Financing a "large" tank.

[Nicmar]

With houses prices at what they are here in NZ and low interest rates it is easy enough to just throw it on the home loan as it will not effect the repayments much. I think as long as you can afford to run the tank on your income then the build cost can be borrowed. You certainly don't want to borrow to run it, that will end badly. Some people buy a spa pool and throw it on the house, others buy a reef tank.

A 300 gallon LPS tank with LED lights and a few fish isn't going to cost much to run. Tanks get expensive when you are using zeovit and are packed with SPS, doing large weekly water changes with high quality salt.

I have a zeovit tank but it is only 90 gallons. I will change to an LPS 300 gallon next year with no zeovit. I expect the running costs to stay the same.
My biggest cost will be lighting.

If 300 gallons requires a $500k income then my LFS is in big trouble lol.
They probably have 50 times that volume and I am sure they don't make $25 million a year in profit based on one persons theory above.

 

[J.P.Silva]

A reef tank is a money pit YOU never stop spending because thats the nature of this hobby.
It's all in our blood if you stop spending on equipment or fish/corals. This idea of having a reef tank gets "boring" over time.
(that's why we upgrade)

 

[fishpureluck]

Like a few other posts have stated, it's all about debt to income ratio. If you have low debt, you can afford a little more than someone with high debt. If you make a million a year, and have about a million in debt, you are worse off than someone making $50K with $25K yearly debt. It may take a little longer if you don't have upfront money, but once it's set up, it's not horribly expensive. I have a 300 FOWLR, and had a 180 mostly SPS mixed reef "getting upgraded to 220 with all new equipment", and I'm averaging about $180 a month between water changes, supplements, food and electricity for both tanks. And the 220 will be even more efficient. Not that they are giant tanks, but combined, it's a lot of water.

 

[fng_71]

I'm only building a 120 gallon right now but I've been acquiring equipment over the last 9 months so it's not such a hit. I got forced back at work one day so I chose to spend that money on myself. I found a pair of used mp40's in the used section for $500. Keep an eye out and you will find great deals. I'm probably $2500 in but it's been easier to chew over the last nine months and I now have everything I need except rock and livestock

 

[mcozad829]

You could do what I did, join the army, go overseas, step on a bomb, get medically retired at 25 and take the 50K severance pay plus 2K/month tax free for life, then go to college (get paid extra for that) and then get an average paying job and use your DOD money for your hobbies. (granted i'm only up to the college part). Seems a lot easier this way.

 

[Sn8kbyt]

Yeah this is a great topic that has many different variants to say anyone could nail down a cost.

For instance if you have nothing but experience from 25 years of freshwater tanks like myself and start from scratch you will spend way more capital than someone that is on his/her 2/3/4/5 upgrade. I have $7000 in my first modest reef tank, which is crazy but I had no water makers, test kits, ect. The indirect stuff is not cheap.

 

[rott161982]

damn does anyone here have a 300 - 500 gallon reef setup and make 500k+ a yr thats a lot of money and just cause ur into reefing doesnt mean u need to make good money its like u seeing someone driving a ferrari doesnt mean hes rich guy driving a ferrari can be making 10k a month and renting an apartment and paying 5k a month on car payment u never know what some will do. like me i dont make 500K a yr but yet i just got a marineland 300DD which i think will cost me about 10000 to get it setup but fish and corals is another story
so as for tank or anything else in life it all depends on what u wanna spend. charging it on a card is fine if ur able to pay it off on ur next billing cycle but if ur goin to be paying monthly on it i wouldnt recommend it cuz when u start making 1000 a month payment for ur credit card for ur fish tank ur going to be thinking to urself what the hell am i doing

 

[ReEfErAdDiCt86]

I've got a 300 gal(total volume) fully blown reef with high end equipment and livestock. I'm unemployed. I'm prior service military using the GI bill to go to school and I get paid less than 2k a month for doing so. My girlfriend(who lives with me and our 3 kids) makes about $1800 a month and I'll be damned if any of her money ever goes to my tank lol rent is 2k a month not including utilities so figure around 3k is gone to just the house. Anyway, I don't make squat and I have been told by several people I have one of the nicest tanks they've ever seen. Just what they've told me lol my secret? For sale/trade threads on my local reef forum. No way I could possibly afford anything retail although I have bought a few fish and corals from stores. I pretty much trade coral for all my supplements, filter media, foods etc...oh and living in San Diego California where I get an unlimited amount of natural salt water for free from the Scripps institution of oceanography cuts down on the cost a lot! If I had to guess I'd say I spend less than $50 a month on my tank and that's probably the high range.

 

[Mike Ordner]

In my case I was able to tie the tank into the cost of building the house so I am spreading out the cost over 15 years. I use natural salt water so only cost is gas, but I am already driving to work so not too bad. Only difference is my every day to work car is a corolla and have the use the F-150 when I need to get water. Even so, equipment is still not cheap and am slowly stocking out the tank as I can budget some each month.

 

[Dmorty217]

We're talking apples and organs here ... Or is it coral and fish?


No offense but I don't consider a 220 a large tank ... Amen to that. "Large tanks" are over 650g IMO

 

[Dmorty217]

As far as debt to income goes, it's like the guy that goes to buy a Ferrari.... He isn't financing it, he is paying cash. My buddy just bought a Lamborghini Gallardo at age 26, and he told me "if I couldn't buy 10 of them, I wasn't going to buy the one" My point is people who have the 650g+ tanks more than likely aren't financing a thing for the tank

 

[drej424]

You could do what I did, join the army, go overseas, step on a bomb, get medically retired at 25 and take the 50K severance pay plus 2K/month tax free for life, then go to college (get paid extra for that) and then get an average paying job and use your DOD money for your hobbies. (granted i'm only up to the college part). Seems a lot easier this way.

Mcozad - I hope you are okay now. Thanks for serving our country. May the rest of your life be easy and filled with peace and joy!

 

[rott161982]

As far as debt to income goes, it's like the guy that goes to buy a Ferrari.... He isn't financing it, he is paying cash. My buddy just bought a Lamborghini Gallardo at age 26, and he told me "if I couldn't buy 10 of them, I wasn't going to buy the one" My point is people who have the 650g+ tanks more than likely aren't financing a thing for the tank

Lamborghini galliard which model?? And 10 that's like minimum 2 million

 

[JawFish559]

I've been buying my equipment for my 225g for over 2 year's now. Save up buy then save up again and buy im almost done now but the most expensive equipment has to be my GHL mitras. Only debt I have is my mortgage im all most DEBT FREEEEEEEEEEEE!!!!!!!

 

[rott161982]

I've been buying my equipment for my 225g for over 2 year's now. Save up buy then save up again and buy im almost done now but the most expensive equipment has to be my GHL mitras. Only debt I have is my mortgage im all most DEBT FREEEEEEEEEEEE!!!!!!!

Ya should of just saved up the money and buy everything at once Cuz u been buying stuff for 2 yrs the 2 yrs old stuff is probably outdated now

 

[rott161982]

I've been buying my equipment for my 225g for over 2 year's now. Save up buy then save up again and buy im almost done now but the most expensive equipment has to be my GHL mitras. Only debt I have is my mortgage im all most DEBT FREEEEEEEEEEEE!!!!!!!

Ya should of just saved up the money and buy everything at once Cuz u been buying stuff for 2 yrs the 2 yrs old stuff is probably outdated now

 

[andrewkw]

If you have a medium sized tank I don't think upgrading to a big tank is that costly at least I hope not.

I have a 112 and plan on a 180-300 in another year or so. I will transfer over my Kessils and buy 1-2 more. All of my powerheads will be reused and maybe I will need 1 additional. I will probably go for a new return pump so that will cost money. My skimmer is grossly overrated so I'll transfer that over. If I want to do a big sump / fuge I'll just use my existing tank and a few dollars in glass baffles. I also have lots of extra rock in a barrel

 

[HiImSean]

I've been buying my equipment for my 225g for over 2 year's now. Save up buy then save up again and buy im almost done now but the most expensive equipment has to be my GHL mitras. Only debt I have is my mortgage im all most DEBT FREEEEEEEEEEEE!!!!!!!

Now my build is prolly 1/3-1/4 the size of what people in the large tank club have but this is what I did. My wife quit working last summer to get her masters so I acquired most my stuff before then but I would save up and most the time buy used or get killer deals. I got my tank/stand/canopy new from a local reefer who was moving across the country for 1/2 the price it would have been at a retail store. RODI was local and a great price with new media. Skimmer and one LED came from here, used but still about half the new price and less than a years usage. Stuff like that can save you money. After my wife gets out of school we'll prolly be moving and I'll hopefully be in the 300-400gallon range then.

 

[Dmorty217]

Lamborghini galliard which model?? And 10 that's like minimum 2 million

It's the LP 550-2 which is the spider. It's white with black leather.... Not too shabby for a self made millionaire by the age of 26. Two words Affiliate Marketing

 

[JawFish559]

Now my build is prolly 1/3-1/4 the size of what people in the large tank club have but this is what I did. My wife quit working last summer to get her masters so I acquired most my stuff before then but I would save up and most the time buy used or get killer deals. I got my tank/stand/canopy new from a local reefer who was moving across the country for 1/2 the price it would have been at a retail store. RODI was local and a great price with new media. Skimmer and one LED came from here, used but still about half the new price and less than a years usage. Stuff like that can save you money. After my wife gets out of school we'll prolly be moving and I'll hopefully be in the 300-400gallon range then.

Yes Sir. If your patient you can come across some killer deals. My tank was off of Craigslist and couldn't be happier. Saved tons of money that way and bought me the mitras 6200s.