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Reply to "Buying waterfront property for retirement?"
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[quote=Anonymous]OP, we bought a second home during Covid when houses on our island were renting out 18-22 weeks per year. We were careful and didn't count on that amount of rental income. Good thing. After Covid was over, our house has only rented out 8 summer weeks and 2 fall weeks per year. That might be because it's on the higher end price-wise, and we aren't looking to lower the price to attract more families. But for sure, our out-of-pocket costs are much higher than we anticipated. We do love it and will hold onto it until we retire. ( When we'll figure out if we want to live there fulltime or not.). But if you're not comfortable paying those mortgages in the winter and spring with no income, think twice. [/quote]
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