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  #11  
Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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Originally Posted by davidpm View Post
I don't understand the financial side.
If you have a 100g to buy a boat it seems like that would make a good down payment on a house. If you have to borrow the money it probably will not work out due to live-aboard and insurance and repair issues.
If you have 100k but no income you will need to save a significant piece of your inheritance for lots and lots of expenses you may not have thought of yet.

You came to a sailing enthusiasts site but indicate you really would prefer a house.
Do you like sailboats or are you just looking for a cheap place to live.
If the latter a powerboat would give you more room a condo even more room.
Based on your brief question we don't have enough information to give you any useful advice.
If he is in Toronto I can understand thinking 100,000 is cheap. I don't understand Canadian real estate prices, they seem un-sustainably high. I watch some of the Canadian home shows and think $750,000 for that? I would not want to be buying real estate in Canada right now.

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Originally Posted by jambone View Post
Sorry, let me add a little more. Eventually, yes we would like a house, but we'd like to take 6 or 7 years and liveaboard and cruise the lakes. I am fairly handy and would do many repairs on my own. We would take out a loan to finance the boat, but hopefully pay it off within 7 years, then, we would either sell and use that money towards a house, or continue living aboard. I already sail a 29' Bayfield and love it, and would like to try living aboard for awhile but the 29' cannot support us happily aboard.
I think the Bayfield should work for a while, I say just move aboard, it is not like you will likely be able to just sell it quickly anyway. They are pretty spacious boats for the size. Lots of people living on less, and you have it already.
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

You're able to get a $100,000 loan for a sailboat made in the 90s and they're okay with you living on it? Wow. I think your hardest part of the plan is over.

A slip for a longer boat, and liveaboard fees, and maintenance & repairs, and if your significant-other will require a storage facility for off-season clothes, those are all costs that take a fair sized dent out of whatever income you have.

It's very rewarding though, if you can work it all out. I'd suggest buying a well-known boat whose manufacturer is still in business (Catalina, benetaeu, etc)
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

Jambone : I've lived aboard near Toronto for 15 years. It can be done comfortably and with little more expense than the usual docking/club fee's but ..... its becoming more difficult and a few places are talking about getting rid of existing liveaboards. With two liveaboard boat fires in the last week and three drowings last winter its becoming a high profile issue. Make sure you have a place for winter before you spend that 100k.
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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Originally Posted by boatpoker View Post
Jambone : I've lived aboard near Toronto for 15 years. It can be done comfortably and with little more expense than the usual docking/club fee's but ..... its becoming more difficult and a few places are talking about getting rid of existing liveaboards. With two liveaboard boat fires in the last week and three drowings last winter its becoming a high profile issue. Make sure you have a place for winter before you spend that 100k.
well if he gets kicked out just head down the Erie canal and start a new adventure!
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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Originally Posted by miatapaul View Post
well if he gets kicked out just head down the Erie canal and start a new adventure!
I spent all of August in your wonderful canal system. He should be so lucky.

I posted a little article on my site ....

Cruising New York State Canal System, Erie, Cayuga, Seneca
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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Originally Posted by jambone View Post
We cannot afford a house right now, but would like to spend around 100,000 on a comfortable sailboat to live on... Any advice?...
Yes, get married with a prenup or have a partnership agreement drawn up. If you are ready to live together on a small boat, you are ready to make a commitment. If not, you should rent a house together and buy a cheap boat, or only one owns the boat and the other pays rent, so the eventual break up will go smoothly.

I advise marriage. Marriage will likely improve your relationship and you in the process. If your girlfriend is about your age, she deserves clarity, too. Piss or get off the pot. The clock is ticking. If the two of you are not sure about each other and you have already known each other for a year or more, you should probably break up and look for someone more suitable. Life is short.

In fact, while I appreciate your wanderlust, you are already 26, so you might want to buy a house instead, concentrate on your career, and buy a boat with your savings when you are ready.

You can't be Peter Pan forever...
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

When I got married at 26, it ended at 39. Stay on the pot and piss as long as you like.
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

I'd double check the finances, considering that the boat will lose value over time. Unless you have a short (equals high payment) mortgage, what you owe will match what the boat is worth. You may not have any value when you sell the boat to get a down payment on a house.

Coupled with this is the timing. Your money doesn't come out of the boat until you sell it, which will get in the way when you find a house you love for a good price. The house seller isn't going to wait 3 to 9 months while you sell the boat.

Other than that, I love the idea.

People sense change the most. (A hand in warm water will start to not notice the temperature.) Start with a smaller boat and quickly move up to bigger. It will seem like quite a treat, and be a happy time.

Regards,
Brad
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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....As for marrying the girlfriend, ca'mon! I can drag that out a little while longer!....
Would it surprise you to learn that James is a divorce lawyer? Needs inventory.
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Old 01-21-2013
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Re: I am 26, and seriously considering moving aboard with my girlfriend. Any advice?

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I am 26, and seriously considering moving aboard with my girlfriend. Any advice?
Yes... Leave the GF on shore.
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