With real estate prices rocketing day by day, people are ditching the idea of becoming a homeowner for an alternative and adventurous lifestyle: Becoming a boat owner.
You have probably seen dozens of movies where the down-on-his-luck protagonist with a broken heart chooses to leave the hum-drum of city life and decides to make a living on his boat. Well, it’s not as easy as they show. Yes, living on a boat is much cheaper, and the views are amazing. Moreover, it allows you to throw these lavish dinner parties.
However, don’t be fooled by these perks! You need to consider several things before you make the move from land to water.
Liveaboard Insurance
One of the biggest expenses of living on a boat is insurance. If your boat is docked at a marina, you must submit an application stating the boat is your primary home. Let’s say that your application gets approved. You now have to buy boat insurance based on your lifestyle.
If you own a 35-foot boat, here are your insurance options:
- Local Sailing: $800/year
- International Sailing: $1,800/year
Utilities
When it comes to the electricity bill, you will be glad to know that it’s only a fraction of what you pay for a house. Since the space is small, you won’t consume much electricity for cooling and heating. You might need to run the engine a couple of times to charge the batteries or work an appliance, but other than that, your monthly budget will be well under control.
You can also go green by opting for solar panels and wind turbines. This will be pricey upfront, but it sure beats the cost of staying connected to the grid.
Sewage
Most marinas offer a pump-out station at a small charge. Keep in mind that you will be charged a hefty fine if caught emptying your septic tank in the water. Don’t forget to clean your tank from time to time; otherwise, the smell will permeate your boat.
Maintenance Costs
The above information clearly tells you how tiresome and expensive it can be to keep track of everything when living on a boat. You need to be handy with tools because if stuffy breaks when you are sailing, you and you alone will be responsible for fixing them.
Generally, boat parts cost four times more than household building supplies. You need to plan in advance and set aside at least 10% of your boat’s value for repairs.
Buying a boat is not that difficult but deciding where to dock it is. You need to choose a marina that offers all the basic facilities and a few luxuries, such as private security, cleaning services, and more. The more well-equipped the marina, the easier your life will be onboard.
If you want to get your hands on quality floating docks, visit the EZ Dock Texas website. The company offers do-it-yourself dock kits, which you can easily assemble on your own. For more information, call (800) 654-8168.
