What it cost to have and use boat for 84 months

[sailorboy1]

So I will be getting out of boating and going to dirt soon. Part of that is understanding how much I can spend on dirt living so I am comparing it to boat living. I am on month 89, but am going to use the first 7 full years as a basis. I figure I know how we lived during that 7 years and if we spend the same amount on our dirt dwelling we basically live the same.

So for 7 years the cost of boat maintenance, repair, upgrades plus fuel, marina, electric, registration, and insurance works out to an average of:

$1399.62/mo

If I factor in the purchase cost of the boat less the agreed value I expect the insurance is going to payout it becomes:

$2054.38/mo

Thought maybe those currently living on land and thinking of switching to boat living might find it of use.

[sailorboy1]

so unusual this thread got 0 posts

[Captn Caveman]

Thanks! I find this type of info very encouraging for my future plans. This was east coast US/bahamas primarily?

[Shrew]

Originally Posted by sailorboy1

so unusual this thread got 0 posts

Discussing cruising costs is discussing financing a lifestyle. More like discussing the cost of a cruise or vacation.

Discussing income and expenses for life is just 'personal finances' and seems so much more taboo.

I'll bite. What's next? rent, own, cohabitate with relatives?

Is there a cautionary tale about liquidating appreciating assets for depreciating assets and the inevitability that we almost all tie the lines back up eventually?

Not being a smartass. You asked

[KTP]

I'll bite. Assuming you have $2000 a month to live on land, what you will need for comparison is a waterfront condo, house or apartment with about the same living space as your boat. I would say 400 or so square feet?

Probably the smallest comparison is a 1 bd condo or apartment, unless you can find a tiny home.

Now to find a waterfront 1 bd apartment or condo...

You may find water/power/sewer/insurance plus rent of a 1 bd waterfront apartment to eat up a lot of that $2000 a month in some real estate markets.

[MicHughV]

Well, to start off...depends if you buy or rent a place ?
Right there is typically a big chunk of money.....I'd say $2,000/month average.
Then comes real estate taxes, condo fees, if this is where you end up, insurance, etc., probably, $2-3,000/annum, maybe more.
Electric and Internet service probably $300/month.
You'd need to set aside some $$ for maintenance....new stove..fridge....a/c, etc.
You'll need a vehicle or two to get around, that has a cost.

Adding it all up, yes, living on a boat at a marina is likely less $$$ by a large margin....

Difficult to pin this down as there are so many variables.

[sailorboy1]

Originally Posted by Shrew

Discussing cruising costs is discussing financing a lifestyle. More like discussing the cost of a cruise or vacation.

Discussing income and expenses for life is just 'personal finances' and seems so much more taboo.

I'll bite. What's next? rent, own, cohabitate with relatives?

Is there a cautionary tale about liquidating appreciating assets for depreciating assets and the inevitability that we almost all tie the lines back up eventually?

Not being a smartass. You asked

We sold our land house asset 7+ years ago and put the money into the market. Where it made WAY more than it would have as a house.

We are looking a buying a house here in Jacksonville Fl. The are fully redone 2-3BR house here for $150-2000K. On the $150k house after $50k down it would be about $1100/mo aft P&I, taxes, insurance, and utilities

[MicHughV]

Depends on where you chose to live in J'ville I Guess. Real estate is not my bag so can't offer any opinion there. I know that closer to the beach the price goes up substantially. I understand J'ville Beach properties go for north of $500K these days for a simple 2-3 BR house.

[mvweebles]

We live in the other side of the state in near St Pete. Our house is paid for as is our car. We live comfortably but not extravagantly. Our joint expenses run around $4500/mo which includes insurance, taxes, food, repairs, travel, medical, etc. We go out to dinner when we are inclined.

We've been slowly moving our boat from California to Florida so our land expenses are near zero (taxes, utilities, garbage, sewer, etc.). Cruising in Mexico isn't too expensive. I'd say we're still close to the $4500/mo number even though we're cruising.

I don't see $2000/mo in our future. But it may be how it's calculated.

[sailorboy1]

Originally Posted by mvweebles

I don't see $2000/mo in our future. But it may be how it's calculated.

That is boat costs plus deprecation only. No food or anything else.

[IRENE]

Many useful posts, thanks to all.

[mvweebles]

Originally Posted by sailorboy1

That is boat costs plus deprecation only. No food or anything else.

There has been some interesting analysis by a reporter with the WSJ lately comparing rent vs purchase of a home. Due to price increases in real estate, his best thinking is that the balance has shifted more towards rent. It's a good analysis that includes investing of down payment, recovery of real estate agency commission, maintenance, taxes, etc.

On the other had, depending on your age but if over 60 or so, a traditional 30-year mortgage will outlast your reasonable lifetime so argues in favor of purchase.

My wife and I have been kicking around 'whats next' as we work our way south to the Panama Canal. One thing we're sure of is we wont buy. We'd rather rent a few months in a location then move on. We really like Mexico, but Portugal is also on our radar. Either are cheaper than the US.

Good luck with whatever you decide.

Peter