Is Now A Good Time To Buy A Boat?

[greenalien]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

[Guest DissipatedYouthIsValuable]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

Or an alternative, for those who don't fancy buying a boat from an estate agent who has diversified into boat selling, is stay on dry land, travel and live in another country, saving a lot of money.

[Nationalist]

The usual test to see if you would like a life on the ocean is: stand in a cold shower and tear up tenners!

Boats are expensive to buy, to operate, to mend, etc, and you'll sell it for less than you buy it. STR funds should be invested for growth.

[OurDayWillCome]

With sea levels rising boats will only go up*

* Unless they sink.

[piece of paper]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

Piracy is enjoying a boom. This would avoid the initial purchase costs. The death penalty for piracy has been abolished in the UK but it might be worth researching the law in North African countries if the Med is to be your hunting ground.

p-o-p

[NotMyHouse]

The usual test to see if you would like a life on the ocean is: stand in a cold shower and tear up tenners!

Boats are expensive to buy, to operate, to mend, etc, and you'll sell it for less than you buy it. STR funds should be invested for growth.

Doesn't boat stand for "bung on another thousand"?

Just because something is marine certified means it is suddenly a thousand pounds more.

[mrpleasant]

On the boating theme, we bought a repossessed place off the Halifax in '91. The property was in a filthy state and had been stripped bare - apart from a bound collection of Yachting Monthly, carefully lined up against one wall in a back bedroom. The story emerged that the previous owner, seeing he was sinking into debt, had remortgaged, bought a boat and sailed off into the sunset.

Banks and building societies would do well to see how many of their customers have been taking sailing lessons lately...

[1888]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

check out the difference in price between uk/euro boats and us boats on ebay

and at 2-1 exchange rate you will get the best bargains stateside

Florida has plenty for sale

good survey is crucial especially as a few will have suffered in hurricanes

the Carribean is a perfect playground as good and diversified as the med

and a lot more free moorings

Go for it ,live life ,experience freedom have fun

NZ also is a yachtie haven

the $h1t will soon hit the fan there as well

[Daft Boy]

In 1993 a £100k fisher 37 was selling for £23K . If you want a nice sailing boat cheap just wait a couple of years. trust me. If you want a motor boat then have your tenner ready but expect a fiver change. Those mooring fees cripple people in a downturn. It works every time

[buytoilet]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

This is what I did back in 2004, we where looking to buy our first house but decided to sail the med for 2 years. Got back 2006 and well things were still going cazy. Anyway if you have the money do it, live your dream we did.

I have posted these a few times as very proud of our achievement

Making bread in Sardinia

Geting ready for the rough stuff.

Sun set in our anchorage (free)

on the job repairs

Dolphins off the starbord bow

Anchored off Cabrera isalnd (a national park) 10 miles from the chavs in Majjorca. No post cards for the island or information, its a secret

Stopped in Paris for a week

I still cant spell as forum members like to point out

But I did live my dream

Edited April 18, 2008 by buytoilet

[Confiteor]

Good on you, chief. That must take balls.

[Atoning Unifex]

Good on you, chief. That must take balls.

yeah good for him, i know a skipper (private charter) some of the places he has been and conditons etc you really do have to have balls of steel (stainless steel so the seawater dont rust em) he certainly has.

[cynic]

what did you put in that bread mix? Your eyes look very weird!

[HenryWeston]

This is what I did back in 2004, we where looking to buy our first house but decided to sail the med for 2 years. Got back 2006 and well things were still going cazy. Anyway if you have the money do it, live your dream we did.

I have posted these a few times as very proud of our achievement

Looks much more fun than buying some grotty overpriced 2 bed FTB house in the UK

[contractor]

The best two days of boat ownership are the day you buy and the day you sell.

The rule is if it floats, flies, or f.cks, rent it.

[cynic]

The pics are nice and crisp btw - what camera were you using?

[kiwi]

Nice, boats cost money to own and maintain but the experience... priceless, this is my 3 month old daughter at the Isle of Pines in New Caledonia last year.....

If its hard to make money during a major downturn then its a good time to enjoy the rewards of working hard in the boom times.... timing is everything.

[buytoilet]

yeah good for him, i know a skipper (private charter) some of the places he has been and conditons etc you really do have to have balls of steel (stainless steel so the seawater dont rust em) he certainly has.

I dont have balls of steel, I just dont like going to work and this was a better option that oneday I will get back to

Looks much more fun than buying some grotty overpriced 2 bed FTB house in the UK

To true

The best two days of boat ownership are the day you buy and the day you sell.

I have heard this said, lot of hassle owning a boat.

The rule is if it floats, flies, or f.cks, rent it.

Very true

The pics are nice and crisp btw - what camera were you using?

the camera is old about 2003 nikon with 2.5m pixels, I think it helps if you are in the med.

Nice, boats cost money to own and maintain but the experience... priceless, this is my 3 month old daughter at the Isle of Pines in New Caledonia last year.....

If its hard to make money during a major downturn then its a good time to enjoy the rewards of working hard in the boom times.... timing is everything.

Nice pics Kiwi and the boat Looks like she has a canoe stern what is she?

[Bosh]

Many people dream of dropping out of the rat race for a year or two, in order to pursue their ambition of living on a boat. The liveaboard lifestyle has certain undeniable attractions - cheap living, the possibility of seeing the world (or at least the Mediterranean!), adventure and excitement with moderate risk. However, one of the major disincentives over the past few years has been the risk that you would be priced out of the housing market on your return. Now, however, could be a good time to realise that particular idea - perhaps a better use of an STR fund than renting a dump for the next few years, especially if the jobs market starts to look dodgy?

I`m in

[Bosh]

Over specified!

At least the beard will keep you warm for those winter months on the high seas

[steve99]

This is what I did back in 2004, we where looking to buy our first house but decided to sail the med for 2 years. Got back 2006 and well things were still going cazy. Anyway if you have the money do it, live your dream we did.

I have posted these a few times as very proud of our achievement

Making bread in Sardinia

Geting ready for the rough stuff.

Sun set in our anchorage (free)

on the job repairs

Dolphins off the starbord bow

Anchored off Cabrera isalnd (a national park) 10 miles from the chavs in Majjorca. No post cards for the island or information, its a secret

Stopped in Paris for a week

I still cant spell as forum members like to point out

But I did live my dream

Good one, this is what Ive always wanted to do, and would, however the other half doesn't agree in any way shape or form, was going to str last year but she came back with the end-of-the-world mantra about being priced out for ever more and prices doubling within two years. As for the price of yachts, I think it is a buyers market now, lots of new and much cheaper yachts have been produced over the last few years and nobody wants the old ones back from the 80's or whenever, another reason they cant sell the older (and often better built) boats is the fact that the people who are buying the new ones are the ones who are at the same time trying to sell their old yacht are the only ones who can afford to keep them. So if you are going to the Med this is a good deal

as you wont be up for Rip-off-Britain mooring costs. Its also a relatively cheap lifestyle once away from the UK's fixed costs

I actualy know someone who was trying to sell an 80's 35' Westerly ketch, had been trying to sell at the so called market price for the last year or so but not even a tire kicker to date so has decided to keep it, reason he was selling, income not increasing, mooring costs increasing 20%pa, driving down to coast costing more by the month etc. Perfect boat for the med.

PS, what type of yacht was it??

Edited April 19, 2008 by steve99

[kiwi]

its a hans christian 38 ft mark ii

you dont have to have balls of steel, just understand the weather.

[silver surfer]

You'd have to be mad to buy a boat now.

I STR'd in 2006 and sold my boat in 2007. In the 1987 hurricane I lost a boat on her moorings, by the time the insurance money came through the 1989 property crash was just starting, so I waited and in 1991 used the money (and not a penny more) to get a much bigger and better boat. Berthing prices fell as well, so I was able to afford a marina berth rather than a swinging mooring.

This time it'll be even more severe. As well as severe marine credit restrictions it's just been announced that marine diesel for leisure use will double in price in November.

I believe that soon boat owners will be desperate to sell at any price, just to escape from the running costs. Walk around any marina these days and they're full of people living way, way beyond their means. I remember a guy moored next to me proudly saying that he'd re-mortgaged 15 times in the last 12 years! That's right, more than once every twelve months, and each time he'd withdrawn some cash. He's typical of the financial walking (or floating!) dead that will have no option but to sell their boats. The marine trade know the writing's on the wall, we're just entering the sailing season but if you call any boat builder now you'll find their order books are empty, show even the tiniest bit of interest and they'll start quoting "end of season" prices right now in April.

My advice, wait until October (ideally October 2009!) and you'll be able to get a lot more boat for your money.

[ym2]

I've been doing this on and off since quitting a London Advertising job in 2002. Love it, and have now retrained as a yachtbroker.

We lost our first boat in Hurricane Ivan in the Caribbean in 2004 (weren't onboard at the time) and have had two children in the meantime, but HPI meant a bigger boat.

We decided to cash in on our UK property in 2007 . (Have kept an overseas property)

As a yachtbroker I can tell you that he top end of the market is very solid, and I'm talking those that pay cash and probably have several properties with no mortgage. But lower down is beginning to feel the pinch this year. The right boat will hold it's value relatively well, but mass produced and over supplied models will suffer, especially those bought by the mew brigade.

Our boat is the one area of our finances that I look at with a totally different view. I do not look to it to repay the capital spent if and when I sell it. Whatever comes back is a bonus because the experience it is giving me is totally priceless. I will never forget the sense of elation when I stepped ashore in Antigua having skippered my small yacht there from the UK.

STR fund pays our day to day with no dipping into capital as we estimate our cost of living is 2/3rds of land lubber life.

We anchor out as much as possible to keep costs down, off some of the most exclusive beaches in the world. Often the smart five star hotels on the beach let us use their pools as we are "providing the scenery for their guests". Cost to me to stay there....zero. We make our own electricity via wind and solar and have a machine that turns seawater into fresh. Cruising in the Caribbean also means money goes much further as we are paying in US dollars.

Great lifestyle, always interesting and challenging. Not too keen on the rough stuff, but when you are on an open ended trip you can choose your weather to a certain extent. You'd be surprised how many are out here doing it.

We have a website with pics and stories of the trip at www.jryachts.com (click on cruising blog)

Edited April 20, 2008 by ym2

[smash]

its a hans christian 38 ft mark ii

you dont have to have balls of steel, just understand the weather.

I like the Hans Cristian as well, definately a boat thats up to the job, there is a new 48' version with doghouse - lovely. Checking out the cruising forums though i reckon that a Valiant 42 is a serious contender, there will be loads of theses American made boats available in the used market in a few years time.