Originally Posted by gonesail
pay cash for the boat if you can. also beware of needing to do work on a boat while living aboard
.. speaking from experience. some jobs make a huge mess and you will spend much of your time cleaning
up every afternoon so you can live in the boat.
Good advice. Whatever you do, do not get a loan for a fixer-upper. Even if you buy something in perfect condition you are soon going go to need more money
to fix it.
But... owning and living on a boat is far cheaper than owning and living in a house. Put the difference into paying off your loan quickly and then into savings. You will be way ahead of the dreamers.
You have the most important ingredient already - both partners are on board with the idea of living on a boat.
Most people we meet on cruising boats have waited until retirement
and their vigor has left them. It's east to say "pay cash" when you have a lifetime of savings behind you. Don't be wait until you are too old to enjoy the lifestyle.
Taking a loan out for a live aboard is far smarter than taking out a loan for a cruising boat you use a few time each year. People take out loans for much sillier reasons - like new cars and other accessories to land based lifestyles.