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Release home equity to be a liveaboard

piedaterre

By piedaterre
in General Boating

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piedaterre Explorer

piedaterre

Posted
Posted

Apologies for the cross-posting but wasn't sure which forum's best to have posted this in...

 

A long story short is, having owned a narrowboat previously for leisure, I'm looking to potentially release equity in my property to allow the outright purchase of a narrowboat to live aboard.  I've priced up releasing equity to buy a newer much smaller boat for weekend use but the cost differential between that and a larger boat means it become a very expensive weekend retreat, rather than something that won't cost expedentially more to actually live on.

 

I'm in my mid 30s, single, no kids, no debts or commitments and I'm extremely fortunate to have a net income of around £3.2K a month.  My property is worth maybe £140K and I've just over £60K worth of equity in it.  I'm looking to take around £40K out of the property to buy a boat outright, in addition to what I've saved, meaning I've got a reasonable budget.

 

The intention is to let my place out, and after expenses and associated letting costs, there'll be little financial difference between land life and being a liveaboard.  But my mortgage is covered.  Having had experience of boats in the pst I think I've budgeted realistically.

 

It's a real heart Vs head decision.  One of the major influencing factors is the worth, salability and even usability of a diesel boat in the not too distant future due to diesel.  Will a £40-50K boat have any net value if diesel's impossible to come by, or at a price point that makes it prohibitive.  From what I've read, it'll not be as simple as sticking a hybrid engine and/or battery bank in diesel engined boat, cost aside, potentially rendering it worthless in years to come.

 

Appreciate life's not all about numbers and nobody knows what the future is but doing this is a massive financial change - most would think I'm mad and talk me out of it.  Many would be envious of my situation and a part of me thinks I'm mad for potentially compromising it!

 

Words of advise for those more wordly and wise would be appreciated!

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Posted
Posted
5 minutes ago, piedaterre said:

Hi Mike, apologised for cross-posting but have the same question asked in the liveaboard forum - wasn't too sure where to post the question

 

Don't worry, seen it now. No need to cross post, this is a VERY busy forum. Anything you post WILL be seen, wherever you post it.... 

 

 

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