How Much Money Do You Need to Live Aboard ?

[Catamoron]

I'm sure this topic has been addressed in some form or another, but wanted to get opinions on my specific number-crunching and if my plan sounds reasonable to do.

The plan: I am in the process of saving to pay cash for a catamaran, and I figure that my budget will be $150k. I know that will only get me a 1990 to 2000 model 35'-38' and am crossing my fingers that I'll be able to find one in decent shape when my money-gathering is done. I also have 2 rent houses that gross me about $1500 per month (after all costs associated with them is paid) so that will be my monthly budget that I'll have at my disposal. So, if the boat is paid for, and I have a modest monthly income, will that get me by considering that I will have to have a bucket that I put back for maintainence costs. By the time I pull the trigger, I might also have another rent house that brings in another $1000 per month, bringing my income to about $2500-$2700 per month. Obviously, the more money per month I earn, the easier, but am curious if the first figures I mentioned are possible to be comfortable on the water and cruise the carribean without completely being broke doing it.

Note: I have no other debt whatsoever, and plan to sell off everything I have prior to jumping into this (home, cars, boat, RV).

Do the numbers add up, or am I missing something? To me, it sounds very do-able, but I don't live on board and I know that a lot of you here do....

Thanks for the help.

[Unicorn Dreams]

Spend $100K on the boat, $40K to outfit, $10K emergency fund.

[JonathanSail]

Catamoron,

It's more than enough to liveaboard and cruise. It may not be enough to do these things in a style that you desire, or may be plenty and extra. Here are a few threads which may help you get ideas on the costs involved:

http://www.cruisersforum.com/forums/...ing-56694.html

http://www.cruisersforum.com/forums/...nth-40051.html

Jonathan

[MarkJ]

Originally Posted by Catamoron

I figure that my budget will be $150k. my income to about $2500-$2700 per month. .

Thats the perfect amount for a good size modern monohull. But scraping for a cat. Unless, as you say you want an old bomb.

Remember cats cost double to fuel, berth, maintain and scrape. But $150k and 2,7k per month would put you in a great position on a longer but narrower vessle.

Its not an anti cat sentiment, its a financial one. With that kind of money it would be a shame to still be pinching!

[Catamoron]

JonathanSail,

Am I doing something wrong or are those links dead?....they don't go anywhere, at least from my work computer they don't.

Thanks for the input so far.

[Catamoron]

MarkJ,

Not really wanting an old bomb, but would consider spending the 150k to get into it, and then take some time to refit after that. Been seeing some in that price range a little more frequently lately....although I have not stepped aboard any in that range yet. But my main concern was the monthly costs of cruising, and obviously that depends on how much I'm tied up and how much I spend sailing it - like somebody else has said, it costs nearly nothing to sail the Atlantic, its when you tie up that you start spending the $.

Also, I have checked your site out briefly, and looks great....so if mono is the way I end up going for $$ reasons, how has that Beneteau 393 been to you? Heard all kinds of things about all kinds of boats and suspect you will have good things to say about it.....anything that you don't like about it?? is there something else that you would like to have if you were to get into a different vessel?

[Unicorn Dreams]

The links are CF links, all worked good for me...

[Catamoron]

oh,...for some reason on another comp, they work, thanks.

[Catamoron]

Great links, thanks....I guess I should have just searched for it on my own, but the info on the links give a great perspective on actual costs. Lets me know that I'm not too far off depending on the boat I choose.

[MarkJ]

Originally Posted by Catamoron

how has that Beneteau 393 been to you? .... is there something else that you would like to have if you were to get into a different vessel?

Its fine. But for your budget you can get one much bigger. Bigger is definitly better. As you are becoming aware its all a massage of the upfront cost and the monthly income.
Your monthly income will be fine. Not 'enough', but certainly enough if you are prudent. Its in about the top 20% of cruisers who responded to a poll here on cruisers forum.

But the boat value for a cat can put you in the boat age group that the maintenance starts building, plus the other higher costs of a cat.

At $150,000 mono you could be looking at a 46 ot 47 footer 5 years old. They are quite substanital boats at sea. Substantial in entertainment space too.

But with, say, $250k then thats enough for a 41+ foot cat 5 years old an dfor a cat thats a substantial size.

All I know is there's lots of people who simply can't afford to eat out ever, can't afford a beer unless its happy hour, and have arguments that are financial based. So whatever you decide to do make sure that monthly income is maximised and you build in a buffer if one place isnt rented for a while.

[maytrix]

The problem with a question such as this is you need what you need

Everyone's needs are different. There are some that can get by on $500 a month. I'm not sure that would suit my wife and I.

The biggest factors to figure out are what your potential non-discretional costs would be. Insurance, boat maintenance, rental property maintenance..etc. And what's the minimum you could live on?

It sounds to me like you could certainly make it work with your scenario. If I was in your shoes, I'd possibly consider financing a portion of the boat just to keep a rainy day fund. You could easily pay the loan from your income. If buying outright means little left in savings, it wouldn't leave me as comfortable as I'd want to be - especially with a used boat that might need something unexpected.

[shadow]

Yah, your monthly income is plenty to live nicely on. I guess when you are ready, the cats will come down in price as everything, so far is heading south, so you may get a great deal in a cat, if not, Mark is right, you can get a GREAT mono and have tons left over for cruising kitty.

I know people who live on less then 500 per month and do GREAT, and others who think a penny below 10,000 is insulting!! Once you figure out your comfort zone, you will easily adapt.. Regardless of your choice, have fun!!

[Jerry Woodward]

Originally Posted by MarkJ

Thats the perfect amount for a good size modern monohull. But scraping for a cat. Unless, as you say you want an old bomb.

Remember cats cost double to fuel, berth, maintain and scrape. But $150k and 2,7k per month would put you in a great position on a longer but narrower vessle.

Its not an anti cat sentiment, its a financial one. With that kind of money it would be a shame to still be pinching!

Mark

The OP wants to cruise the Caribbean, so a Gemini 105MC could be a good solution. You can get a decent late model for 130-150K. While some cats may cost double, I can't see how a Gemini would cost any more than a mono. Single diesel engine, narrow enough to fit into standard slip, weighs much less than a mono. Am I missing something?

[cvondo]

Go for the cat! Lots of cats to be had for 100 to 150. Offer half of what they ask and keep going till one bites ! I spent 1000 $ over 5 months. I sailed 98% of the time and fished like crazy. Cats are no more expensive to maintain. I never went to a Marina for the night ever. They are more comfortable at anchor so no need to go to a marina. They sail with less wind by and large. The key is sail the boat and do not go to marinas or all bets are off. I have a st Francis 44 1994 and it's just as good as new because they are so well made . Party like a freak and live like ya do in the states yes you will spend like an American . Sail and catch those free fish! Live like a frugal sailor. Cast off those golden shackles.

[Captv]

I often wonder what is wrong with the world...Not wanting to get too philosophical here, but it seems to me that what is wrong is the perception. Is modesty in everything really o out of style? $150 Gs can get lot of boat. I suppose we all hae outr comfort zones and what are our expectations from living the cruising lifestyle. Having said that, if my desire to go cruising is so strong and it comes down to finances, with your budget, both for boat purchase and monthly expenses, I would make some adjustments in my choices that wouldn't require great compromise either. Its just me, but I have seen some great and proven designs and built monohulls, for around $75-100 thousand that would need nothing or very little to outfit. That leaves a nice chunk of change as a back up fund that can be invested conservatively for emergency back up. After that, once I get under way, I would at least for the first year or so chose my stomping grounds carefully to test the waters, so to speak. If chosen wisely, you can probably save some of that 2000-2500 bucks per month budget without giving up much if any. If you follow the flock, of course it will not work and also it is wise to make your own path rather then follow the patchs well beaten. I think if you stay away from the cliche tourist trps, or at least visit it smartly, you'd do well, not to mention you would have a better experience.
Again, its only me, but if I want to hang around with people from the country of my origin all the time, I can just stay home....right?
So this is just an other view on how things can be done. If your needs are such, that you have to have that floating condo, I think it would serve you better if you buy a large house boat and stay home. I live and wotk on the water 24/7/365 so my expectations may be different on what existing on the water is, but I never felt deprived of anything, even though I live life very modestly.
My fiscal security more then makes up for the minor sacrafice I feel I have to make. The recent financial difficulties through out the world should teach everyone, that cutting back and downscaling a bit on our bigger is better mentality is not so terrible after all.
Each to its own. I myself would hate to see myself having to give up cruising/living aboard because I was not willing to make some sensible and small compromise or living on the edge because my budget is so tight or marginal that the slightes hick up in the market would devastate my personal finances.
I guess the point I try to make is, that while we all make choices based on what we feel is right to us, don't ever think, that just because you have a 50 foot boat verses a 38-42 will be better. when the $hit hits the fan, your a$$ gets kicked by mother nature in a 220 footer too. Besides, you will never ever have the same space and comfort of a 2000 sqfoot house even on a cat for $150 Gs.
its just me....