What did Malcolm Reynolds of the hit TV series Firefly and Han Solo have in common? Well, I'd venture to say they both loved their ships. And that is a very important part of owning your floating home; if you don't love her, she'll be worth less than that dollar menu hamburger.
That said, there are several factors that will influence the decision of which boat to buy. The most important thing to remember is this: there is no perfect boat. I repeat, there is no perfect boat. Every boat is a compromise between these factors. The key is to know where you'll compromise, how much you'll let that factor change, and your will power to let that be OK.
Money: Let's get this out of the way. A sailboat will cost you money. The question is, how much up front, and how much to keep her? I'll continue to delve into the holistic finances of sailboat living, but looking from 10,000 feet, you need to think through:
2002 Cal 28 in Baltimore, MD
I financed my first liveaboard, so thought of things in terms of both monthly and total costs. SeaWitch was sold to me for $8500. Taxes and registration came out to around $400. I was responsible for the launch fee, since I would liveaboard on land for several months due to my work schedule. $400 for launch and getting the mast back up. The seller paid the broker fee, and I was not represented by one, so no fee there. Total initial outlay: $9300. My note was for slightly more, with a monthly payment of $230.
At 28 feet, my per-foot costs remained pretty reasonable. My slip in Charleston, SC, was around $10/ft plus metered electricity. This averaged $30-40 per month. Cable TV was included (although I'm a proponent of doing without that burden), and for internet I needed a telephone line for dial-up, adding another $30/mo. Total cost to have a slip, parking spot for my car, electricity, water, phone and cable: $350/mo. This is $4200/yr
My plan was to haul out every other year to do maintenance on the bottom and tackle any odd jobs. Asking around the marina, I reasoned the total cost for haul out, storage on land for a week, and launch, would be around $500. There was a yard I could do my own work at (becoming rarer these days), which would have saved me some money. Including bottom paint, total bi-annual cost: ~$1000.
If you amortize that, I needed to save about $40/mo for that cost.
Lastly, upgrades. All the normal items came with the boat: sails, engine, safety gear to pass a USCG inspection, and some interior accoutrements. But to make her a liveaboard, I needed a number of home items, including dishes and kitchen ware, bedding, painting the interior, some rugs, and several small pictures and knickknacks to call it a home. I was also moving to the South, and I quickly realized living without AC there was trouble. Then it turned to winter, and I needed to buy a couple of heaters. These small costs can add up quickly; like several hundred dollars in the first couple of months. I also had a running list of marine upgrades to better the boat itself: changing out from a portapotti to a marine head, adding better sail controls, and the worst offender: maintaining, and then replacing, the Atomic 4 inboard engine.
By the end of the first year aboard, I had spent an average of $300/mo on these kind of "extras" that ballooned out of control. Again, I hope to cover some of my "lessons learned" in future posts to discuss items I purchased, why they did or did not work, and the actual value of them.
Stay tuned for Part 2 where I discuss this exercise for my Tartan 37 in 2007.
That said, there are several factors that will influence the decision of which boat to buy. The most important thing to remember is this: there is no perfect boat. I repeat, there is no perfect boat. Every boat is a compromise between these factors. The key is to know where you'll compromise, how much you'll let that factor change, and your will power to let that be OK.
Money: Let's get this out of the way. A sailboat will cost you money. The question is, how much up front, and how much to keep her? I'll continue to delve into the holistic finances of sailboat living, but looking from 10,000 feet, you need to think through:
- How much will my purchase cost be, including any taxes, registration fees, and broker/dealer commission? You need to know the immediate cost if you agree to buy.
- What are the average operating costs going to be? It's usually best to think of these in terms of per-foot costs. Slips are typically priced on a per-foot basis, as are hauling out fees to get her on land for repairs, some insurance products, and others. This is also the place to think through the totality of your live aboard experience. If you don't know where you'll keep a boat, you'll have a harder time making a rational decision, especially on size.
- What are the estimate costs to complete necessary and desired improvements? There's going to be something, it should be prioritized, and you'll most likely be 50% off. But these are real costs too.
2002 Cal 28 in Baltimore, MD
I financed my first liveaboard, so thought of things in terms of both monthly and total costs. SeaWitch was sold to me for $8500. Taxes and registration came out to around $400. I was responsible for the launch fee, since I would liveaboard on land for several months due to my work schedule. $400 for launch and getting the mast back up. The seller paid the broker fee, and I was not represented by one, so no fee there. Total initial outlay: $9300. My note was for slightly more, with a monthly payment of $230.
At 28 feet, my per-foot costs remained pretty reasonable. My slip in Charleston, SC, was around $10/ft plus metered electricity. This averaged $30-40 per month. Cable TV was included (although I'm a proponent of doing without that burden), and for internet I needed a telephone line for dial-up, adding another $30/mo. Total cost to have a slip, parking spot for my car, electricity, water, phone and cable: $350/mo. This is $4200/yr
My plan was to haul out every other year to do maintenance on the bottom and tackle any odd jobs. Asking around the marina, I reasoned the total cost for haul out, storage on land for a week, and launch, would be around $500. There was a yard I could do my own work at (becoming rarer these days), which would have saved me some money. Including bottom paint, total bi-annual cost: ~$1000.
If you amortize that, I needed to save about $40/mo for that cost.
Lastly, upgrades. All the normal items came with the boat: sails, engine, safety gear to pass a USCG inspection, and some interior accoutrements. But to make her a liveaboard, I needed a number of home items, including dishes and kitchen ware, bedding, painting the interior, some rugs, and several small pictures and knickknacks to call it a home. I was also moving to the South, and I quickly realized living without AC there was trouble. Then it turned to winter, and I needed to buy a couple of heaters. These small costs can add up quickly; like several hundred dollars in the first couple of months. I also had a running list of marine upgrades to better the boat itself: changing out from a portapotti to a marine head, adding better sail controls, and the worst offender: maintaining, and then replacing, the Atomic 4 inboard engine.
By the end of the first year aboard, I had spent an average of $300/mo on these kind of "extras" that ballooned out of control. Again, I hope to cover some of my "lessons learned" in future posts to discuss items I purchased, why they did or did not work, and the actual value of them.
Stay tuned for Part 2 where I discuss this exercise for my Tartan 37 in 2007.
