How has the lake changed????

[Woodsy]

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.

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!