Jump to content

Am I throwing away my nest egg?


MikeTren

Featured Posts

2 minutes ago, Alan de Enfield said:

I know this is 'oft said', but I do not think that a week or two is really sufficient - in that time you have not filled the toilet, not emptied the water tank, not needed to fetch / carry sacks of coal or gas bottles, in fact, it is just a Winter holiday, and, irrespective of what you are 'thinking' your body realises that it will all be over soon and you will be back to the conveniences of Bricks & Mortar living.

Unless you are going to hire for 2 or 3 months then the only way to actually experience the highs & lows is to 'just do it'.

I tend to agree, and we actually met a couple a few years ago that did this - they got a good deal from a hire boat company on a three month hire Nov-Jan when most hire boats are laid up anyway.  On the strength of that experience they did become full time liveaboards.  

OTOH I was talking to a couple on the marina recently who sold up, moved onto their boat and lasted one winter before moving back ashore.  They were lucky to have the money in the bank to do it.  

Mind, it only took a week in December to convince me I couldn't live on a boat full time..  

Link to comment
Share on other sites

We had this dilemma in 1980 we bought the boat,with an inheritance sum, when I was 21 moved to London to work. Then owning our home put a mortgage contribution into savings accounts monthly. When we had enough we bought a flat in a very cheap part of the U.K. ( cost less than the boat). Never lived in it.

37 years later I could afford a house in surbiton and an Audi if such things bothered me but I prefer retirement boat,skoda rented out house and no debt, and being away from lunun.

boats and houses have come along  including houses where we made loses yes it happens, but not paying interest if you can avoid it is a real bonus. That's why I feel sorry for today's graduates.

Link to comment
Share on other sites

1 hour ago, roland elsdon said:

We had this dilemma in 1980 we bought the boat,with an inheritance sum, when I was 21 moved to London to work. Then owning our home put a mortgage contribution into savings accounts monthly. When we had enough we bought a flat in a very cheap part of the U.K. ( cost less than the boat). Never lived in it.

37 years later I could afford a house in surbiton and an Audi if such things bothered me but I prefer retirement boat,skoda rented out house and no debt, and being away from lunun.

boats and houses have come along  including houses where we made loses yes it happens, but not paying interest if you can avoid it is a real bonus. That's why I feel sorry for today's graduates.

It sounds like you're doing exactly what I want to do. I've noted I should have enough change to buy a 3 bedroom ex council house in Coventry which I could rent per room to students for a good return. I'm yet to do any serious research, apart from looking at housing prices on right move. But it sounds much better to live on a boat in a lovely old city and let someone else pay my living costs. As long as, if in the future, I do want to move back to land I cash both in for a decent deposit it sounds like a good bet. 

Link to comment
Share on other sites

13 hours ago, MikeTren said:

 

Well exactly, I could spend the entire amount on buying a place I don't want and in an area I don't want to live in. Or live on a boat that I love and be happy. 

As for Oxford, I will be trying to hold out for central Oxford, having to drive does very poor things for a social life! Staggering home from the pub distance has to be what, a couple of miles? If I do have to go a little further out, I did have the very romantic idea, whilst a little drunk, of commuting into town on an inflatible dinghy and an outboard (my current boat). But more realisticly I'll be buying a Velosolex. It's small enough to fit on a cruiser stern or even on the roof at a push. They only go 35mph but ridiculously pretty!

Velosolex38000V761MGC.jpg

You will be very hard pushed to get a mooring in central Oxford  the only ones I can think of are above Isis lock and if you are mooring on the canal it is illegal to ride that along the towpath.

 

Link to comment
Share on other sites

3 minutes ago, Laurie.Booth said:

Good luck renting out to students, expect 0% return.

:(

I asked my Accountant for his suggestions on ‘best investments’ for the money we had from selling ‘the business’, whilst he pointed out that he was not a financial advisor, he was happy to comment on his own investments.

Best return in order of ‘percentage’

  1. Purchased several terraced houses in Lincoln which were let out to students – by far the most profitable, better than Peer to Peer.

  2. Peer to Peer lending at 12% pa.

  3. Premium Bonds

  4. Stock Market

Why would you consider Student lets to be a poor return ?

Link to comment
Share on other sites

3 hours ago, cuthound said:

I think the OP should hire a boat in December for a couple of weeks, to get a flavour of what it is like living on a boat when the towpath is muddy, the nights are long and it is cold and damp.

If he doesn't like it, then he will have saved himself the bother and expense of buying and immediately selling the boat and still have a share in the house thus being able to consider other options.

You raise a very good point, I must admit it is the winters that make me nervous. I have been researching the various options of heating systems etc. being woken early in the morning up by a noisy water pump in the central heating system vs. drawing short straws under the duvet for someone to run out and get the fire going.

But I'd be curious to what extent my current experience is applicable. I worked 3 winters as a punter in Cambridge, I would have to grit the deck to avoid slipping straight of the ice into the river and then break the ice in the boat to bail it. I'd be out all day and no matter what clothes you bought the run off from the punt pole would get into your gloves and feet. I'd be out for several hours every day. Of course I would go home to a nice warm flat with central heating and a hot shower and have 2 days off a week. But I find it hard to imagine narrow boat living being any worse. And I still enjoyed being outdoors. 

 

 

Link to comment
Share on other sites

I think the only stumbling block in your plan is where you want to moor, Oxford. I really think you will struggle with that

2 minutes ago, MikeTren said:

You raise a very good point, I must admit it is the winters that make me nervous. I have been researching the various options of heating systems etc. being woken early in the morning up by a noisy water pump in the central heating system vs. drawing short straws under the duvet for someone to run out and get the fire going.

But I'd be curious to what extent my current experience is applicable. I worked 3 winters as a punter in Cambridge, I would have to grit the deck to avoid slipping straight of the ice into the river and then break the ice in the boat to bail it. I'd be out all day and no matter what clothes you bought the run off from the punt pole would get into your gloves and feet. I'd be out for several hours every day. Of course I would go home to a nice warm flat with central heating and a hot shower and have 2 days off a week. But I find it hard to imagine narrow boat living being any worse. And I still enjoyed being outdoors. 

 

 

Most liveaboards complain its too hot and lots manage to keep the fire alight all night. That will all be down to getting the right boat, well insulated with a good stove.

 

Link to comment
Share on other sites

17 minutes ago, MikeTren said:

Of course I would go home to a nice warm flat with central heating and a hot shower and have 2 days off a week

It is not the cold that causes the most problems, it is the lack of 'utilities'.

When your toilet tank is full, your water tank is empty and the canal is frozen and you cannot move, that is when you wish you had a mooring in a marina.

When your coal runs out and your gas bottle is almost empty, and its a 4 mile walk down a towpath deep in mud and slush, the canal is frozen over, that is when you wish you had a mooring in a marina.

 

As you are looking to get a 'proper' residential mooring, get one with toilet emptying facilities, water tap, and a gas / coal shop within a short distance and 'Robert is your mothers brother'

It doesn't matter what the canal does - you are 'sorted'.

Link to comment
Share on other sites

31 minutes ago, MikeTren said:

You raise a very good point, I must admit it is the winters that make me nervous. I have been researching the various options of heating systems etc. being woken early in the morning up by a noisy water pump in the central heating system vs. drawing short straws under the duvet for someone to run out and get the fire going.

But I'd be curious to what extent my current experience is applicable. I worked 3 winters as a punter in Cambridge, I would have to grit the deck to avoid slipping straight of the ice into the river and then break the ice in the boat to bail it. I'd be out all day and no matter what clothes you bought the run off from the punt pole would get into your gloves and feet. I'd be out for several hours every day. Of course I would go home to a nice warm flat with central heating and a hot shower and have 2 days off a week. But I find it hard to imagine narrow boat living being any worse. And I still enjoyed being outdoors. 

 

 

 

30 minutes ago, ditchcrawler said:

I think the only stumbling block in your plan is where you want to moor, Oxford. I really think you will struggle with that

Most liveaboards complain its too hot and lots manage to keep the fire alight all night. That will all be down to getting the right boat, well insulated with a good stove.

 

As DC says most people manage to keep the stove lit overnight. If you can't there is always the diesel drip stove option. :D

Soon after we got our first shareboat I managed to get the stove running so well that I had to open the doors to the well deck, the side hatch and eventually had to climb onto the frost covered roof to open the mushoot vents further to lower the internal temperature. :blush:

I soon learnt to manage the stove so as not to roast and how to keep it in overnight.

Also as Alan de Enfield says, it is not usually the cold thst get you, unless of course you run out of coal/diesel or gas.

Managing the toilet can be much more worrying when frozen in, especially if you have a pump out one fitted, with no "porta potti" as a back up.

Edited by cuthound
To add the last sentance.
Link to comment
Share on other sites

29 minutes ago, Alan de Enfield said:

Why would you consider Student lets to be a poor return ?

The damage caused by them.

Sinks used as toilets.

Carpets used as ash trays.

Cookers destroyed.

Baths smashed.

Sinks blocked, same with showers.

Water from sink/bath flooding the flat below (2 year court case with that one. Ended up in Bristol County Court)

Doors kicked in.

Neighbours ringing up to complain about the noise.

Etc..........

:(

 

Link to comment
Share on other sites

1 hour ago, Laurie.Booth said:

The damage caused by them.

Sinks used as toilets.

Carpets used as ash trays.

Cookers destroyed.

Baths smashed.

Sinks blocked, same with showers.

Water from sink/bath flooding the flat below (2 year court case with that one. Ended up in Bristol County Court)

Doors kicked in.

Neighbours ringing up to complain about the noise.

Etc..........

:(

 

I read in the paper the other day that the latest generation has rebelled against the excessis of the previous one by drinking less and studying hard. Difficult to believe! I hope there's some truth in it! I was definitely one of those students that got noise complaints...

Edited by MikeTren
Link to comment
Share on other sites

1 hour ago, ditchcrawler said:

I think the only stumbling block in your plan is where you want to moor, Oxford. I really think you will struggle with that.

 

That is my biggest concern too, I heard back from a very helpful mooring manager at today CRT and has confirmed that their Agenda 21 moorings can be transferred with the sale of the boat. But advised that I consult her before putting any money down. 

Ofcourse this does make it very much a sellers market in Oxford! I spoke to an estate agent who sold a boat on an a21 mooring last month and she said it went within  a week. So if I peruse this route I'll have to take whatever comes up. Which is concerning. Especially if a buyer comes along that isn't bothered by a hull survey that I have to compete with. 

Link to comment
Share on other sites

There have been 'Oxford' boats on here from time to time and IIRC one at least was a complete wreck, but the asking was around £60k. Not a very pleasant location either with the train line close by. Further on - just after Duke's Cut there's another set of moorings with nicer boats, but I've never seen a gap (in low season at least), so there may well be a long wait. As a 'velocipede' is a preferred method of transport then the moorings near Thrupp may be more practical in terms of availability?

Link to comment
Share on other sites

8 minutes ago, OldGoat said:

There have been 'Oxford' boats on here from time to time and IIRC one at least was a complete wreck, but the asking was around £60k. Not a very pleasant location either with the train line close by. Further on - just after Duke's Cut there's another set of moorings with nicer boats, but I've never seen a gap (in low season at least), so there may well be a long wait. As a 'velocipede' is a preferred method of transport then the moorings near Thrupp may be more practical in terms of availability?

And its right next to two pubs

Link to comment
Share on other sites

Sorry, there seems to be a lot of assumption by the 'invest in bricks and mortar' crew that house prices will always rise ( look back to the late 90's for that arrogance ) I personally would subscribe to the live while you can, people. I've known people who were planning for retirement who saved all they could, who died early and never had a chance to enjoy their retirement.

Link to comment
Share on other sites

We rented out our beautiful cottage in napton ( 3rd house) that we had bought for when we wanted to retire off the boat. References checked she worked for Volvo in Daventry he was an architect, child in school . 2 months rent up front deposit etc.

Fine for 14 months. 8 months later the only reason we got them out was because we had alerted all the local oil supply companies  and electricity to their identity theft techniques, discussed their behaviours in the village shop ( who by then were aware) and were awaiting a court order. They couldn't burn any more of our furniture so finaly moved out following accusing us of trespass and assault to the police. ( they claimed that day to be us...the homeowner) . The council accused us of rendering them homeless..

we repaired the cottage and sold it. Couldn't bear the thought of living there after them.

give me students they may damage or be careless but are probably less sophisticated in setting up false identities, and less aware of their 'rights'

Link to comment
Share on other sites

12 minutes ago, roland elsdon said:

We rented out our beautiful cottage in napton ( 3rd house) that we had bought for when we wanted to retire off the boat. References checked she worked for Volvo in Daventry he was an architect, child in school . 2 months rent up front deposit etc.

Fine for 14 months. 8 months later the only reason we got them out was because we had alerted all the local oil supply companies  and electricity to their identity theft techniques, discussed their behaviours in the village shop ( who by then were aware) and were awaiting a court order. They couldn't burn any more of our furniture so finaly moved out following accusing us of trespass and assault to the police. ( they claimed that day to be us...the homeowner) . The council accused us of rendering them homeless..

we repaired the cottage and sold it. Couldn't bear the thought of living there after them.

give me students they may damage or be careless but are probably less sophisticated in setting up false identities, and less aware of their 'rights'

Sorry, '3rd house' !  Many people can't afford a 1st house.. 

Link to comment
Share on other sites

4 hours ago, MikeTren said:

I read in the paper the other day that the latest generation has rebelled against the excessis of the previous one by drinking less and studying hard. Difficult to believe! I hope there's some truth in it! I was definitely one of those students that got noise complaints...

My daughter graduated a year ago. My son three years prior to her. Neither they or most of their friends lived the drugs and drunken lifestyle that students are thought too. As for the accommodation, I think it's disgraceful that landlords can get away with charging what many do. 

Link to comment
Share on other sites

12 minutes ago, ianali said:

I took the post as meaning it was the third house they had ever owned. Either way as long as they have made their money honestly then what's the problem? 

If it was the 3rd house they have owned,whilst currently owning no other, then I apologise.. People who have 2nd/3rd homes at the same time they have a live in home, have no sympathy from me.

Link to comment
Share on other sites

1 hour ago, zigspider said:

Sorry, there seems to be a lot of assumption by the 'invest in bricks and mortar' crew that house prices will always rise ( look back to the late 90's for that arrogance ) I personally would subscribe to the live while you can, people. I've known people who were planning for retirement who saved all they could, who died early and never had a chance to enjoy their retirement.

They have always risen in my 57 year lifetime, albeit in a boom and bust kind of way, such that, if you had bought a couple of little terraced houses in Old Trafford in 1987 for £15,000 and £20,000 respectively, you could sell them today for £165,000 and £275,000 respectively.

Your talk about the 90's as a period when prices fell. I could add that there have been several othe periods when they have fallen from a peak - 2008 to 2013 was the most recent period.

Which is why investing in property is for the long term if you want some certainty and, I believe, the past 100 years or so are evidence of that certainty.

i agree about living your life as well... it is a delicate balancing act.

4 minutes ago, zigspider said:

If it was the 3rd house they have owned,whilst currently owning no other, then I apologise.. People who have 2nd/3rd homes at the same time they have a live in home, have no sympathy from me.

I assume you mean "home" in the true sense, rather than merely "property".

Without those who own several properties, there would be nowhere for those who choose to rent, or who can't afford to buy... 

Link to comment
Share on other sites

20 hours ago, MikeTren said:

Thanks for this, yes I should have enough change to buy a flat or a house in some areas to bring in a decent rental income. One of the perks of living on a boat, that I don't have to blow the entire amount on just somewhere for me to live but cam invest the rest. But I might wait to see what happens after Brexit before I take that punt! One thing at a time I suppose.

 

This bit bothers me. The "frictional costs" of trading property nowadays are eyewatering. Successive chancellors have ratcheted up Stamp Duty Land Tax and lenders have figured out that punters are willing to shell out 'admin fees' in the order of £3k+, so that's what they charge. And then there are the professional and legal fees and disbursements which will add up to another four figure sum not beginning with a 1. 

You already have half a house so in your position I'd be highly tempted to keep it and rent it out. I second the advice to try to buy your sister's half rather than sell up and incur seller's frictional costs too. (Estate agent fees and more of those legal fees.) 

Where is it? Check out comparable houses for rentability. I can't help thinking you'd be better off keeping it and renting it out rather than selling it and buying another house you like, and renting that. 

Finally, bear in mind rental income is taxable, but if you raise a mortgage on it the mortgage interest is an allowable expense to offset the rental profit. so raise a morgtage as others have suggested, and use the cash to purchase your boat. 

Link to comment
Share on other sites

6 minutes ago, Richard10002 said:

 

Without those who own several properties, there would be nowhere for those who choose to rent, or who can't afford to buy... 

Ownership and money are no more than man made concepts/tools to control others. So in a sense you are correct so long as the landlord doesn't use that control in a bad way. 

Sometimes it's good to be grateful for  being born into wealthy family or/and having talent. Not everyone is poor because they have let themselves down. 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.