Join Date: Mar 2006
Location: New England
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First, get your own survey. The survey they provide may have been less than brutally honest about the faults in the boat, since they are paying for the survey and picking the surveyor.
Second, for a liveaboard boat, you probably want to have a more modern coastal cruiser type boat, since that will generally give you more amenities and living space than an older design would.
As for financing, it would really help to know what type of numbers you're talking about here. What are you thinking of as your "budget" for the boat. Generally, I recommend that 15-20% of the "budget" be set aside for upgrades, refitting and repairing whatever boat you do buy.
If you do have to finance the boat, you will probably want to get the boat USCG documented, since many financing companies will require that as a condition of loaning you the money. That kind of loan is a secured loan and the boat is the collateral. It is sometimes called a Marine Mortgage, and if the boat has a fixed galley and head, the interest is deductible on your taxes much like the mortgage interest on a home would be.
If the bank/financial institution does not require USCG documentation, it is probably an unsecured personal loan and will likely have a much higher interest rate.
Is your wife actively involved in the search and willing to move aboard a boat. If not, you really need to get her in agreement or you're going to have some problems down the road.
Another option for boats would be a small catamaran, which will often have far more space than a monohull of equal LOA. The Iroquois, Catalac 9m, Gemini 105, and several others would make decent liveaboard boats as well as perform decently as coastal cruisers. However, these will generally be more expensive than monohulls of the same LOA.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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