Building prices
Its amazing how much it costs to rebuild these days. It is unlikely you can build on an island for less than $150 per square foot, and it could easily be much more. $200K for replacement means a maximum of 1300 sqare feet. What size are you looking to insure? Just a thought, but can you take out a home equity loan on your primary house to pay for the island home, then reduce the coverage? Risky, but more affordable.
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