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Am I Crazy???

post #1 of 40
3/8/10 at 2:48pm
Thread Starter 
I have received a very good offer on my home, and I am thinking about selling it. The extra cash comes in pretty handy at the moment to invest in my business, there are quite a few opportunities to buy up one or two rivals. So some extra cash in stock is very desirable. However, this leaves me with two problems. I need a place to live, and I definitely, absolutely, want to live near a big lake or the sea. Waterfront property however is expensive and then selling my home is of no use. That's why I thought, may be I could live on a boat for one or two years. I am single, no girlfriend, no children from previous relationships. So I am totally alone. That is why I can see this as a temporary option. After a year or two (maybe 3), I'd like to buy a house again and depending on my finances either keep, or sell, the boat. Something along the lines I was thinking: http://www.medyachts.com/yacht/31/su...r-manhattan-64 http://www.jameslist.com/advert/5021...T=|tab0|%29%29 What do you guys think? I am kinda worried about practical matters such as not being able to park on my own driveway or problems connecting water/power to the boat. But on the other hand, it seems like a cool way to spend a few years.
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post #2 of 40
3/8/10 at 4:07pm
Didn't you only recently complete your house?
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post #3 of 40
3/8/10 at 4:21pm
boats are expensive. if you can afford the maintenance/fuel/slip i say go for it. i'd love to live like that.
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post #4 of 40
3/8/10 at 4:23pm
Cool idea. I assume you would park your boat in the marina. I would be worried about the resale value of the boat -- the market of buyers is probably very small. Why not rent a small apartment by the water?
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post #5 of 40
3/8/10 at 4:26pm
It could be a fun/cool experience. I mean when else can you do it except after retirement?

I have had a few friends do it and they loved it.
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post #6 of 40
3/8/10 at 4:29pm
You want to sell an appreciating asset (real estate) at the bottom of the RE cycle to buy a depreciating asset (boat), then in 2 or 3 years return to real estate as prices have recovered and your boat has lost value?
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post #7 of 40
3/8/10 at 4:30pm
Fun. Have you thought about the maintenance and practicability? How much to park it in a marina? Where to store all your stuff and you car(s)? Dutch weather in winter?

I was thinkin about a houseboat at first.
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post #8 of 40
3/8/10 at 4:56pm
Thread Starter 
Quote:
Originally Posted by EnglishGent View Post
Didn't you only recently complete your house?

Yes I did, I've been living there for about a year and a half now.

Quote:
Originally Posted by gdl203 View Post
You want to sell an appreciating asset (real estate) at the bottom of the RE cycle to buy a depreciating asset (boat), then in 2 or 3 years return to real estate as prices have recovered and your boat has lost value?

I have received an offer for my house well above market value. It is not on the market and the only reason I am considering it is because it is A LOT of money they have offered me. Even before the 'crisis' it would have been a lot.

I do realize a boat depreciates like crazy. That is one of my major concerns regarding this idea. There's the option of living in an appartment, rent a house or whatever. But a small house in the village where I live costs about the same as a boat like that. And then we're talking maybe 100 sq. meters. Then, when I consider the 'cool' factor I am more or less willing to overlook the depreciation. That's also why I'd want a boat +/- 10 years old.

Quote:
Originally Posted by Mr. Clean View Post
Fun. Have you thought about the maintenance and practicability? How much to park it in a marina? Where to store all your stuff and you car(s)? Dutch weather in winter?

I was thinkin about a houseboat at first.

I know the cost to park it in a Marina, and I know the cost of water/power. I have one car, that can be parked on the Marina car lot. For my business I have a 12.000 sq. feet warehouse where I currently store my stuff already.

I am worried about the weather, especially with watersupply freezing etc. Not to mention the sewage system...
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post #9 of 40
3/8/10 at 4:59pm
sell your house and rent an apartment if you need to for a few years. if boats are that appealing to you, then buy a smaller one for weekends. i don't think the boats you've linked to are meant to be lived on 365 days per year. they may be comfortable for a week or two, but more than that.....
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post #10 of 40
3/8/10 at 5:33pm
Quote:
Originally Posted by Roy View Post
Then, when I consider the 'cool' factor I am more or less willing to overlook the depreciation. I am worried about the weather, especially with watersupply freezing etc. Not to mention the sewage system...
As long as you can mentally charge off the depreciation as the fee for the cool factor, I'd cross that issue off the ledger. I think living on a boat would be a great adventure. The winter issue seems a little dodgier. Surely there are experts around to offer guidance. Experts other than SF members, that is.
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post #11 of 40
3/8/10 at 5:47pm
Down here in Texas I'd seriously consider it (Except for hurricane season). Up there, with your winters? Not so keen on the idea.

Although, if you have a place to do laundry and wash up, and don't mind being in small spaces for long stretches...I'd give it a shot.
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post #12 of 40
3/8/10 at 5:50pm
Quote:
Originally Posted by Thomas View Post
Down here in Texas I'd seriously consider it (Except for hurricane season). Up there, with your winters? Not so keen on the idea.

I believe people live year-round on houseboats in St. Paul, MN, so it isn't like the thing is un-doable.
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post #13 of 40
3/8/10 at 7:07pm
oh wow roy!
... but your cool home theatre =(
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post #14 of 40
3/8/10 at 7:16pm
Seems pretty crazy. I think the romance would wear off after a few months at most, by which point you'd realize you're reliving the cramped housing conditions of your early twenties and that it's not very cool to have to wash your clothes at a laundromat. If the offer is far above market value, why not just buy another waterfront home at current market value and pocket the difference? How much liquid capital do you really need at the moment?
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post #15 of 40
3/8/10 at 9:48pm
BEing that the boats are pretty large, I don't see why it isn't doable. Two years is a long time though. I second renting a smaller property.
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