Selling a home to live on a boat - does it really stack up?

[MtB]

On 04/02/2018 at 07:49, Phil Ambrose said:

Now and again you demonstrate admirably that at times you don't have a clue what you are talking about......  this is one if those times 

Phil 

 

Another brain cell and yes you WOULD be dangerous!

[LadyG]

8 hours ago, Mike the Boilerman said:

 

An on-line mooring is an excellent half-way house. CRT are the main provider. There are on-line farm moorings all over the place too. Sometimes there is car parking, sometimes not. Less security. Occasionally main electricity. Totally different experience from marinas.

But where is the community? A single male is not going to fit seamlesly in with anyone other than another single male with similar social interests, so it's likely to be more isolating than a marina and just the same as the housing estate problem, only muddier.

Edited February 4, 2018 by LadyG

[MtB]

On 04/02/2018 at 08:39, LadyG said:

But where is the community? A single male is not going to fit in wth anyone other than another single male with similar social interests, so it's likely to be more isolating than a marina.

 

There is plenty of community here amongst neighbouring boaters and local villagers. And it's lovely to not be cheek-to-jowl to the boat next door on finger moorings. Instead I can see the sun rising over the fields from my bed in the morning  

[mrsmelly]

9 hours ago, Mike the Boilerman said:

A house? 

I'm just recounting my own experience. Living on a boat doesn't properly spring into life until you get out of the marina ghettoes.

Living in a marina is not a lot different from living on a housing estate, broadly speaking and with a few notable exceptions.

Christ Mike stop telling it like it is!!

[Phil Ambrose]

26 minutes ago, Mike the Boilerman said:

 

Another brain cell and yes you WOULD be dangerous!

Mike, you really must work in your comebacks . LOL 

[mrsmelly]

9 hours ago, Mike the Boilerman said:

 

An on-line mooring is an excellent half-way house. CRT are the main provider. There are on-line farm moorings all over the place too. Sometimes there is car parking, sometimes not. Less security. Occasionally main electricity. Totally different experience from marinas.

Completely agree. If in one place an on line mooring is immensely better option.

[MtB]

On 04/02/2018 at 08:55, mrsmelly said:

Christ Mike stop telling it like it is!!

 

Sorry.

I know it gets right under Phil's skin but he likes his fantasy world of all chums in a big marina. YUK!

[mrsmelly]

8 minutes ago, Mike the Boilerman said:

 

Sorry.

I know it gets right under Phil's skin but he likes his fantasy world of all chums in a big marina. YUK!

Yes it takes all kinds I suppose. I am firmly with you on this one. At present I am in a cracking marina, great staff and some lovely moorers all friendly BUT to me its like being in Coronation street, now theres nowt wrong with coronation street if you want to live in a house but certainly defeats much of the reason for boat dwelling. Ive had some fab online moorings over the years. That's also part of the reason I ALWAYS pass at tickover as it is no big deal ............awaits incoming 

[Phil Ambrose]

14 minutes ago, Mike the Boilerman said:

 

There is plenty of community here amongst neighbouring boaters and local villagers. And it's lovely to not be cheek-to-jowl to the boat next door on finger moorings. Instead I can see the sun rising over the fields from my bed in the morning  

That is exactly how I greet the day, no finger mooring for me or for many others here too . You seem to be fixated on the notion that a marina has to be all finger moorings, well that is not the case. Our marina occupies a 80 acre island and many boats are on bank side and quite a lot are like me....bankside with a private garden complete with lawn, hedge and gate with our own address and mailbox to which the postman calls .

No collecting coal or gas because it's delivered to my door.  So all marinas are not the same  

Phil 

[nb Innisfree]

Our story FWIW. 

Retired 2002 and paid mortgage off, finished fitting out Innisfree in 2005,  launched and sold house and basing things on propety performance since the big leap in '72 when as newlyweds we bought our first home we expected property to stagnate for a few years so stuck money in a building society (Northern Rock!) It did stagnate later but carried on creeping up slowly for a while so in  '07 decided to offer the money as a long term loan so the kids could get on the property ladder in London and our money keep pace with property rises while we lived aboard. Reluctantly gave up that life in 2010 due to unexpected death of FIL and having to look after Mil. Rented for 3 years after which Innisfree was sold, The rapid rise in property prices was totally unexpected and we are now starting to look forward to having some money to spend on the MIL's house, half of which we inherited when she died last year. Our half paid for with Innisfree's sale and a loan from our son. 

No regrets and all in all it was an unexpected and convuluted? 15 year journey which proved that trying to predict the future based on the past is a bit shaky. 

Edited February 4, 2018 by nb Innisfree

[mrsmelly]

15 minutes ago, nb Innisfree said:

Our story FWIW. 

Retired 2002 and paid mortgage off, finished fitting out Innisfree in 2005,  launched and sold house and basing things on propety performance since the big leap in '72 when as newlyweds we bought our first home we expected property to stagnate for a few years so stuck money in a building society (Northern Rock!) It did stagnate later but carried on creeping up slowly for a while so in  '07 decided to offer the money as a long term loan so the kids could get on the property ladder in London and our money keep pace with property rises while we lived aboard. Reluctantly gave up that life in 2010 due to unexpected death of FIL and having to look after Mil. Rented for 3 years after which Innisfree was sold, The rapid rise in property prices was totally unexpected and we are now starting to look forward to having some money to spend on the MIL's house, half of which we inherited when she died last year. Our half paid for with Innisfree's sale and a loan from our son. 

No regrets and all in all it was an unexpected and convuluted? 15 year journey which proved that trying to predict the future based on the past is a bit shaky. 

Your post also reiterates that the biggest spanner that can be thrown into the works wether you are a planner or not is health and that is what has the biggest effect on any decisions. Best thing ( for us ) was binning the house its given us complete freedom but for many t wouldn't work as I cant even start to count how many over the years I have met all starry eyed moving onto a boat and finding it was not for them!!

[thenortherner]

Thanks for the replies.

I'm looking to look at ways of making it happen whilst still maintaining a foot on the housing ladder.  It makes me nervous losing a home and having no back up it things don't work out, and concerns me that once I'm off the ladder it might be very hard to get back on.

I could either sell up/remortgage - I owe 82K on a property worth 140K+, so it'll release £55K plus after fees.

I could buy another place at a similar value with a 10% deposit, still leaving me £40K+, and then rent it out.

[mrsmelly]

5 minutes ago, thenortherner said:

Thanks for the replies.

I'm looking to look at ways of making it happen whilst still maintaining a foot on the housing ladder.  It makes me nervous losing a home and having no back up it things don't work out, and concerns me that once I'm off the ladder it might be very hard to get back on.

I could either sell up/remortgage - I owe 82K on a property worth 140K+, so it'll release £55K plus after fees.

I could buy another place at a similar value with a 10% deposit, still leaving me £40K+, and then rent it out.

The one indisputable fact is that you get one life ( unless you are a wierdo ) and one life only. If you die with a big fancy house then you will leave it behind. If you die with a rusty old boat it will be worth precisely the same to you as the house. What you do with and how you enjoy your life from today until that date is VASTLY more important than " Housing ladders " and wealth.........well it sure is to me. Please don't become a " Gunna do " there are countless millions who never got to do anything!!

[LadyG]

6 minutes ago, thenortherner said:

Thanks for the replies.

I'm looking to look at ways of making it happen whilst still maintaining a foot on the housing ladder.  It makes me nervous losing a home and having no back up it things don't work out, and concerns me that once I'm off the ladder it might be very hard to get back on.

I could either sell up/remortgage - I owe 82K on a property worth 140K+, so it'll release £55K plus after fees.

I could buy another place at a similar value with a 10% deposit, still leaving me £40K+, and then rent it out.

You need an real tax type accountant to tell you how to proceed, in the meantime start saving cash, no spending at all for six months, pay off all credit cards.

If you decide to rent you may need to spend on house things keep receipts for all related costs.

You can talk to your mortgage adviser, they will also advise. be aware that some tenants will trash your house, best in my experience is a nationwide company which moves staff around,  mature males, they often don't move in wives, they maybe live there 4 nights a week.

Rental agents often don't care who they put in your house. Freinds of friends will steal from you and trash your stuff, so no relief there.

[Boat&Bikes]

OP is early thirties and earning a decent wage. I Would stick with it for a few more years and get some assets built up. I hear what Tim says but for every Tim with his merry boat life I see ten single males moored up living what appears to be a not so merry looking life. Get some money/assets  tucked away and in a few years you can live the dream.

Ian.

[nb Innisfree]

13 minutes ago, mrsmelly said:

Your post also reiterates that the biggest spanner that can be thrown into the works wether you are a planner or not is health and that is what has the biggest effect on any decisions. Best thing ( for us ) was binning the house its given us complete freedom but for many t wouldn't work as I cant even start to count how many over the years I have met all starry eyed moving onto a boat and finding it was not for them!!

Yes health is one big unknown, mine is just starting to falter a bit, but after all at 70 it's only to be expected. Meanwhile the missus and I are enjoying our life especially with four young grandkids! 

Yes I am weird and have come to believe our lives follow a set course irrespective of our illusion of decision and control. Trying to plan our future while our real lives are whizzing by in an uncontrollable series of instants, after all if the present only exists as an instant the present instant must be replaced instantly by another instant the instant the previous instant has occurred. But if an instant is just that i.e. no length of time at all then all instances must be occurring together, in one single instant. 

DON'S PANIC, STAY CALM, KEEP CRUISING. 

 

[Bee]

Soulless house on estate? flog it and get somewhere with character in cheap area. The fact that you want to live in a designated area suggests that you might run into trouble if you can't get a mooring there and end up in Staffordshire/ Lancashire. Donkeys years ago I moved from a flat to a boat, that's a good direction to go. You will have to flog all the possessions you have (apart from a few boxes) and squeeze into a boat. You will have the same landlord  - CRT wherever you go, plus various marinas and you will be subject to more rules and regulations than you ever have in a house and practically no rights at all. You will lose money. You will want to sell the boat and do something else one day. Really not a good idea. Sorry. I lived on for 12 years or more and was glad to get away from BWB and all that bother. I still like boats (A lot) and live on ours in the summer. Its great. Try that first with something dead cheap and nasty.

[nb Innisfree]

After all the conflicting advice I wonder if the OP is as undecided as he was before posting. 

 

[mrsmelly]

9 minutes ago, Bee said:

Soulless house on estate? flog it and get somewhere with character in cheap area. The fact that you want to live in a designated area suggests that you might run into trouble if you can't get a mooring there and end up in Staffordshire/ Lancashire. Donkeys years ago I moved from a flat to a boat, that's a good direction to go. You will have to flog all the possessions you have (apart from a few boxes) and squeeze into a boat. You will have the same landlord  - CRT wherever you go, plus various marinas and you will be subject to more rules and regulations than you ever have in a house and practically no rights at all. You will lose money. You will want to sell the boat and do something else one day. Really not a good idea. Sorry. I lived on for 12 years or more and was glad to get away from BWB and all that bother. I still like boats (A lot) and live on ours in the summer. Its great. Try that first with something dead cheap and nasty.

There you go this is a good post that proves the point of my posts. For some it simply doesn't work. Trying it for twelve years isn't very long but it obviously was never going to work on this occasion. I have to say that I have never had any problems with any authorities wether land or water based? One size doesn't fit all and never will.

6 minutes ago, nb Innisfree said:

After all the conflicting advice I wonder if the OP is as undecided as he was before posting. 

 

Fact is there is no credible reply to his question. There are simply too many variables between each and everybodies outlook on life and what they perceive to be risk or freedoms.

[nb Innisfree]

36 minutes ago, thenortherner said:

Thanks for the replies.

I'm looking to look at ways of making it happen whilst still maintaining a foot on the housing ladder.  It makes me nervous losing a home and having no back up it things don't work out, and concerns me that once I'm off the ladder it might be very hard to get back on.

I could either sell up/remortgage - I owe 82K on a property worth 140K+, so it'll release £55K plus after fees.

I could buy another place at a similar value with a 10% deposit, still leaving me £40K+, and then rent it out.

I was nervous stepping off the property ladder, so decided to rejoin with the kids while we lived aboard, expecting to just keep pace we shot ahead, that was pure chance for us but the original idea was for some security, a fall back position which I think, looking back, was wise. 

[thenortherner]

Yep, just as undecided unfortunately.

Just out of interest ref. the comment on the guys of a similar age who appear to be miserable, what do you reckon's the reason?  Just not enjoying boat life?  Or because they're forced onto a boat due to circumstances and live off cold tins of beans?

As before, I'm extremely nervous over losing my foothold on the property ladder with nothing to fall back on.  The sensible half way house approach would be to release equity and rent it out, then buy a boat.  If things don't work out then the boat can go and I'll still have the house.  I'd be able to cover the mortgage with what I could rent it for.  Rental demand here is extremely strong.  Bentley is up the road and a massive employer.  And HS2 will be out of Crewe in the near future which'll help with values and rentability.

I'm fortunate enough not to have any debts and own my car etc outright having just cleared everything I owe a few weeks ago.  I don't have any monthlies fixed outgoings other than utilities and a mortgage, as per the sheet on the first page, so luckily no worries there, and I can save circa £1K a month.  

I started to look at my finances in detail over the past few months - my pension is worth almost nothing and I've only £2K in savings now that I'm clear of debt which was my main aim - this amongst the others reasons mentioned prompted me to look at alternatives in the way I live and I started to explore the boat idea.

I've no possessions as such that wouldn't fit on to the boat.  Due to moving around a lot in the past, 8 property moves in as many years due to moving with work, I cut down a little each time I moved and now I'm left with the basics.

In terms of waiting a few years to do it, what bothers me is that if I chose to finance the boat through a remortgage then it's likely property prices will have risen and I'll have more to pay back.  Taking £50K and remortgaging on a house worth £140K is better now.  In 5 years if I take out 50K against a house maybe worth £150K it'll be more costly.

Funnily enough, dealing with BW and authorities has never been something I'd been concerned over.  If I was paying my way then what's the problem?

Edited February 4, 2018 by thenortherner

[Boat&Bikes]

If you can save a grand a month I'd be paying the mortgage off quick time. Have you checked how much you would save in interest payments by paying the mortgage off in a shorter period? I'm guessing it will be thousands!

Ian.

[nb Innisfree]

When I was in my 30s I was happily married with three kids and in secure employment, so can't comment on what makes young blokes on boats miserable other than it's not the boat that's doing it, it's them making themselves so. 

[rasputin]

Buy a £1000 cruiser, get out on the water at weekends. Experience the boating life and see if you like it 

[thenortherner]

Just now, ianali said:

If you can save a grand a month I'd be paying the mortgage off quick time. Have you checked how much you would save in interest payments by paying the mortgage off in a shorter period? I'm guessing it will be thousands!

Ian.

I have, yes.  I've been doing a hell of a lot of financial planning over the past month prompted by clearing of all debts other than a mortgage and having a pension pot worth sod all.

I essentially double my mortgage payment at the moment with an overpayment.  I can then stick £600+ into a lifetime ISA I opened.  I'll still have the house paid off in 10 years and rather than the 24 years outstanding, thus saving a massive chunk of interest and I will have savings to fall back on, and hopefully grow.  They're in a stocks and shares ISA spread over 3 funds.  I could pay more of the mortgage and nothing into the ISA but interest saved doesn't make it worth it and I'd have no cash to fall back on.