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Old 15-02-2016, 07:19   #1
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Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

We are working on our Great Escape. We are setting priorities for boat selection, creating budgets, and educating ourselves AMAP. So far we've been pretty much on the same page wrt enthusiasm, timeline to launch etc. But we have different views on what to do with an older home we just bought near our home marina.

I want to fix it up and create a home base. We can use it while we get the boat ready, and afterward to store our stuff, and for visits home for friends, family, doctors etc. Maybe sit out hurricane season while the boat is on the hard. Or if we find we're not coming home much we can make it a furnished rental and help feed the sailing kitty.

But my partner thinks it will be simpler to sell all our stuff, bulldoze the house and save the hassles associated with upkeep, utilities, insurance, renters etc. he says we can stay in hotels when we visit, travel during storm seasons and when we return build a house where ever the spirit strikes.

I know there is no perfect answer but I wondered what experience has taught those of you out there cruising? What did you do with your home base? Has the idea evolved? Would you do it differently in hindsight?
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Old 15-02-2016, 07:46   #2
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pirate Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Quote:
Originally Posted by ShackAttack View Post
We are working on our Great Escape. We are setting priorities for boat selection, creating budgets, and educating ourselves AMAP. So far we've been pretty much on the same page wrt enthusiasm, timeline to launch etc. But we have different views on what to do with an older home we just bought near our home marina.

I want to fix it up and create a home base. We can use it while we get the boat ready, and afterward to store our stuff, and for visits home for friends, family, doctors etc. Maybe sit out hurricane season while the boat is on the hard. Or if we find we're not coming home much we can make it a furnished rental and help feed the sailing kitty.

But my partner thinks it will be simpler to sell all our stuff, bulldoze the house and save the hassles associated with upkeep, utilities, insurance, renters etc. he says we can stay in hotels when we visit, travel during storm seasons and when we return build a house where ever the spirit strikes.

I know there is no perfect answer but I wondered what experience has taught those of you out there cruising? What did you do with your home base? Has the idea evolved? Would you do it differently in hindsight?
Do not understand..!!
Why does he want to pay someone to bulldoze the house when I'm pretty sure someone would be happy to buy it, and the land.. then they pay to bulldoze it..
I think you need to take control of the Finance's....
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Old 15-02-2016, 08:05   #3
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Boatman61 we want to keep the property long term to be our eventual retirement spot. It has a peaceful view of our boat basin and sailing club.
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Old 15-02-2016, 08:25   #4
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pirate Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Quote:
Originally Posted by ShackAttack View Post
Boatman61 we want to keep the property long term to be our eventual retirement spot. It has a peaceful view of our boat basin and sailing club.
Sorry.. must have mis-understood...

"But my partner thinks it will be simpler to sell all our stuff, bulldoze the house"
"Build somewhere else"

Mind.. always have had trouble understanding American...
Fawcett=Tap
Spanner=Wrench
Flashlight=Torch... I mean.. come on.. who wanders round flashing their torches on and off constantly...
I'll leave it to the native's to advise... Sorry..
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Old 15-02-2016, 08:43   #5
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Quote:
Originally Posted by boatman61 View Post
Sorry.. must have mis-understood...

"But my partner thinks it will be simpler to sell all our stuff, bulldoze the house"
"Build somewhere else"

Mind.. always have had trouble understanding American...
Fawcett=Tap
Spanner=Wrench
Flashlight=Torch... I mean.. come on.. who wanders round flashing their torches on and off constantly...
I'll leave it to the native's to advise... Sorry..
I have the same understanding as you, and I'm American.

"Sell Everything" has certain implications. You either untie the lines, or you don't. Everything else is nuanced, prejudiced, and full of judgments, pitfalls, and expenses.
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Old 15-02-2016, 08:50   #6
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

I would think the best answer would depend on several factors, mostly related to financials.

- Do you need the rental income to finance your cruising?

- Are you equipped, either personally or with someone local to monitor and manage the property if you keep it and/or rent it? This might involve interviewing prospective tenants, arranging and monitoring repairs and upkeep, dealing with any serious problems that might occur and keeping you apprised of costs and any important issues.

- How often would you
1. Come home and live in the house?
2. Be able to come back and deal with any issues with the house or tenants?

- How much work does the house need to make it habitable? Rentable? Dry and stable to leave it?
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Old 15-02-2016, 08:51   #7
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

It sounds like the house needs some fixing up to be liveable? I'd fix it as inexpensively as possible so you have the options to live there or rent it, but it really comes down to how much $ is required to do that and how much rental can be expected. You need to do a spreadsheet to see what is financially viable. If you do it realistically your partner will probably agree, or you might change your mind and realise bulldozing and renting is the better option. It's possible your partner is imagining a $100,000 renovation is likely. It's also possible some elbow grease and cheap paint job is all that's needed.
Oh and to answer the topic, we have a home base but rarely visit it. It's rented out over holiday periods.
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Old 15-02-2016, 08:59   #8
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Keep the house so you have somewhere to go when you get tired of the boat.
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Old 15-02-2016, 09:02   #9
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

We've been on a three year plan and are taking off for a year later this year. We sold our house in Arlington, MA and moved on the boat in Boston in May. (yes, it's cold today) We have a small storage locker where we keep some stuff. In hindsight, we should have just sold or given away most of that that stuff too. It's definitely not worth what the locker is going to cost for 2-ish years.
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Old 15-02-2016, 09:14   #10
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Speaking from my Dad's experience....
1st time, he kept the house
Boat sank after hitting a reef.
He was happy to come back to something.
2nd time, he sold the house.
When he came back, he had to start over finding a suitable house.
Total pain. He regretted it mightily.
Conclusion: keep the house and rent it out.

Personally: the Admiral would NEVER allow me to sell all the accumulated valuable(?) treasures we have. If I was so lucky as to convince her to go on cruise semi permanently, well we'd be storing a ton of stuff and renting out the house.
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Old 15-02-2016, 09:16   #11
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Your post sounds like the house in its current condition is uninhabitable and may be unsalable. That leaves you a simple choice between restoring it or fitting out your new boat. Either one will take lots of money and energy. Attempting to do both is asking for trouble. If your priority is the boat then you have a second simple choice between bulldozing the house to clear the land or attempting to sell the property 'as is'. Making that choice requires local real estate knowledge and I suggest you consult a pro. Good luck as you proceed with your plans.
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Old 15-02-2016, 09:19   #12
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

I'm kinda in the same boat although unfortunately still 2-3 years down the road, was originally thinking sell everything to put the money from the house into the boat and or cruising kitty and worry about what to do and where to do it when we're eventually done sailing, whenever that may be, live for today not tomorrow. I'll be 54ish when the plan hatches, 51 now and have already had a mini stroke a couple months ago, no lasting effects, so am really in the live in the moment mode but unfortunately have to wait for some recreational property to sell before getting the final boat but lately have been wondering if it would be better to have something here rented out, give it to a property management company, they handle everything, if the mortgage, taxes, management fee is all covered by the rental income, great, best case scenario being after all that, if it still puts $100-200 a month in my pocket even better, it can go towards fuel, food, beer etc, each month, every little bit will help. Still undecided which it will be, although the overall financial situation I'm sure will decide it in the end, main objective is to just get out there.
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Old 15-02-2016, 09:22   #13
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

The things you own end up owning you.

-- Tyler Durden
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Old 15-02-2016, 09:23   #14
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Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

SELL.

So long as you have a house ready and waiting, you are not really "living" on the boat...it is a shoreline tied fast. Time to cut the cord, leap from the nest, and don't look back. You don't need that magnet drawing you back.

The cost of owning a home you are not living in must be huge...property taxes, utility bills, all that capital sitting there. Even if you rent it out, there is property management, insurance, leases, tenants and headaches...your mind will always be thinking about the property.

For what the property costs to sit empty, you could stay in a 5 star hotel whenever you need a break from the boat. Many hotels give a nice monthly rate.

The only reason I can think of to keep the property, would be if you are so wealthy that the cost is not important. In which case, sell the property, you can always buy another.

Think about your obituary...will it say "had a nice home to come back to" or "sailed the world and never looked back"?

Life is about living, not what you own.
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Old 15-02-2016, 09:24   #15
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pirate Re: Newbies ask the Old Salts : did you "Sell everything" OR "Keep a home Base" ?

Quote:
Originally Posted by WindwardPrinces View Post
The things you own end up owning you.

-- Tyler Durden
A+1...
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