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House or Boat?

7K views 36 replies 25 participants last post by  creedence623 
#1 ·
I understand I am bringing this question to a slightly biased group, but I am hoping to gain from some other peoples' perspectives on a concern I have.

First let me provide the background for the question. My wife and I are in our late 20s, and we are fortunate enough to live on a solid income. I am grateful that we are even able to have the choice to live aboard or own a home. We are currently considering a move back to Hawaii or Florida and are thinking about living aboard in either location.

More background:
Most, if not all, of the people we know seem to be following "the plan." They all currently own, or have owned homes in the past, and an increasing number of them are now settling down and having kids. I'm not interested in any of that (especially the kids part of the equation), and my wife is similarly disinterested, but I am sick of throwing away money each month by renting.

Now for the question:
As I consider moving aboard (either our current boat, or a 2010 production boat we've been thinking about) I am beginning to wonder if we are being irresponsible. I can't shake the feeling that by living aboard we are somehow missing the train in terms of financial well-being down the line. I know boats are never a good investment (that's not really how I am viewing this), but when I look at the numbers I will be missing out on the equity that comes with a home in an "up" market, and missing out on the more traditional lifestyle (which may or may not be a bad thing-I really don't know). So to those who have wrestled with similar concerns prior to living aboard, would you recommend it based on a long term financial perspective, or do you think it makes more sense to do the so-called "responsible" thing and buy a home and enjoy the boat on the weekends? I know there is no one size fits all answer to this question as each person has different considerations in both finances and lifestyle, I'm just trying to see how those people who have been in my shoes before feel about their decision to forego the "American Dream" that's been force fed to us and live aboard.

As always, thanks for your input!
 
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#34 ·
Hey guys, I just noticed this thread kept rolling after I left it a little over a year ago. I want to thank everyone for their input. I enjoyed reading all of the thoughful, reasoned responses; and have pulled a few good considerations from them even after the fact.

Just to close the loop, we ended up building a house in Florida (prices were VERY attractive, and we capitalized on the low interest rates), and we are now keeping the boat at a great marina nearby.

The folks who said the operating costs of a home were high were certainly not joking. Interest, insurance, property tax, landscaping service, utilities, etc, etc, etc can certainly take a toll (not to mention the operating costs of the boat as well); but all in all I am pleased with the decision.

I am happy to say that this is not the end of the story though. Beginning next month we are going to begin the process of downsizing, and getting things in order for a year's leave of absence in the Caribbean.

The house will go up for rent beginning Nov 2012, the first of our vehicles is getting sold next month (doesn't get much use anyway), furniture and personnal effects will go into storage, and we'll go from there. Right now I am working on a rough itinerary, routing, and am in the middle of outfitting the boat for longer-term cruising.

While it's not the "all or nothing" answer I thought we'd be living by this stage, it's a pretty solid compromise. I'm hoping we use this opportunity to reassess our priorities, and enjoy some MUCH needed decompression.

Thanks again.
 
#36 ·
Congratulations. Getting away for a leave ia on our radar prior to retirement, which is at least a decade off. I would have to manage some responsibilities from afar (internet, sat phone, etc), but hope to be able to at some point.

I've moved so much that I have rented a prior house along the way. In fact, I rented one for about 10 years (back in the last real estate crash). Be very careful.

The average tenant will treat it as semi-disposable, so do not expect to get it back in the same condition you left it. I've found the best way to keep the tenant from soing outright stupid things is to be sure you keep it in great shape. Everything should work and be proper and clean. As soon as they see you let something slip, they will double the bet.

If you're away, be sure to have someone that will manage the property and has a checkbook to fix things.

Hope you have a great cruise !!
 
#37 ·
The average tenant will treat it as semi-disposable, so do not expect to get it back in the same condition you left it. I've found the best way to keep the tenant from soing outright stupid things is to be sure you keep it in great shape. Everything should work and be proper and clean. As soon as they see you let something slip, they will double the bet.

QUOTE]

That's my biggest concern. There's a chance I won't have to rent it assuming our savings are where I want them this time next year. We'll see how it plays out. Worst case, I think the benefits of taking the year outwiegh the thought of someone damaging the house (though I hate the thought of that).
 
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