If your home has a boat slip, dock or pier, you might be wondering if it increases the value of your home. Providing the dock is in good condition and has been well maintained, then the answer would be YES. Considering adding a boat slip or dock to your property on the water? You'll want to contact a reputable marine construction provider to guide you as the process of getting the right permits in place can be complicated.
How Boat Docks Increase Property Value
Boat slips and docks increase property value, because the federal government can limit the number of boat slips and docks allowed in each state. The general Myrtle Beach area is considered coastal area and local permitting is managed by the Department of Health and Environmental Control--Ocean and Coastal Resource Management Office (DHEC-OCRM).
If a home is in a housing development where the developer filed and got approval for a Dock Master Plan (DMP), the permitting process to build a boat dock or slip is much smoother. If a home is in a community without an approved DMP or isn't in a distinct housing community, the permitting process gets much more complex. Many buyers interested in having a boat dock or slip know this and are willing to pay a premium to avoid the hassles of permitting and construction.
How Much Value Does a Boat Dock Add?
The value a boat dock adds depends on the location of the home, the condition of the home, the body of water the dock/slip accesses and if the structure is in good condition or if it is in need of repairs. If these factors are all positive, a boat dock/slip can add several thousand dollars to your home's value above the cost of adding the dock. Adding a boat dock/slip is frequently listed in top 10 lists of the most valuable home improvements for coastal area homes. Boating savvy buyers are happy to pay quite a bit extra for a home with a boat slip, dock or pier already in place.
If your home on the water already has a boat dock, you'll want to ensure you keep it in good condition. Maintaining your boating structure and keeping up with repairs and upkeep can give you a major boost in home value when you're ready to sell.