Over the years myself, wife and three kids (currently all teens) have really benefitted from the collective wisdom of the Bogleheads and hoping you all can give me your thoughts on a topic the wife and I are considering for the early part of our retirement.
Looking to retire in about 8 years when (fate willing), I'll be 58, the wife 56 and kids will then be 25,24 and 22 respectively. Want to get out of the Northeast full time and purchase a home in one of those adult camp type residential areas (pools, tennis, golf...) in Fla. Thinking of also purchasing a large powerboat that could sleep us all fairly comfortably (something fiberglass but really used with three staterooms; 53' Hatteras, 50 ' Chris Craft...) to stay on during the summer months up in the Northeast. The goal of this being to get out of Fla. during those summer months (late May-Sept), be on the water and have a place for the then adult kids to hang with us and occasionally take the boat out. We have all boated together before (chartered large sailboats in FL for several days overnight) and enjoyed that lifestyle. Based on my research, the downside to a boat over a second residence would be that a boat will depreciate, be tighter on space but cost about the same to maintain, slip fees, storage...(20K/year?) The upside seems that a boat will be much cheaper up front cost for the initial purchase (100K vs 350K from what I've seen), much lower gov't fees (registered in FL), and less to worry about when not in use (boat hauled out and shrink wrapped vs. house still needing someone to maintain 4-5 months per year when we aren't in it).
Looking to get input from anyone who has done or is doing this? Is this a crazy idea?
Any help will be apprecited.
I didn't find the right solution from the Internet.
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