive also thought about buying an MDL lease so eventually you at least get some free years and just pay the service charge to MDL.

I like Hythe marina, its more expensive to live there than Port Solent but is on the edge of the New Forest which commands a premium, though it could be spoilt a little if the new Port is built in years to come.

Anyone either own or lease a berth around the Solent, or house etc, what are the pitfalls if any of buying by the water?, Before anyone shouts about the capital investment it is my plan to live on the Southcoast in 5 years time when my wifes son has left school.

Prices seem to be at rock bottom so maybe now is the time to invest for a future plan rather than wait say 3.5 years by trying to sell up in the Midlands and move here then.

Where should I go?

 

[Lozzer]

Personally I think now is as good a time to buy as any.

I have just bought a place at about 25% under market value (according to my research). I am a little nervous as lawyer cannot believe the price I have secured either, silly money for location. Perhaps the building is about to collapse, will have to wait and see what surveyor says.

There are a lot of people who need cash right now so if you can find them you can grab yourself a bargain.

Perhaps some of these waterfront properties are weekend homes as well, an expensive luxury people might want to do without.

 

[gravygraham]

I have just bought a place at about 25% under market value (according to my research). I am a little nervous as lawyer cannot believe the price I have secured either, silly money for location.

Hang on a minute - both the vendor and purchaser agree on a price? Surely that's market price is it not? Or have I missed something?

 

[sharpness]

Im thinking about buying a house with a mooring, I did some sums today with a house owner in Port Solent, with all the fees, council tax, marina supplement, electric and water rates is about the same as im paying to rent my Berth on the upper Hamble per year.




Prices seem to be at rock bottom so maybe now is the time to invest for a future plan rather than wait say 3.5 years by trying to sell up in the Midlands and move here then.

Where should I go?

I'm afaraid i can't offer advice on your chosen area, but from the quotes above it seems like a really good idea to me. The savings that will be made by not having berthing fees year in year out would be justification alone, and on top of that you would have a waterside property to return to after a hard days graft
We had some friends who used to own a waterside property on the river, and the only pitfall was the flood risk and inflated insurance premium, but in your chosen location this obviously doesn't apply, so i can't see any negatives. If the numbers stack up, go for it - sorry to use a cliche but as they say "you only live once".
Good luck with it all.

 

[ari]

Hang on a minute - both the vendor and purchaser agree on a price? Surely that's market price is it not? Or have I missed something?

It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!

 

[Spud1973]

Sounds like a good idea Paul, I know the area reasonably well, you should check the development plans that Pompey council has in mind first - I think they want to redevelop the area with a load of affordable housing.

 

[Bojangles]

It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!

But people do buy properties under value, and then sell them for "market value" or the "going rate". The property is selling for what the buyer agreed, not necessarily the "most anyone will pay"

Personally, I would love a house with a mooring. I also agree that broadly speaking it aint a bad time to buy.

 

[Montemar]

Looks good but it is close to the M27 and probably Soton airport. Would these be a problem?
We know Ampuriabrava in Spain, which is a large marina, but has a mosquito problem. May not apply in these northern latitudes but maybe worth a question?
Apart from that it sounds great. Good luck.

 

[Lozzer]

It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!

I bought and sold two properties last year and made a profit. In a stagnant or falling market surely I have bought under market value?

Original vendor needed to raise some cash quickly and there I was with the beer tokens. Property sold on 4 months later with a 15-20% margin. The new owner still thinks he has had a deal because I sold it below what others were on the market for. To me that says I bought below market value.

I am happy, new owner is happy and the original vendor happy.

So happy days playing golf in the sun.

 

[oldgit]

I am happy, new owner is happy and the original vendor happy.

So happy days playing golf in the sun.



H,mm time for a tax on the profit on house sales ? then you could add the taxman to that list of happy people

 

[TrueBlue]

H,mm time for a tax on the profit on house sales ? then you could add the taxman to that list of happy people

There is.
CGT for a one-off (less your annual exemption)
Income tax if you do it too often.

 

[MRC]

I have a habit of prefering to own things rather than rent things. This includes moorings. In the UK there are a couple of ways of buying a prime south coast berth. Either buy one of the existing leases that expire in 2035 with MDL or longer at Gosport etc, some are registered on the land registry and some are just a berthing licence ie right to moor a boat within the marina. Ocean Village, Hamble Point, Port Hamble, Mercury etc or buy a house / apartment with a mooring, the Hythe / OV, Port Solent etc have 900+ years left on the lease.

A couple of larger berth only leases are out there but rarely change hands.

In the past it has worked to buy to let the house and use the mooring & garage for ones own use. Still makes sense but possibly less so than in years gone by.

I have a berth for sale at hamble point for sale and possibly some properties with moorings too if any interest.

 

[Lozzer]

Oldgit Alas the taxman is always happy.... No avoiding him, not even down here on CDS.

 

[Nautorius]

Paul,

I had always dreamed of a house/apartment in a Marina with my boat outside but never managed it in the UK. Fortunately managed it here in Gib with my boat in sight of my Balcony and less than 5 mins walk from door to door (Which includes a lift ride down from the 10th Floor!). It is a great feeling and I am so glad I did it. The key thing is the property not the berth...that is a little hard to remember. Sort out the right property and then the berth. You can always rent out your berth if it is not perfect and as you are in the Marina renting someone elses will not be a problem once you get to know a few people.

If you are looking for a deal then this is the best way to go.....and do not worry if your boat is half way round the Marina not outside your door because your berth is not right. With the timesaving from not travelling you can always do a few extra trips carrying stuff! I sorted the Berth out first then had to keep moving until I got the right House/Flat which is a real pain and far more expensive!

Good luck....

Paul

 

[BartW]

a house with a mooring is a dream of many people,
it has a very special sentiment (to me at least)
the area you have chosen seems to be very nice according previous posts,
and a huge cruising area
so I would say, go for it.

as a investment, I'm convinced that land and houses will alway's increase in value, (on a long term)
its one of the few secure investments,
especially properties near water become very limitted and exclusive,
so if you can afford it, this is the right moment, in today's economic climate
(all imho)

 

[dpb]

We had a look at Moricorum Quay in Poole recently and was staggered to see in the details of a two bed appartment that the annual service charge was about £3k for the apartment and £2.5 for the berth. That was for a property asking about £300k from memeory.
Seemed alot to me.

 

[stuartwineberg]

Long way to go

Im thinking about buying a house with a mooring, I did some sums today with a house owner in Port Solent, with all the fees, council tax, marina supplement, electric and water rates is about the same as im paying to rent my Berth on the upper Hamble per year.

Ive always told myself renting a berth is a waste of money, ive also thought about buying an MDL lease so eventually you at least get some free years and just pay the service charge to MDL.

I like Hythe marina, its more expensive to live there than Port Solent but is on the edge of the New Forest which commands a premium, though it could be spoilt a little if the new Port is built in years to come.

Anyone either own or lease a berth around the Solent, or house etc, what are the pitfalls if any of buying by the water?, Before anyone shouts about the capital investment it is my plan to live on the Southcoast in 5 years time when my wifes son has left school.

Prices seem to be at rock bottom so maybe now is the time to invest for a future plan rather than wait say 3.5 years by trying to sell up in the Midlands and move here then.

Where should I go?

Hi Paul
I guess you know the area pretty well but do make sure you are happy with the long run from PS to the harbour entrance and the potential queuing at the lock in the Summer. PS was built in phases and I lived locally when the first properties went up - it was fairly early in the use of timber framed construction in England and some of the builders were telling horror stories about bricks being split half lengthways so that the skin of the building would be flat and still clear the warped farme behind - get a good survey.

 

[henryf]

We used to be berthed in Port Solent many years ago. We had an owner's berth on the Island. Handy for parking the car close to the boat but a nightmare locking out at the weekend. Locking in was also a pain as Sunsail used to fill up the waiting pontoon outside. The run down from PS to the harbour entrance is also a pretty dreary slog.

We looked when buying our flat in Gosport and found the mooring that did come with properties were quite small. At 42ft we were too large already and you never buy a smaller boat next.

I was amazed that the likes of Berkley homes totally missed a trick with Royal Clarence. They had some properties for sale - and probably still do - which only came with a single un-allocated parking space and no mooring. Surely the whole thing about a development within a marina is that it appeals to boat owners. Had we been able to buy a mooring with the properties we would have pressed the button. I even know which unit it would have been. As it is we ended up with one of the finest views on the south coast which overlooks Royal Clarence, Gosport and Haslar (just). If we put the boat in Gosport we could walk from the flat to the boat.

Henry

 

[jhr]

If you're trying to decide between Port Solent and Hythe, I'd go for Hythe every time. As well as the various reasons mentioned on here (locking in/out, long journey to the Solent etc) the insecapable fact is that PS is in Portsmouth. Now, Pompey has a fine heritage and lots of attractions but it's also a large city with lots of social problems, noisy roads, congestion pollution and so forth. PS is also quite near Cosham which, erm, isn't the most salubrious part of town.

And they've got a rubbish football team

 

[adey]

House with mooring?
http://www.yachtworld.co.uk/boats/2011/Bradford-Marine-Houseboat-1690488/United-States