Is this a sound approach?

[Fitzbev]

Hi everyone,

I wanted to get your opinion on our approach to moving from land lovers to sea lovers (live-a-boards). Background: We currently have a small home on a river that has access to the ICW and Gulf of Mexico (45 Minutes) which is paid off. We have never owned a boat larger than a 26ft ski boat but have been boating for years. Retirement is in two years or so around the age of 59-60 with a moderate retirement income around $40-50K. Currently have very low debt to income ratio. Here is what we are thinking: Find a cruiser that is around 35-40ft, 2 saloons, 2 bath that was manufactured between 1998 & 2003 valued at <$100K (currently looking at a 2000, Sea Ray 380 Aft Cabin, fresh water boat offered at $85K, a bit high I think). Dock it at the house (depending on the draft) or the marina 10 miles away and practice living aboard, taking 1-2 week cruises along the gulf coast and up inland waterways. Basically see if we really like it. Finally, try to pay off the balance, if possible, before retirement, sell most everything and move aboard. Based on what I have read on the forum we would likely want to get into a bigger boat down the road but not sure how the finances would handle it. It seems my situation is likely more common than most who have the benefit of a much higher income bracket so I imagine many subscribers will b interested in your opinions. Also, any thoughts on the boat we are considering?

Your assistance is appreciated, we love this forum!

Fitz & Bev

[GordMay]

Greetings and welcome aboard the CF, Fitz & Bev.
It sounds as though you have the beginnings of a good plan.
You may wish to delay selling off the small river access home (rent it out), until you've experienced "live aboard" for about a year or so.

[Fitzbev]

Originally Posted by GordMay

Greetings and welcome aboard the CF, Fitz & Bev.
It sounds as though you have the beginnings of a good plan.
You may wish to delay selling off the small river access home (rent it out), until you've experienced "live aboard" for about a year or so.

Sorry, I missed that. Exactly what we were planning to do, probably keep it to supplement retirement income and give us a place to return to should health issues arise. Thanks

[Blue Stocking]

The most important requirement when transitioning from shore-living to boat-living is an open mind. Nothing is the same. Space/size is irregular and much reduced. No 2 persons in the galley comfortably. Definitely more patience is required. Most importantly, one of you will more readily adapt to the changes, which is why Gord's advice is good. BUT when it comes together for you, you will kick yourself for not doing it earlier. Best of luck, and

[GordMay]

Originally Posted by Blue Stocking

... Definitely more patience is required ...

And simple civility, thoughtfulness, & sensitivity (to others).

[Fitzbev]

Originally Posted by Blue Stocking

The most important requirement when transitioning from shore-living to boat-living is an open mind. Nothing is the same. Space/size is irregular and much reduced. No 2 persons in the galley comfortably. Definitely more patience is required. Most importantly, one of you will more readily adapt to the changes, which is why Gord's advice is good. BUT when it comes together for you, you will kick yourself for not doing it earlier. Best of luck, and

Thanks for the advice, we currently own a RV (Truck Camper) and are familure with close quarters. However, we do see a big difference in that with the RV you can escape to the outside and take a long walk if you need some alone time; not so much on a boat. Something to consider for sure!

[Drew13440]

Looks pretty sound to me, congratulations on your impending retirement. Without knowing your specific plans, you might consider a true trawler in lieu of the Sea Ray. Nice boat, but could easily cost $1,000 a day to fuel it when you're on the move. Seven grand to do a week-long trip is a lot of loot...

[skippy]

Welcome! You guys are running a very similar path of ours. We have retired as of this year. Keeping 1 condo, selling other properties(all paid for). We went with a larger boat 2 years ago in preparation as we didn't know if we could get a loan with no job income. Even though we have all the assets we didn't want to take that chance. And the assets are for living expenses year to year. Our retirement is being supplemented by passive income(rent, stocks, investments etc).
Best to ask your self what kind of cruising you want to do. We are fair weather, easy cruising, doing Caribbean, East coast etc.. Mexico is not in our agenda(at least for now).
You have a good start, but in my opinion, take 4 weeks to 6 weeks on the boat away from home and away by meaning "miles". A week is kind of too short to really realize
you have no dirt to run back to. We took 6 weeks 5 years ago and it was very sad coming off the boat, so we knew we could do it.

[Bill Conlyn]

With over 50 years in boating maintenance, I would strongly recommend you look at diesel powered vessels trawlers or other wise. Definitely have a through engine survey done and look for a vessel with low hours called a dock queen. If you are not familiar with the reasons for going with diesel power please look them up.

[Cadence]

Originally Posted by Fitzbev

Hi everyone,

I wanted to get your opinion on our approach to moving from land lovers to sea lovers (live-a-boards). Background: We currently have a small home on a river that has access to the ICW and Gulf of Mexico (45 Minutes) which is paid off. We have never owned a boat larger than a 26ft ski boat but have been boating for years. Retirement is in two years or so around the age of 59-60 with a moderate retirement income around $40-50K. Currently have very low debt to income ratio. Here is what we are thinking: Find a cruiser that is around 35-40ft, 2 saloons, 2 bath that was manufactured between 1998 & 2003 valued at <$100K (currently looking at a 2000, Sea Ray 380 Aft Cabin, fresh water boat offered at $85K, a bit high I think). Dock it at the house (depending on the draft) or the marina 10 miles away and practice living aboard, taking 1-2 week cruises along the gulf coast and up inland waterways. Basically see if we really like it. Finally, try to pay off the balance, if possible, before retirement, sell most everything and move aboard. Based on what I have read on the forum we would likely want to get into a bigger boat down the road but not sure how the finances would handle it. It seems my situation is likely more common than most who have the benefit of a much higher income bracket so I imagine many subscribers will b interested in your opinions. Also, any thoughts on the boat we are considering?

Your assistance is appreciated, we love this forum!

Fitz & Bev

If you can swing it, keep the house. Having a dock will save you a fortune if you don't plan on cruising far and wide. Rent it with the proviso that you have the dock and utilities.

[Cheechako]

I like the plan. Especially keeping the cabin on the river and boating from there. Be aware that power cruisers eat a lot of fuel unless you go to a trawler or other displacement hull with a diesel engine. Unless you are in protected waters most all the time , often you cant go fast anyway due to sea conditions. So that is something to think about.
The other advantage of a trawler or similar type is often much of the cabin is big, light, and open to view your surroundings. You can sit at anchor in the am and have your coffee and look around. A Sea Ray or fast cruiser is like a cave most of the living space below.

[Suijin]

In short, sounds like a fine plan. I'll just add that after your 1-2 week jaunts, you should plan on a couple of multi-month excursions. One to two week jaunts don't present you with everything you need to deal with living aboard, whereas longer trips do. A few of those will help you to plan for casting off in earnest.

I'd also suggest that you look at a few trawler style boats. Sips fuel, comparatively speaking, and more room per foot.

[kentobin]

This thread reminded of a couple who were planning on retiring to a 50+ foot sailboat. I asked them, "why so large you may need crew to help sail her". The wife replied to the effect "sometimes you need a place big enough so you don't see each other".

[Peregrine1983]

+1 for diesel engine/s and a trawler for full time cruising

[taxwizz]

Originally Posted by Fitzbev

Thanks for the advice, we currently own a RV (Truck Camper) and are familure with close quarters. However, we do see a big difference in that with the RV you can escape to the outside and take a long walk if you need some alone time; not so much on a boat. Something to consider for sure!

You can always jump overboard and go for a long swim.
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