Experiment to Solve the Equation
Hi Newt --
Thank you for causing such a stir. I can't imagine you reading one more reply ... so I will be brief.
Every response is coming from a certain point-of-view. Mine is coming from a former Merchant Marine officer, Unlimited Tonnage. I've been to 70 countries, most by ship.
I live aboard and have for three years -- two Chesapeake Bay winters.
I live by myself, so I have no considerations for others besides guests and the occasional visitor. I live small and economically. I live on a boat because I like it -- the machine itself and my surroundings.
I didn't read anyone else's responses. Who has that time?! So forgive me if this reply is irrelevant or the 22nd time you've heard the same thing.
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You may consider yourself fortunate if you are considering 'retiring' in your mid-40's. Personally, I advise against this. I think men were made to work. So make your retirement as busy and productive as possible.
Winters are cold enough on the Northern Chesapeake. I can't imagine going through one in Lake Champlain. I'm assuming you'll be in Florida or cruising the ICW regularly. The fuel cost is not insignificant, even for a Trawler.
A boat is never a financial asset. They are expensive to maintain properly and they require more maintenance than a house. It is easier to find service for a house when needed as well.
Despite what the CPAs on this forum may say, I would not have a loan on a boat. Save your money and buy what you can afford but be certain that it satisfies your Minimum Criteria...
...which is likely to be completely different from my Minimum Criteria, but may have some of the same considerations:
- Do you need an office, workshop, stand-up engine room?
- How many staterooms?
- When was the last survey, bottom paint?
- Where has she lived her life, fresh or salt water?
- What records and documentation are available?
- Design of hull, single or dual engine, tankage?
- Purchase price, vessel location?
On and on. Discuss with with your wife / significant other.
Do not waste time looking at any vessel not meeting the Minimum Requirements. You may be smitten.
Your day-to-day expenses will not significantly change just because you sold your house and became a liveaboard. You'll buy groceries and cook meals. You'll eat out. You may have less space to heat and air condition, but the electric rate may be four times higher than anything you've ever seen.
Fuel cost is a function of use -- surprise! You can do the math for this easily. Most vessels have a known burn-rate or you can back into a good approximation by looking at similar vessels (tonnage, waterline length, engines). How far do you want to go? That translates into days and hours and gallons-per-hour. Multiply it out including the finagle factor of next year's fuel costs. Or use Navionics to figure out your trips -- it has a built-in calculator for fuel.
How you plan to use your boat (waterfront apartment or actively cruising?) may impact your expenses, but it could be a wash, too. In my area, you can expect to pay $5000 to $7000 / year for a liveaboard slip. That can pay for a lot of cruising. Double those numbers if you need a home base from which to cruise.
You can get estimates for haul-outs, zincs, oil changes, bottom paint, etc., etc., from your local yard. Other yards will likely be higher. Some owners do most of the maintenance themselves, others write prodigious checks. Where are you in this spectrum? (And remember this will change as you age.)
To stay comfortable within my income, I do most work myself. I'm 63 and healthy. I live on a simple boat. I cook almost all my meals. But I could not / would not own a home
and a liveaboard boat at the same time. I don't want to double my maintenance and my maintenance budget. So I sold the house and moved onto the trawler.
That can be a traumatic experience. You basically get rid of everything. Your grandparents furniture. The paintings. Your books. Shop equipment. Everything. This is to your last [and most important] point regarding "a comfortable enough home."
Many people cannot do without stuff. Paring your life down to bare essentials takes focus and fortitude. Some regret it later. Google "tiny house failure" for the complete picture.
You and your partner (I am assuming) will need to decide how much space is required as part of your Minimum Criteria. Not sure what that amount is? Charter something for a month. You'll get an idea.
Weather has much to say about comfort. Some can tolerate cold. Some hate humidity. Some systems that are perfectly fine in the Northeast roll over completely on the Gulf Coast. Those sunny decks are useless in rain and wind. This adage is true on water as well: Location, location, location.
The
space inside can be maddening or healing. I have three kerosene lanterns that I burn during winter. I love their cheery glow. Those plus a $200 / month electric bill keep me warm in the winter. Most of my friends and employees would be too cold.
So understand what "comfortable" means to
you. Space, layout, lifestyle, marina, geographic location, colors, comfort of furniture, windows, slip assignment, heating, cooling, washer / dryer (I have on my small boat), galley layout / capabilities, bathhouse ... these criteria address comfort far more than "single-versus-dual."
Boats are always too small. You either make peace with that or you give up.
You need to answer your own questions, Newt. Solve the Minimum Criteria first by experimentation. Charter this boat, charter that boat. Compare and be brutally honest. Ultimately, you can only approximate how you will feel, so put the grandparents furniture and everything else in storage for two years. Allow yourself and your partner an experiment, with the starting point determined by your personal research and experience. Launch yourself aboard and see how it goes. In two years, re-evaluate. If you haven't touched or missed the stuff in storage, if you're still healthy and together ... then sell the stored goods and put that towards the fuel bill!
Welcome aboard.
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