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Old 22-06-2010, 09:11   #46
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I'm tired of owning a home. it's always something and those somethings will be much harder to deal with when off cruising.

Homes can depreciate just as easily as appreciate. There was a canal near here where pcb's were discovered. Their property values have plummeted. Any number of things can come along and whack your values. A bum neighbor can drop your value.

Once those values have dropped, it's very hard to sell. I lost more money in the housing market than in my stock investments in the most recent decline. I was able to move out of bad investments quickly. Can't do that with a house.

The only thing that scares me in the grand sceme of money management is inflation
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Old 22-06-2010, 09:15   #47
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My age is 48, hubby 51, we sold our home approx. 5 years ago to buy and boat with the plans to go cruising by the time we were in our early 50's. We had originally started talking about selling the house and purchasing a boat in our early 40's but it took a few years to put the plan in motion. We have been out for 1 year now so we are within the time frame we originally set several years ago. I do not believe we can bounce back like we could have in our 30's so this decision was a big one for us and we were aware of that even in our early 40's. I am not sure that we thought too seriously about what would happen when we were no longer able to physically be on a boat and I prefer to stay in denial about that even as of today
I am not sure this is the type of information you are looking for but it fills in the gaps as far as our situation goes.
Jackie
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Old 22-06-2010, 09:22   #48
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Originally Posted by sww914 View Post
One thing we forget around here is that the cruisers that failed quickly or gave up quickly probably aren't hanging around with us anymore.
Excellent point! I've had a few friends give it a run for a few years and then give it up because it's too much work. They found that they were always having to deal with boat maintenance, and that this wasn't fun for them.
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Old 22-06-2010, 13:17   #49
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we sold the house in 1998 put the equity into a boat. sold the lawnmower too. on those rare moments during the winter storms when I think I might miss owning an honest-to-god fireplace, I consider the fact that then I'd have to buy another lawnmower.

never fails.
That's too funny.

Sighh, I want to not own a lawnmower too.
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Old 22-06-2010, 13:19   #50
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we sold the house and slowly but surely have sold everything land based. And as has been stated, it was scary, and hard!!!!!!!!!!! BUT IT WAS THE BEST DECISION WE HAVE EVER MADE!!!!!!!! We are livaboards now and absolutely love the life and the lack of stress. After it was done and the shock wore off, it was extremely up lifting. You don't realize how much those things weigh on you, and tie you down!!!!!!!!!
I feel like I am now a better spouse, parent, and friend now that my focus has changed to living life, and controlling my own destiny.
And best of all, NO MORE GRASS TO MOW
" You can always make more money, You can't make more time!"
Very inspiring. Thanks for saying it was scary and hard.
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Old 22-06-2010, 13:33   #51
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Hi NotJustDreaming!

I am blown away by so many on this forum who want to sell the house for a boat. A house is an appreciating asset. A boat depreciates. If you sell the house for a boat, you may be stuck with the boat when you physically need to go back to a house because the price differential between an appreciating house and your depreciating boat will be widening each year.

I actually think climbing up and down companionway steps probably keeps old folks limbs moving and prolongs their mobility but none of us knows when it will be that necessity dictates a move back to land. Would it not be a better idea to plan to keep the house for later and still get your boat in 5 or 6 years time as planned. What if you used the equity in your current house which you own to borrow for two more which you rent out. If you buy well & in the right location, maybe you can sell the two investment properties in 5 years time and the increase in value of the investment properties will buy your boat without selling your home. Then go sailing and you can draw on the income from renting out your home while sailing.

Many of us on this forum are working out this sort of a plan while others are saying it can't be done.

Greg
Thanks Eleebana,
I really appreciate your response. The short answer is I'm chicken.

Buying rental property was a great idea in Ottawa about twelve years ago. The prices here skyrocketed around 1999, 2000 and although they have stabilized, they are overvalued IMHO. Though the rental market is thin. Lots of demand, but few properties. So maybe it's still a good idea.

I'm afraid of getting stuck if the market tanks like everywhere else. And I love being 100% completely debt free.

And I agree with you about my house. I am just struggling with how to 'do it sooner' or even on time.

I think it may be time to reread some personal finance books and do some crazy gazelle saving....

What I need is some inspiration! Time for a boat show.
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Old 22-06-2010, 13:57   #52
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Can I identify with Notjustdreaming. We are just finishing our "dream sailing adventure". We had always bareboat chartered but in Sept decided if not now when. We bought a Seawind 1000 spent some time getting her ready, took off work (didn't sell a thing) left Kemah, Texas in January and spent 4 months in the Exumas. I thought maybe we would get it out of our system. We bought a lake house a couple of years ago thinking that would cure our blue water fever--NOT!. Now we have hard decisions to make. I have been in my home for over 20 years, I raised my children in that home plus it is on 5 acreas in the city. If I sale, there will never be another property like my home (not one I can afford anyway). I am in my early 60's so my time to sail is not a long one, again a reason I hate to sell. I know I will be looking at being on land in the next 6 or 7 years. I don't know how you make this decision. It is a hard one.
Wow!
I feel for you. Good luck. Particularly tough given the part I changed to bold - it is a hard one.
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Old 22-06-2010, 14:02   #53
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Hi, My husband and I are also in Ottawa. We have currently just signed the papers for our dream boat, planning to leave next Spring! Damn, one more winter in Ottawa...
We are planning to sell! I don't want the worries of a house when out of the country.

Good luck with the plans!
Congratulations!
Even though it's another winter, spring is not far away. Better get packing.
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Old 22-06-2010, 14:34   #54
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Thanks Eleebana,
I really appreciate your response. The short answer is I'm chicken.

Buying rental property was a great idea in Ottawa about twelve years ago. The prices here skyrocketed around 1999, 2000 and although they have stabilized, they are overvalued IMHO. Though the rental market is thin. Lots of demand, but few properties. So maybe it's still a good idea.
I was not neccesarily suggesting that buying houses was the way for everyone one to go. In fact I don't own an investment property myself. From the posts here, it is obvious that the situation differs greatly between countries, something which I didn't anticipate. However, I think it's important that everyone has a financial plan. To my way of thinking, selling the house for a boat can be a solution arrived at because there is no long range financial plan. It's taken me 21 years to pay off the house and I'm not going to exchange that for a depreciating asset. The downside of my plan is that I'm still 2 years from throwing off the docklines. However, I totaly respect people that do it different to me. Everyone's life throws up different opportunities and challenges and concede that we all just have to deal with our own issues.

Greg
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Old 22-06-2010, 14:36   #55
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Okay, clearly I can't respond to each comment but I want to.

You have all provided a ton of insight. And I appreciate the downside and upside. About selling the house, about the cruising life and everything else we should consider. Thanks to each of you.

Life is so up in the air. It's hard to plan for the future.

My priority is balance. I want to have a great time now and achieve the sailing goal in the near (relative) future. And I love having a goal to reach for. I think a big part of balance for me is having a home. I'm going to continue with my original plan and get back to saving a significant portion of our income. Maybe I can get back on track.
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Old 22-06-2010, 14:45   #56
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Of course you can get back on track! And I said it before and I'm serious - if you borrow for a boat with a short-term note, you will be forced to pay for it! Best of luck.
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Old 22-06-2010, 15:15   #57
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Re: " You can always make more money, You can't make more time!"

To that I will add: You should spend your time more wisely than your money. You know how much money you have.
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Old 22-06-2010, 17:50   #58
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The various replies to my comment about age are fine, but I still say a person's outlook to a consideration of this magnitude—selling your house and living on a boat—are greatly influenced by your age, and I see nobody has yet posted theirs? Indeed, any advice should be accompanied with that, because much younger people have a greater timeframe to bounce back from, “dropping a financial bollock” as Dave so aptly puts it, to which I would add, "any other kind of bollock."
I would also like to reiterate to Doodles that I have actually done what we are all talking about, (how many members can claim that?), and now I’m seriously planning to do it again, thirty years later, but the considerations are now very different. Also, one of the advantages of age is that we can remember what it was like to be 35, and we know what it is now like at 65. The 35 something brigade however, do not know what it is like at 65, so I rest my case.
I've posted my age before in other threads, but her you go .... me 60, wife 63.

I admire what you've done JR and glad you are getting back out there. Age is a factor and we should plan accordingly as you say. Just don't let age stop us. ... My wife says she needs bigger winches and an electric windlass!
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Old 22-06-2010, 18:05   #59
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Ok, I hinted at mine too, but it's 62, Sandra is 48. She's fairly new to sailing and says it's ok for her to get confused between winches and wenches, but if I ever do, I'm ballast... encased
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Old 22-06-2010, 18:33   #60
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I've posted my age before in other threads, but her you go .... me 60, wife 63.
I admire what you've done JR and glad to are getting back out there. Age is a factor and we should plan accordingly as you say. Just don't let age stop us. ... My wife says she needs bigger winches and an electric windlass!
Yes indeed, thank goodness for some of the innovations which have come along to make sailing easier for old gaffers like us. They make it more possible for us to consider leaving our homes, (selling them or not) and taking to the water at an age when most people are “settled down”—or dead! Any sailboat can now be virtually self sufficient, and you no longer have to rough-it in any climate. I wouldn’t now want to live-aboard like we did at 35, without a freezer or AC, or watermaker or bow-thruster, or electric winches, etc., because we can now afford all these things, which make living aboard and passage making so much more comfortable.
If there was one thing which caused most people we knew to quit the lifestyle, it was shortage of money. So whether you sell the house or rent it, make sure you have plenty of that and it won’t be such a difficult transition.
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