Most obvious downside to owning waterfront is the cost and not just the purchase. Taxes can be insane. Upkeep as well. I did not consider the tens of thousands it cost to repair the dock when the ice wiped it out a few months after purchase and thats just one example. I live fairly close but I imagine all the off season issues are magnified if you can't jump in the car and get to your place quick if needed. There are plenty of companies who will watch your place and handle everything but again they come at a cost.
All that said I wouldn't trade it for anything so if you can make it happen I would encourage you to do so.
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