rd45
New Member
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Post by rd45 on Aug 12, 2020 11:55:36 GMT
Hello everyone. I'm new, so go easy on me. Thanks.
I've been planning for a while to buy a boat to live aboard permanently. I thought maybe in 4-5 years time, but some recent events mean that I might be doing it sooner rather than later. I don't have the money yet to spend on the purchase price, but I do have a decent paying job that I can pretty much do from anywhere, so i'm wondering whether i could rent something for a while, to get myself started out. I see that there are several firms that offer boat rentals for periods of months or longer. Realistically it'll be a couple of years minimum before i could raise the money to buy outright - so i'm thinking a series of maybe six-monthly rentals would get me there?
Pro: little or no upfront cost other than a deposit i guess, should be able to switch boats relatively easily, someone else is on the hook for maintenance, i get experience of what works for me or doesn't which should help me whenever i come to buy Con: i'm stuck on this part - help me out with what could go wrong with such a plan, please - what are the downsides?
Any clues about fair price per month would also be handy - the places i've looked so far don't publish a price list, which tells me that pricing might be a bit fluid. What would you expect to pay?
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Deleted
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Post by Deleted on Aug 12, 2020 12:25:03 GMT
No idea about the costs but are you looking at a boat used for "continuous cruising" ie no fixed location or do you want one with a mooring?
If it's a boat on a mooring then the price will presumably be related to the cost of the mooring. If it is towpath based then there is no reason for prices to vary due to location because boats can be positioned anywhere as long as they are the right dimensions for the waterway in question..
So if it's a London thing and it's a narrow boat the price should be the same as if it were a narrow boat up north because it's just a week or two of boating to get it down there anyway !
If it has a mooring it is quite possible that the mooring provider has put it in their terms that the boat can not be sublet so it's worth checking that sort of thing.
The "how much" question is a bit like the how long is a piece of string question.
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Post by peterboat on Aug 12, 2020 12:31:41 GMT
It would be a good thing to have a winter in a rental boat, it would show you what its really like rather than what you think its like. I love my boat and could not think of life on land, my neighbour Carolyn is the same she loves our waterway lives however it can be hard so with luck you will enjoy it
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rd45
New Member
Posts: 3
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Post by rd45 on Aug 12, 2020 13:42:04 GMT
sorry, should have said continuous cruising - don't need or want a mooring - in practice i'd be up & down various canals in the midlands - GU, Oxford, Stratford, maybe Coventry - so a rental boat that could cover any/all of that ground
tbf a winter rental might work pretty well as a first go - say six months from October to March - and if i survive that, continue in further six-monthly bites
as a noob, what else do i need to know?
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Deleted
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Post by Deleted on Aug 12, 2020 14:03:34 GMT
Cheshire Cat hire boats in the Nantwich area are run by a former lock keeper at Hurleston. Maybe give her a ring as I know they do more long term hires, and will better be able to answer any questions ... very nice lady and very helpful. By the way welcome to the number one moped riding forum on the net Rog
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Post by Telemachus on Aug 12, 2020 14:21:15 GMT
The obvious downside is that you are giving money to someone else for the use of their boat and at the end of the process you’ll have nothing to show for that money. With interest rates being very low at the moment, have you considered borrowing the money to buy a boat? There are such things as marine mortgages which I think are cheaper than borrowing cash from the bank, as there is an asset to be repossessed if you don’t keep up the payments.
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Post by Telemachus on Aug 12, 2020 14:24:58 GMT
Just had a very quick look on internet and the rate is around 5.5%, so if you borrowed £30k it would cost you £1650 a year in interest, or £137.50 a month. I can’t see you being able to rent a boat for anything approaching that.
That said, maybe a brief period of hiring is a good idea, just so you are sure you want to live on a boat permanently.
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Post by thebfg on Aug 12, 2020 14:26:38 GMT
Telymakus makes a great point. It will probaly be much cheaper and easier to buy. I can't imagine renting would be cheap, if at all possible to find.
Once its paid off instead of handing back a rental you have a boat you could sell to finance a better boat of your dreams, as by then you will know what you do or don't want in a boat.
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Post by Mr Stabby on Aug 12, 2020 17:29:52 GMT
Far cheaper to buy a boat, then if you don't like the lifestyle to sell it again. A boat at the budget end of the market, say £25,000, will be worth virtually the same one year later, whereas I can't imagine any hire company dropping below an absolute minimum of £500 a week even for an extended hire period.
The other thing to bear in mind is that hire boats are designed to be used largely in the Summer, therefore heating and insulation tends to be fairly poor.
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Post by Mr Stabby on Aug 12, 2020 17:32:40 GMT
Just had a very quick look on internet and the rate is around 5.5%, so if you borrowed £30k it would cost you £1650 a year in interest In fact it wouldn't- it would be less- because interest is only applied to the amount outstanding which is steadily reducing over the term of the loan.
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Deleted
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Post by Deleted on Aug 12, 2020 17:34:56 GMT
The objection you hear a lot in connection with proposed boat rentals is that the law which protects tenants doesn't apply to boats. So anything can potentially happen. I suggest keeping a close eye on the market for some cheap plastic boat and see how things go. Do searches on Apollo Duck for anything under (say) £3000 regularly. New stuff pops up all the time.
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Post by Mr Stabby on Aug 12, 2020 17:41:41 GMT
There are such things as marine mortgages which I think are cheaper than borrowing cash from the bank, as there is an asset to be repossessed if you don’t keep up the payments. I think the only firm offering marine finance at the moment is Pegasus, and their APR starts at 5.9%. By contrast my own bank, the Nationwide would lend me £25,000 at 2.9%. Of course they won't lend to buy a boat, so I borrowed £15,000 to buy a caravan, then changed my mind and bought a boat.
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Post by metanoia on Aug 12, 2020 17:41:50 GMT
I bought a (very) cheap boat as it was all I could afford at the time - just to "give it a go" for six months ..... 14 years ago....
Good luck.
You'll very soon know if it's the life for you.
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Post by Mr Stabby on Aug 12, 2020 18:34:36 GMT
I should add that there is a member of this forum who could get you a very cheap boat, provided you didn't ask too many questions.
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Deleted
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Post by Deleted on Aug 12, 2020 19:17:24 GMT
You wouldn't let it lie would you ... no you wouldn't let it lie.
Rog
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