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How would you advise someone with £10k to spend?


Neil2

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Not for the first time, I was engaged in a conversation the other day with someone who wanted advice on becoming a full time liveaboard. The gist of it is he was single, lived in a rented flat, regarded himself as pretty good at DIY and understood engines being a HGV driver. But he "only" had £10k saved up. I put the "only" in quotes because to the majority of folk in this country ten grand is still a huge sum of money, and this gentleman like many others I've come across, thought it not unreasonable that you could buy a boat for that sort of money.

 

Though I'm not a full time liveaboard I advised him as best I could, I wonder how other members of the forum would have reacted?

 

 

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I could make a long post but I think most on here would know the details anyway, so, in summary I would suggest as follows :

 

1) You will not get a decent steel NB for £10k

2) If you buy a £10k steel NB it will PROBABLY need the same again spending on it in the first year or two.

3) You will 'waste' £1000s having surveys on £10k boats which turn out to be 'wrecks'

4) You will get a GRP boat for around the £7-8k mark, Spend £2k insulating it & fitting heating.

 

5) You need a reserve of cash for repairs / maintenance

6) You need money for Licence, BSS & insurance

7) Unless you can CC you will need £1000s for a mooring

8) Residential moorings are not readily available in much of the country (our marina has just been granted PP for an additional 10 and they are all 'sold')

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Depends on the intended mooring arrangements. If on a mooring with hookup then 10k would buy a reasonable narrowboat or butty with no engine, 12v system or heating. the 240v would provide for a heater, fridge etc.

 

If intending to cruise, a GRP is probably the way to go and I'd sacrifice space for condition.

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Not for the first time, I was engaged in a conversation the other day with someone who wanted advice on becoming a full time liveaboard. The gist of it is he was single, lived in a rented flat, regarded himself as pretty good at DIY and understood engines being a HGV driver. But he "only" had £10k saved up. I put the "only" in quotes because to the majority of folk in this country ten grand is still a huge sum of money, and this gentleman like many others I've come across, thought it not unreasonable that you could buy a boat for that sort of money.

 

Though I'm not a full time liveaboard I advised him as best I could, I wonder how other members of the forum would have reacted?

 

 

Buy a flat in Stroud £100k, put £10k deposit down and move in. Cheaper than living on a boat.

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I could make a long post but I think most on here would know the details anyway, so, in summary I would suggest as follows :

 

 

 

5) You need a reserve of cash for repairs / maintenance

6) You need money for Licence, BSS & insurance

7) Unless you can CC you will need £1000s for a mooring

8) Residential moorings are not readily available in much of the country (our marina has just been granted PP for an additional 10 and they are all 'sold')

Of course, he will be potentially saving a lot of money on rent that may cover those "running costs". I'm not saying £10k is enough, but there is a distinction between the capital outlay to purchase the boat and the regular outlay.

 

Ray.

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If I had £10k saved up I be calling it "rainy day" money, or "if I want something I can have it" money. It's not really enough to buy a "floating home" outright, be reasonably hassle free, and expect to be able to fund its' running/maintenance costs out of income.

 

As a truck driver, I'd want to be certain that, when I got home, everything worked at the flick of a switch, not having to worry about whether the batteries are charged, preparing the stove to heat the place, and so on.

 

Having said that, if his current rent is around £600 per month, plus council tax and water rates, he is currently spending around £8k +/- p.a. which ought to be well in excess of the cost of a residential mooring plus licence, so there should be an excess of income to fund some of the downsides.

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I would recommend the GRP cruiser route. He could buy the boat and pay for all fees and insurance upfront, so no outlays similar to those of renting a flat. Then he could use his saved money for making the boat habitable for long term living. It is not hard to make a GRP cruiser comfortable and hassle free.

Edited by sal garfi
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Well there are 32 cruisers listed at Sawley all for sale under £10,000.

 

Not all would be suitable (or big enough) for liveaboard but every one has their own expectations.

That Project 31 for £7900 looks nice for the price.

 

Plenty of room too.

 

I'd get some heating in sharpish though.

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I thought it had 'potential' (and offers more room than a 23 foot Sealine) at a price the OPs friend could afford.

A 31ft boat is always going to have more room then a 23ft boat of a similar style and type rolleyes.gif

 

Doesn't make either a suitable or practical liveaboard though.

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If you look around and keep your head, it is entirely possible to get a sound small-ish steel boat for 10k. Obviously many of these will be dated inside and a survey would be highly recommended, but I disagree that you'd need to double your spend to get it sound or liveable.

My boat is 30ft and a perfectly good liveaboard with everything I want.

Edited by Starcoaster
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If you look around and keep your head, it is entirely possible to get a sound small-ish steel boat for 10k. Obviously many of these will be dated inside and a survey would be highly recommended, but I disagree that you'd need to double your spend to get it sound or liveable.

My boat is 30ft and a perfectly good liveaboard with everything I want.

:) speaks the voice of experience

  • Greenie 1
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