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Decisions decisions!!!!!!!!

carp-addict

By carp-addict
in General Boating

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carp-addict Contributor

carp-addict

Posted
Posted

Hi to all I have been a silent member of the forums since 2008 and I have read many posts by different people so I know what a helpfull lot you all are.Ive wanted a narrowboat for many years and potentially I may be able to purchase one next march.Heres my dilemma I am also keen to pay off my mortgage so my choices are

A.Stuff the mortgage you only live once and get a boat

 

B.be sensible pay the house off and end any chance of repossesion further down the line

 

C.pay half the mortgage off and buy a cheaper boat

 

Decisions decisions ive never been good at making the right one

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MHS Experienced

MHSDonate to Canal World

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C) sounds a good compromise. A cheaper boat may not have satellite tv, granite work tops and thrusters ( you dont need them all anyway) but will still let you enjoy the canals.

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Tony Brooks Veteran II

Tony BrooksDonate to Canal World

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I suppose it all depends upon the amounts you are talking about. £25,000 will get you an older but perfectly good boat. £12,500 is much more likely to get you a load of expensive trouble.

 

FWIW I in effect took option C and am very happy with the cheaper boat (£25,000 13 years ago and still going strong).

 

Mind you a number of my Motor Vehicle students told me to my face that I was mad because I could get a good Merc or BMW for that money - I got a Skoda so i could afford the boat.

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the barnacle Proficient

the barnacle

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In your position i would spend your money on a boat.If you ever have problems paying your mortgage the boat can always be sold.

 

Ian.

I was just about to type the same - I am in the same boat as you (sorry about the bad pun lol) my thought is to get a boat but be sensible at the same time.

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carp-addict Contributor

carp-addict

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Thanks for so many replys so quick fwiw there will be around 45k left on the mortgage.If it was purely down to my choice(the missus will have a say)i would def go for the option to liveaboard and rent the house out however the best option may be to pay half the mortgage keep 20k back for a couple of years as an emergency and continue to pay the mortgage and then buy a boat.Heaven knows what it will be like when I actually get around to viewing boats with a view to buy.

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Rob-M Veteran II

Rob-M

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I would keep paying some of the mortgage rather than getting a marine mortgage as house mortgages are generally lower interest rates. I would start viewing boats if I was you and see what you could get for half or all of your budget and then decide the best option.

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carp-addict Contributor

carp-addict

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I am 42 and I have to agree you life flies by and it can also throw some nasty curve balls your way.Part of me wants to live for now as I have saved for years to be in this posistion however it would also be a godsend to get rid of the ball and chain round my neck called the mortgage.Oh well back to dreaming for the next 12 months.Incidently whats the average age for a boater if i was to guess i would say 50+ but not so sure.

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Ange Veteran

Ange

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Sell house, pay of mortgage, buy flat with remaining money, buy nice boat to live on, rent flat, live of rent and travel the network. God I've gone wrong somewhere!

I'm with this one. No mortgage, foothold in the property market, boat and an income (though it might be a bit ambitious to think you can live off it!)

 

Our 57ft boat is 20 years old and cost us £25k before the prices took a nose dive. With a bit of shopping around you should be able to get a perfectly decent boat for £20k

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Troyboy Community Regular

Troyboy

Posted
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Whilst your first post mentions what you want you later mention your wife . What does she want ? Not sure if there are any children as well . As someone who has paid off the mortgage I can tell you it is a nice feeling but life is for living and if you have always fancied a narrowboat then go for it . Option C gives the best of both worlds .

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carp-addict Contributor

carp-addict

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Thanks a bit more info my youngest daughter is 14 so theres no way she would agree to life on a boat so option D isnt an option that would be my route given different circumstances.The wife would like a boat but i am pretty sure she isnt as mad keen as myself.I suppose the other alternative is to do nothing for another 8 years and then the morgage will be minimal anyway,the thing what concerns me is health (over 40=at risk)and I would hate to finally get in the ideal posistion only to be too imfirm as I am not buying into the notion from the goverment that everyone is living longer

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sueb Veteran II

sueb

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If you go down the selling house buying boat route make sure your wife is happy living on the boat by herself. It may just be a short trip to hospital or could be permanent.

We have had to give up boating as I am no longer strong enough to change a gas bottle.

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jonathanA Experienced

jonathanA

Posted
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pay off part of mortgage - buy cheaper boat.

 

thats what I did. We don't want to live full time on a boat, we'd hired a boat quite a few times and borrowed a friends so knew we wanted one... longer term we might downsize the house and buy a 'better' boat if as I hope we are in a position to go on extended cruises but still hve to earn a living....

 

you don't say whether you've had any boating holidays if not don't do anything until you've tried it...

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