Hey there Wonder Around, welcome! We just went through this ourselves moving from land to sea. In our case we did it in two steps (starter trawler) and last Fall sold that boat, the house and moved aboard our current boat which we are currently refitting (mostly DIY) with the goal of untying the lines in a few years.
A few comments below.
***I initially was looking into the World Cruise as my bucket list but was not satisfied of the port selection. The bucket list changed to World Sailing and then the choice of boat changed to trawler with consideration of age and physical capability - of course, comfort too.
This goal combined with your stated budget will dramatically reduce the number of boats suitable for your mission. It certainly did for us. We wanted a vessel that was capable of crossing (even if we never did it) but was also livable and comfortable the other 99% of the time.
If you focus on some of the older, proven passage-makers however you can find boats that meet your needs. Nordhavn 46, Kadey Krogen 42 and 39 for example. All at or under $300K, all proven passage-makers with the 39's as the newest of the bunch.
My budget is based on the housing budget - initial purchase price at $250K the most. Plan to put $100K as the down payment and rests on loan (based on the estimated house sale proceeding) but leave $50K for any needed immediate fix/retrofit/update to make it livable. Do not want a fix-upper since we have no skills for it.
Spend time now learning about engines, systems, maintenance. You need to know how to repair and maintain things. It reduces your operating costs significantly and when things break in the middle of a trip, you know how to fix it and keep the trip going.
My initial research led me to Norhavn 40 with the hope the price may drop to my budget in the next 5-7 years. N40 is livable with some conversion to make the bunk area to wardrobe but miss the second head and therefore can be a challenge for our morning rush hours - both have to get ready for work on top of each other. However, I later discovered Defever 44 and 49, whose current listed prices are in low $300K in comparison to low $400K of N40. Both Defever fullfill my criteria B, but I am concerned of their fuel efficiency due to twin engines - pls give me some idea on its fuel consumption if possible. In addition, Defer aft deck version has tendentious outdoor hangout space for the deck living. N40 has very tiny outdoor space.
You'll find the N40s are a bit small inside and have limited outdoor space. We thought the same and gravitated toward Kadey Krogens for that reason.
Since there will be 5 to 7 years before taking off, I am wondering if it makes sense to get a starter boat first (any suggestion on a model at current pricing of $150K to $200K range? If starter boat, I will like to lower the budget to offset future transaction costs) and later get an ocean crossing passagemaker, like N40 or even N43 (out of my range now)? Or, go with Defever to be able to live on boat comfortably now but with less ocean crossing capability? I am sure Defever can bring me to a lot of places, but may not Atlanta crossing. Any thought on this Alternate approach of Defever 44/49? For sure, it will limit how I travel for this alternate approach.
We did. We bought a 40' "starter trawler" and cruised her for two years. We also refit her, repaired her, brought her up to speed on deferred maintenance which did three things for us:
1. We were hooked. We knew we could do this even when things looked bleak.
2. We learned how to be better boaters, better mechanics, better navigators, etc.
3. We knew what to look for when it was time to take the big plunge.
A lot of people tell you to buy the second boat first, but really don't think that's possible for most of us. Getting on the water, learning the boat, the systems, what you want, need, don't like, etc. and then comparing to other boats you'll see. It all goes into your filters for "the boat".
Lastly, can anyone give me a monthly budget for all consumable maintenance - oil change, filter,... etc and a list if possible? Additionally, what will be the expected repair/replacement cost due to wear and tear? My understanding is that engine, generator, water maker,.... all have life span and I will like to plan and come up with a realistic budget for these purpose.
Really dependent on condition and how much DIY you can do. The general rule is to plan 10% of purchase for yearly expenses. I think that's reasonable after a refit (year one will be higher) and for a boat in a marina all the time. Less if you're cruising and anchoring and DIYing all of your maintenance on a boat in good condition. Far higher for a basket case or if you hire out all of the maintenance.
Good luck and keep us posted. Remember, the search is part of the fun!