House boats: anyone got any experience?
Discussion
I'm currently in my first year of university, and I'm paying ~£5500 inclusive of all bills per year to rent a comically small studio flat with a shared kitchen.
Next year, I'm looking to move out, and the people I share with at the moment plan on renting houses extremely close to the university, as none of them can drive. My university happens to be in an extremely expensive area, and the rent on these houses is pretty high. On top of that, I wouldn't have my own bathroom, kitchen or anything like that and, on a more selfish note, as I'm the only one with a decent steady income, I have a horrible feeling I'd end up having to pay bills, loan people money for rent etc, which I really don't fancy
So, instead I've been looking at buying by own place. I'm too young to be offered a decent mortgage, so my parents would take out the mortgage and I'd simply send them the monthly payments, so that should cover the financial side of things
When looking at studio flats, I found a site offering houseboats for sale. It's not something I've really considered before, but it seems I can get a decent one for around £50,000 which is a good £30,000 less than the flats I was looking at. I assume there are other costs involved (mooring etc) but I can't see them being another £30,000.
On paper, they seem like a good idea: I can easily afford the payments, I get my own bathroom, kitchen etc, and I get a foot on the property ladder. When I spend a year in France in 2 years time, I should be able to rent it out to cover the mortgage payments, then live in it when I come back.
My parents think it's a great idea as they've always disliked the idea of chucking thousands down the drain for rent, but I've yet to investigate the whole thing fully.
So, I just wondered if anyone had any experience of living on a boat, and if there were any major advantages or disadvantages. The only issue I can see is that, unlike a well-chosen flat, the boat is unlikely to appreciate if the property market gets healthier, but I would assume that in the same vein, it is unlikely to depreciate too much if the market weakens.
Let me know your thoughts
Next year, I'm looking to move out, and the people I share with at the moment plan on renting houses extremely close to the university, as none of them can drive. My university happens to be in an extremely expensive area, and the rent on these houses is pretty high. On top of that, I wouldn't have my own bathroom, kitchen or anything like that and, on a more selfish note, as I'm the only one with a decent steady income, I have a horrible feeling I'd end up having to pay bills, loan people money for rent etc, which I really don't fancy
So, instead I've been looking at buying by own place. I'm too young to be offered a decent mortgage, so my parents would take out the mortgage and I'd simply send them the monthly payments, so that should cover the financial side of things
When looking at studio flats, I found a site offering houseboats for sale. It's not something I've really considered before, but it seems I can get a decent one for around £50,000 which is a good £30,000 less than the flats I was looking at. I assume there are other costs involved (mooring etc) but I can't see them being another £30,000.
On paper, they seem like a good idea: I can easily afford the payments, I get my own bathroom, kitchen etc, and I get a foot on the property ladder. When I spend a year in France in 2 years time, I should be able to rent it out to cover the mortgage payments, then live in it when I come back.
My parents think it's a great idea as they've always disliked the idea of chucking thousands down the drain for rent, but I've yet to investigate the whole thing fully.
So, I just wondered if anyone had any experience of living on a boat, and if there were any major advantages or disadvantages. The only issue I can see is that, unlike a well-chosen flat, the boat is unlikely to appreciate if the property market gets healthier, but I would assume that in the same vein, it is unlikely to depreciate too much if the market weakens.
Let me know your thoughts
Mooring fees can be very expensive, depending on area. You'll probably need a C&RT licence and will definitely need insurance. This can add up to a significant amount every year (but, as you pointed out, a lot less than the difference between the cost of the flat and the boat- though it needs to be paid every year).
On the plus side, it seems there are lots of boats for sale at the moment with not a lot of buyers. The boat will depreciate with age, however.
Have a poke about on here.
Another good place to get an idea of what's for sale at the moment is apollo duck .
On the plus side, it seems there are lots of boats for sale at the moment with not a lot of buyers. The boat will depreciate with age, however.
Have a poke about on here.
Another good place to get an idea of what's for sale at the moment is apollo duck .
What mind of houseboat are we talking about, narrowboat, Dutch barge or ugly Portakabin-style?
The first two are definitely in the ascendancy so if you buy well and buy one that's 5+ years old I'd guess you wouldn't lose too much on it. I smell a buyer's market so if you go in with a suitcase of cash you might do well, especially before winter.
The first two are definitely in the ascendancy so if you buy well and buy one that's 5+ years old I'd guess you wouldn't lose too much on it. I smell a buyer's market so if you go in with a suitcase of cash you might do well, especially before winter.
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