I have been sailing since I could swim, which I have been doing since I could walk and recently met someone who told me about her and her husband's grand plans to live on a boat 12 months a year in Boston. What hooked me was that she explained the costs and how it wasnt something only millionaires could do. So I am 1.5 yr out from when I would hope and be able to move onto a boat. What do I need to do and where do I find info on it all? (boat size, type etc) Obviously, I need to acquire a boat and find a location where I can get a 12 month slip but besides that I dont know where to start? Any help, guidance, thoughts etc would be greatly appreciated.
To my new grand plan
I'll share some of what we are doing. We are not rich. Currently we both have decent paying full time jobs.
More details can be found here:
The Freedom Project
Anyway, we added up all the costs (the load) if you will, of living in our home. These included the mortgage, homeowners insurance, HOA dues, utilities (gas, electric, cable). That number came to be known as DryHome costs.
Then we added up all the costs (the load) of living in a marina on a boat This number is called WaterHome costs.
Those costs were comprised of estimates of:
1) boat payment
this was based on the asking prices we are seeing for boats in our size range -- 38-45 feet long and the financing estimates for the balance after down payment.
2) moorage (liveaboard costs more here) in a marina
3) insurance for the boat loan
4) liability insurance if we live in a port of seattle marina
6) boat maintenance ($6000 per year which equals $500 a month) going into a savings plan. I've been told this is a pretty good number by quite a few experienced boaters and brokers.
DryHome Dollars - WaterHome Dollars = about 1.5 K savings.
I've built up a spreadsheet with all the costs, so we can verify out estimates as we go along including up front costs like, down payment, surveying fee, hauling costs for survey, and licensing of boat, etc. All those are known and reasonable.
We have also built a down payment by selling off stuff that we don't want (cars, scooters, bicycles, etc) or can't have on the boat or don't want to store.
So it makes sense for us to do it, financially.
And that's how we are doing it.