Quote:
Originally Posted by Bear Islander
OK Woodsy
I will accept your figures. But you need to add maintainace costs and winter storage.
The big difference is that after 10 or 20 years the island home will be worth a lot more and the boat will be worth very little.
I do think they are in the same ballpark.
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BI...
No question the island home is the better option... it will appreciate in value over time while the boat will depreciate. However, you have winter storage & maintenance for both boats, and while not equal, there isnt that much disparity. also the buy in is ALOT less for the boat/slip than island property. You will need at least $20,000 to put down on the island property to get financed nowadays, especially considering its seasonal nature. This doesnt take into account how your going to afford the $10,000 - $15,000 septic system that the property needs....
The buy in for the boat requires a much smaller downpayment, and the money needed to rent the slip....
Woodsy
PS: While we differ on opinions BI, you are the embodiment of the American Dream!