Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 06-06-2019, 09:49   #16
Registered User
 
MartinR's Avatar

Join Date: Feb 2015
Location: Sweden
Boat: 73´ULDB custom ketch
Posts: 1,016
Re: House or Boat???

Quote:
Originally Posted by Phil5764 View Post
Thanks Martin, not sure a 42 would come within my budget, unless it's quite old and needs quite a bit of work doing to it. I may stand corrected.
All of these are quite old, but 100k should be enough for a nice one. But there are many nice yachts available for living aboard. Moodys are quality yachts and readily available in the UK.
MartinR is offline   Reply With Quote
Old 06-06-2019, 09:51   #17
Registered User
 
MartinR's Avatar

Join Date: Feb 2015
Location: Sweden
Boat: 73´ULDB custom ketch
Posts: 1,016
Re: House or Boat???

Boats make more sense than the lottery. At least you know you will loose
MartinR is offline   Reply With Quote
Old 06-06-2019, 09:53   #18
Registered User

Join Date: Feb 2018
Posts: 16
Re: House or Boat???

Lol. Thanks
Phil5764 is offline   Reply With Quote
Old 06-06-2019, 09:54   #19
Registered User

Join Date: Aug 2018
Location: Hudson Valley, NY
Posts: 364
Re: House or Boat???

Quote:
Originally Posted by Phil5764 View Post
Ha, it was the comparison I guess I was asking about and whether others had the same dilemma and what/why they chose it.
I have considered getting a little day sailor but it doesn't satisfy the going further afield and travelling etc
I am in a somewhat similar position. I would like to own a sailboat, but I'd be on the Hudson River (good for daysailing, not so good for cruising). The season is also only 6 months. It ends up being quite expensive if you do the dollars/time on the boat math (not that a boat ever isn't expensive). So I decided to wait a bit on owning a boat and will charter for vacations in the meantime. I also found a local racing club and am crewing most Sundays during the season.
Pete17C is offline   Reply With Quote
Old 06-06-2019, 10:00   #20
Registered User
 
grantmc's Avatar

Join Date: Jul 2013
Location: home town Wellington, NZ currently Savusavu Fiji
Boat: Reinke S10 & Raven 26
Posts: 809
Send a message via Skype™ to grantmc
Re: House or Boat???

I don’t understand the comparison between buying a boat and buying a house. To me a boat isn’t an asset in any way comparable to a house. Houses appreciate boats depreciate (over the long term, but sure there are risks too).

And bad things can happen to boats that wipe out their value. They sink, breakdown, rust, crack, get washed away by storms, get stolen, are driven in to hard things. The repairs can become uneconomic. And sure bad things can happen to houses too, earthquakes, volcanoes, storms, floods etc. But it's much easier to insure a house.

And so I would always be reluctant to ever owe money on a boat. To me they’re really just toys.

What do others think?
__________________
Grant Mc
The cure for everything is salt water: sweat, tears or the sea.
grantmc is offline   Reply With Quote
Old 06-06-2019, 10:08   #21
Registered User

Join Date: Aug 2018
Location: Hudson Valley, NY
Posts: 364
Re: House or Boat???

Quote:
Originally Posted by grantmc View Post
I don’t understand the comparison between buying a boat and buying a house. To me a boat isn’t an asset in any way comparable to a house. Houses appreciate boats depreciate (over the long term, but sure there are risks too).

And bad things can happen to boats that wipe out their value. They sink, breakdown, rust, crack, get washed away by storms, get stolen, are driven in to hard things. The repairs can become uneconomic. And sure bad things can happen to houses too, earthquakes, volcanoes, storms, floods etc. But it's much easier to insure a house.

And so I would always be reluctant to ever owe money on a boat. To me they’re really just toys.

What do others think?
Well, you can't take your house to the Caribbean for vacation.

If you can only afford one, and you want to go cruising, your choice has been made.

And while the OP is talking about buying a house, if you're renting a place it might make even more sense.
Pete17C is offline   Reply With Quote
Old 06-06-2019, 10:09   #22
Registered User

Join Date: Feb 2018
Posts: 16
Re: House or Boat???

Thanks for your reply, I guess it depends on what you want out of life. My dream has always been to finish my career and travel by yacht sailing and seeing the world. Ideally, I'd love to have both, but my finances don't allow for that so it's about asking others how they chose, their reasons and how it worked out. I guess the things you mentioned are the reason you have boat insurance. I don't disagree with you, but for me it's a boat or a house and sometimes seeking the views of others who have had the same dilemmas often answers the concerns you may have
Phil5764 is offline   Reply With Quote
Old 06-06-2019, 10:11   #23
Registered User

Join Date: Feb 2018
Posts: 16
Re: House or Boat???

Absolutely. ��
Phil5764 is offline   Reply With Quote
Old 06-06-2019, 10:16   #24
Registered User

Join Date: Mar 2013
Posts: 2,762
Re: House or Boat???

Quote:
Originally Posted by grantmc View Post
I don’t understand the comparison between buying a boat and buying a house. To me a boat isn’t an asset in any way comparable to a house. Houses appreciate boats depreciate (over the long term, but sure there are risks too).

And bad things can happen to boats that wipe out their value. They sink, breakdown, rust, crack, get washed away by storms, get stolen, are driven in to hard things. The repairs can become uneconomic. And sure bad things can happen to houses too, earthquakes, volcanoes, storms, floods etc. But it's much easier to insure a house.

And so I would always be reluctant to ever owe money on a boat. To me they’re really just toys.

What do others think?
You are, of course, correct. Nobody ever claimed boaters were mathematicians.

I spent part of last year on a broken boat in a marina. One thing that I noticed was that the boats around me weren't leaving the marina any more often than I was.

The smart money for most of them, by objective analysis, would be to buy a house and charter a boat for the two weeks they actually wish to sail.

The only place the math actually works out is for people who move their boats. Sadly, they appear to be in the minority. Chalk it up to human nature.

On the other hand, marinas are waterfront property, and you have some decent neighbors.
letsgetsailing3 is offline   Reply With Quote
Old 06-06-2019, 10:16   #25
Registered User
 
pcmm's Avatar

Join Date: May 2014
Location: Whitby, Canada
Boat: Morgan Out Island 41
Posts: 1,340
Images: 2
Re: House or Boat???

Quote:
Originally Posted by Phil5764 View Post
Thanks for the reply. How do you deal with the condensation? Do you use a dehumidifier?. Do you regret moving aboard?
To deal with condensation we kept air moving through both a bit of ventilation and keeping hot air moving. For hot air we had a fan blowing air over the chimney of our Dickenson heater (running most of the time) which helped alot.

air flow under mattresses is important as the human body generates alot of moisture!

We really enjoyed the liveaboard life and only moved off to start a family. Before kids we were liveaboards for 5 years summer and winter and are planning to do it again once the kids leave the nest!
pcmm is offline   Reply With Quote
Old 06-06-2019, 10:21   #26
Registered User
 
MartinR's Avatar

Join Date: Feb 2015
Location: Sweden
Boat: 73´ULDB custom ketch
Posts: 1,016
Re: House or Boat???

Nobody knows what will happen in the future, but if you buy a house and keep it for 8 years, in all likelihood you will make a lot of money when selling it. Money you could put into a boat.

Also a thought to consider.

The reason I stopped living on the boat was because I lost her. Then I bought a house and have lived for free since because of appreciation. The house has also financed parts of my boat ownership.So this is not an easy question to answer. Financially boats make no sense.

Also, if you read the ads, forget asking price. You will get most boats much cheaper. This is a buyers market:-)
MartinR is offline   Reply With Quote
Old 06-06-2019, 10:28   #27
Registered User

Join Date: Feb 2018
Posts: 16
Re: House or Boat???

Thanks to everyone for your comments, really interesting reading them all and gaining the views of others.
Phil5764 is offline   Reply With Quote
Old 07-06-2019, 03:06   #28
Moderator
 
Pete7's Avatar

Cruisers Forum Supporter

Join Date: Aug 2009
Location: Solent, England
Boat: Moody 31
Posts: 14,745
Images: 14
Re: House or Boat???

Phil, I think you have to accept that if you are 46 with a £100k you can't do both house and yacht. Nor can you buy and pay off an average house to own outright before retirement even if you extended the date a few years. I am assuming a small modest house at £250-300k in Devon. So you will have to rent a house or flat in retirement and nothing wrong with that. Home ownership in the UK has dropped below 50% for the first time in decades.

Interesting article in the Dailymail last week of someone taking a 25 year mortgage out in their 70s. Why? well initially this looks like madness, but if it's interest only the payments are much cheaper than rent, they own the house or at least have security, so not subject to the whims of a landlord and when they die the bank can sort it all out.

The other option is to use half to do a BTL, but the recent tax changes make new "buy to lets" less profitable, so that bird has really flown. I missed that one too.

So what else could you do? Well could you accept a slightly older boat? perhaps like this:

https://moody.apolloduck.com/boat/moody-419/600718

Then invest the rest long term. Wifey has a pension lump sum in an investment platform with Old Mutual. It cost a bit to get an IFA to set it up, but even with the trail fee each year it is doing very nicely and far more than I expected. It requires no action as we automatically accept the investment recommendations OM make, because that is what we pay them for. Over time this would give you the security of a modest lump sum towards retirement and the boat with lots of space to live on now.
Attached Thumbnails
Click image for larger version

Name:	875467.jpg
Views:	20
Size:	69.7 KB
ID:	193427  
Pete7 is online now   Reply With Quote
Old 29-06-2019, 14:07   #29
Registered User

Join Date: Jul 2018
Location: on the water (currently in Caribbean)
Boat: Bali 4.0
Posts: 258
Re: House or Boat???

Why not both??

Depending on what the nearby rental situation is, or appreciation in general, it seems with 8 years advance notice you could find a low cost of entry house that you could live in until youre ready for the next phase, fix it up or improve it (which will be all good lessons for future boat projects), and then when youre ready to move onto a boat you should have enough appreciation to pull out some money for the boat and then rent the house (or worse case scenario... sell the house for boat funds with extra set aside for your cruising funds).

Honestly, if you do a good enough job with the renovations, 8 years is probably enough time to renovate, pull out some equity to buy a second home and repeat... then youre well on your way to living off the rental income rather than your savings.

Good luck with it all!
__________________
Enjoy the Journey!
www.theDangerz.com
@theDangerz
theDangerz is offline   Reply With Quote
Reply

Tags
boat

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Reg Sense +/- to #1 House when House failed rgleason Electrical: Batteries, Generators & Solar 3 22-06-2018 17:23
An Alternative to Chartering: Can I Use My Boat as a Club House? Geminidawn Rules of the Road, Regulations & Red Tape 5 07-02-2010 11:18
Swap your boat for my house for a month? edsailing Sailor Logs & Cruising Plans 0 17-11-2009 03:56
Sold the House, Buying the Boat and Off We Go neurotica Atlantic & the Caribbean 15 06-08-2009 10:11

Advertise Here


All times are GMT -7. The time now is 10:51.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.