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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > Living Aboard > Turning dreams into reality; How much should I save?
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Thread: Turning dreams into reality; How much should I save? Reply to Thread
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Topic Review (Newest First)
01-17-2012 11:05 AM
Harborless
Quote:
Originally Posted by PGnehm View Post
Do you guys think it would be reasonable to budget for an initially purchase of around 25k, and then finance the rest of the necessary repairs?
Not the way you want to go. As a young sailor who knows many other sailors young and old I can say with absolute certainty that financing repairs and refits leads to major problems. A lot of people are hurting from the same sort of thinking in regards to housing and the recession.

You say you will have 25000 for the boat saved up? Then you have 25000k to work with. Do not cripple yourself with over extension. Do a quick search online and you will find plenty of beautiful, well-built boats available for 10-15000. I cannot stress the importance of having extra money. You WILL run into difficulties so do not handicap yourself. You need a nice cushion. Otherwise you will be one of the many people I know or have seen with too much boat for their wallet. What happens then is their boats sit and sit falling deeper into disrepair until one day they sell or scrap the boat.

You want to live on a sailboat or you want to sail on a sailboat? Big differences there.

If you have $25000 do not spend more than $18000 on your boat. Do not do it! You here me over there in Rado? DO NOT DO IT!!!
Also, GET A SURVEY!!!
01-17-2012 10:58 AM
Harborless To add to my post I will include the work I have done so far on my boat- Most of which I did not foresee needing done when I purchased the boat. This is why its great to buy UNDER BUDGET because you WILL have to shell out the bucks to get your boat the way you like it and keep it SAFE for sailing.

1) Replace Transmission
2) Replace all bronze sea cocks and thru hulls
3) Replace all plumbing including sinks- Add Y-Valve to head
4) Replace rotten wood under head in in salon
5) Install dorades to replace leaky light port holes
6) Take out the boats mast to chop off corroded bottom section. Re-sheath mast and drop it back in.
7) Replace standing rigging
8) Replace running rigging and required blocks/shackles
9) Rebed traveler line
10) Replace ALL wiring with Marine grade wiring
11) Replace all running lights
12) Replace all cabin lights
13) Install cabin fans
14) Rebed forward hatch and cockpit locker/anchor locker
15) Install Solar panel/regulator/Inverter/second battery
16) Replace old broke instruments (Compass, Tachometer, Harness, fuel gauge, depth finder)
17. Repain interiror wood work
18) Treat all teak
19) Strengthen Main sail
20) Purchase pertinent navigation/survival gear (Handheld GPS, VHF, Flares, First Aid, Barometer, binoculars, rigging knife, assorted tools and spare parts)
21) Register boat and provide insurance
22) Repair gel coat cracks and damaged areas
23) Refiberglass rotted sole portion
I am sure I am forgetting many things. The point is that you will discover plenty of things need attention so prepare yourself for the financial squeeze of these types of refits and repairs. Lucky for me I am also handy but what I have paid for has been more than the cost paid for the boat. I still need tons of stuff too! EPIRB, Dinghy, spare everything, provisions, anchor rode, the list goes on and on. Buy beneath your budget, you will not regret it!
01-17-2012 10:46 AM
Harborless Hey PG, glad to see another young person getting in to the sailing lifestyle. Many good points have already been made. I will try to give a few of my own insights, perhaps they will prove useful.
I myself am 24 years old and own a 27' sailboat. I paid $2900 for her and have put about 5K into her with another 2K being needed for completion. I bought a project boat and what a project she has been! 10 months later and I am four weeks from moving aboard.
Your budget is plenty. I would look at boats in the 10-15K range which leaves plenty of money to do your own refit as well as the SURE TO BE money stealers you will find aboard your new home.
If you are mechanically inclined good for you. You will save loads of money by doing your own work.
Your biggest worry/concern is going to be getting your girlfriend to enjoy the lifestyle to the same extent as you. Boats are cramped quarters so everyone should be on the same page.
Also, where you are planning on staying is cold and wet. Read into condensation and winter wrapping, those will both be important for you and your comfort aboard.
As far as boats go? Stay below 35' feet. Look for production boats like O'Days, Morgans, Pearsons, Cheoy Lee's and so forth. You want to enjoy being a live aboard not being broke. I recommend you avoid the Rasseys and seacrafts for a later date.
01-17-2012 09:49 AM
CaptainForce PGnehm, 'just a little twist of your question, "How much should I save?" I would suggest that, from my experience, you might save as much as $800/month by living aboard! If you add your "free docking" opportunity to this, you may double that savings! Take care and joy, Aythya crew
01-16-2012 07:46 PM
Brent Swain Should be no problem. A friend bought a fully loaded Alberg 35 in Seattle for $25K. Little to do on her. The skipper, planning too long, ran into health problems before living his dream, and had to sell. That is all too common.
Lots of insulation is the key in these latitudes.
06-10-2011 12:24 PM
PGnehm
Quote:
Originally Posted by lynxcat319 View Post
Where are you at in Colorado.I keep a cutter on a mooring at aroura res and always like new folks to sail with.If you need some sailing time let me know.I also have 35 ftr that may be for sale in your price range,and she is here in Colorado
Thanks Lynxcat, I will have to get back to you with regard for your offer. I'm located in Fraser now, where is the Aroura res?
06-09-2011 01:54 PM
lynxcat319
how much to save

Where are you at in Colorado.I keep a cutter on a mooring at aroura res and always like new folks to sail with.If you need some sailing time let me know.I also have 35 ftr that may be for sale in your price range,and she is here in Colorado
06-09-2011 11:49 AM
rayncyn51 We're 35 years older than you, but our plans are similar. We chose a Catalina 30 for the boat because they are big inside, easy enought to sail solo, there are many for sale and they are relatively inexpensive. We paid about $11,000 for the boat, and have spent that much again refitting, with me doing most of the work. Sounds like you've got a good plan going. Dreams are doable. Keep at it!
06-09-2011 11:42 AM
LauderBoy
Quote:
Originally Posted by PGnehm View Post
Do you guys think it would be reasonable to budget for an initially purchase of around 25k, and then finance the rest of the necessary repairs?
Depends what you mean by "finance". If you take on any loans those are going to lock you to land while you pay them off. That's not to say it's a bad thing, but it needs to be factored into your plan. For me, I had 20k in cash and did a 10k loan. Picked up a good 32ft boat for 20k, put 6k in it right away and then used the other 4k to find a new job and move there.

But my plan wasn't an immediate "buy and go". I wanted to spend a year on the boat, work 9-5, and pay off a couple things and put money into the boat.

With 25k you could pick up something for 20k, get it home with the 5k for "gotta be done now" work and then you'll probably want to put more money into it before leaving. Maybe solar, maybe heating, what you want/need will be very custom to you and your girlfriend and your goals.

Or with 25k, you could pick up a smaller boat in the 10-15k range and put more money in up front and then just go.

But I think before all that you really need to get a better idea of your cruising grounds and the lifestyle you want to live. For me it's Bahamas cruising and living at anchor and (hopefully) working online. So my boat is a really good boat for that and I'm gearing her up for living at anchor. If my goals change down the road(maybe world cruising), I'd likely get another boat that supports those goals better and I'll work out a plan to do that.

So, where do you want to cruise? What kind of draft do you need for those waters? Any mast height issues? How much space do you need? Will you be living at a dock with shore power and water? Spending any time in cold climates? What are your lifestyle "needs"(I like good home cooked food, internet and watching some pre-recorded tv now and then).
06-09-2011 11:13 AM
PGnehm Do you guys think it would be reasonable to budget for an initially purchase of around 25k, and then finance the rest of the necessary repairs?
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