The wife and I want an investment property that we can enjoy now. We have looked at beach condos but the price and other limitations have led us to wondering if we sould buy a boat instead. What kind of sailboat offers the best "liveability" in terms of comforts? Price range maximum is probably in the $60,000 range. If I could sail, get the second home deduction, and please my wife . . .all would be right with the world . . .Please advise . . . .
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Condo or Boat, Boat or Condo
Steve: You probably came to the wrong place if you want to ask someone about the advantages of a Boat over a Condo. Obviously a Condo would be a better financial investment BUUUUTT, this is were the reasoning stops. Having a boat and being able to sail from one location to another and anchor out without the neighbors OH,OH, OH. It's just tooo good. A good used boat that is maintained is not a bad investment but there is also the money that you will need to put into it to keep it up. In the $60k range, I would think that you should be able to get an older H'37-40 ft boat. The original owners have already eaten most of the depreciation so you are going to be looking at reburbing it, maintenance, insurance and berthing. I have owned a boat for over 25 years and would not even consider trading it for a condo (at this time in my life). We have a '85 H'31 and find it very comfortable for weekend and longer visits.
Steve: You probably came to the wrong place if you want to ask someone about the advantages of a Boat over a Condo. Obviously a Condo would be a better financial investment BUUUUTT, this is were the reasoning stops. Having a boat and being able to sail from one location to another and anchor out without the neighbors OH,OH, OH. It's just tooo good. A good used boat that is maintained is not a bad investment but there is also the money that you will need to put into it to keep it up. In the $60k range, I would think that you should be able to get an older H'37-40 ft boat. The original owners have already eaten most of the depreciation so you are going to be looking at reburbing it, maintenance, insurance and berthing. I have owned a boat for over 25 years and would not even consider trading it for a condo (at this time in my life). We have a '85 H'31 and find it very comfortable for weekend and longer visits.
Boat
A hole in the water in which ones sinks money. The real issue is if you have cruising sailing experience and can be comfortable living on a boat. For 60 K you can get a wide variety of boats other than a Hunter so I would work out exactly what you want in a boat and then cruise the net. You may find what you want can be had for 25K and you can have your cake and eat it too.
A hole in the water in which ones sinks money. The real issue is if you have cruising sailing experience and can be comfortable living on a boat. For 60 K you can get a wide variety of boats other than a Hunter so I would work out exactly what you want in a boat and then cruise the net. You may find what you want can be had for 25K and you can have your cake and eat it too.
'ealth
think of which is going to do your health and welbeing the best. assuming medical insurance, etc., etc. is up-to=date ask any of the subscibers to this site what they would do. put your question to phil herring and see if he will put as the next site question. you can already be assured of a very sound response that you should purchase the boat. have you ever noticed that those living, working or spend much time on the water seem to have lived longer! ted.
think of which is going to do your health and welbeing the best. assuming medical insurance, etc., etc. is up-to=date ask any of the subscibers to this site what they would do. put your question to phil herring and see if he will put as the next site question. you can already be assured of a very sound response that you should purchase the boat. have you ever noticed that those living, working or spend much time on the water seem to have lived longer! ted.
We have both
We have a condo in Fla. that is paying for itself while we wait until the time we can move there "full" time(5-6yrs). We also have a sailboat here in Texas that I'm not ready to give up. Have considered another unit in the same building in Fla. for income "down the road" but have decided we'd rather have a sailboat in same location instead. We love sailing and plan to do some extended costal cruising so our decision is to stage a sailboat down there to stay on and keep the condo in the rental program as much as possible. As far as charted income, I understand that you are lucky to get 6-10% above costs of boat expenses and that is in a good charter area with limited owner use.Wear and tear on a charter sailboat is MUCH more than a condo, so watch out.
We have a condo in Fla. that is paying for itself while we wait until the time we can move there "full" time(5-6yrs). We also have a sailboat here in Texas that I'm not ready to give up. Have considered another unit in the same building in Fla. for income "down the road" but have decided we'd rather have a sailboat in same location instead. We love sailing and plan to do some extended costal cruising so our decision is to stage a sailboat down there to stay on and keep the condo in the rental program as much as possible. As far as charted income, I understand that you are lucky to get 6-10% above costs of boat expenses and that is in a good charter area with limited owner use.Wear and tear on a charter sailboat is MUCH more than a condo, so watch out.
Where can I get one?
Steve of Margarittaville ??? A beach condo for $60,000...Where did you find one? I'd be interested.
Steve of Margarittaville ??? A beach condo for $60,000...Where did you find one? I'd be interested.
For investment, duplex or triplex, for fun, a boat
In my view, condos are not that attractive as investment property, because they are priced high for single units, and typically have a high association fee that eats into your income. I think a duplex, triplex, or fourplex is better. You should be able to find a decent rental property for $100K to $150K. Owning a rental unit is not fun. Owning a boat is a lot of fun. But a boat is NOT an investment. Not even a mediocre investment. It is expenditure plain and simple. Don't believe anyone who tells you otherwise. Here's an idea. Find a duplex for around $120K that gives positive cash flow, with 25% down. That eats $30K of your $60K. Wait a few months to build a sense of confidence in the rental flow. During those few months, save all the net income from the investment property, and a little more. After a while, you'll have added $10K to the remaining $30K. Use this to buy a $40K boat. Good luck.
In my view, condos are not that attractive as investment property, because they are priced high for single units, and typically have a high association fee that eats into your income. I think a duplex, triplex, or fourplex is better. You should be able to find a decent rental property for $100K to $150K. Owning a rental unit is not fun. Owning a boat is a lot of fun. But a boat is NOT an investment. Not even a mediocre investment. It is expenditure plain and simple. Don't believe anyone who tells you otherwise. Here's an idea. Find a duplex for around $120K that gives positive cash flow, with 25% down. That eats $30K of your $60K. Wait a few months to build a sense of confidence in the rental flow. During those few months, save all the net income from the investment property, and a little more. After a while, you'll have added $10K to the remaining $30K. Use this to buy a $40K boat. Good luck.
Go with the condo
Your first statment was "Investment property. A boat, no matter how new or high quality is never going to yield a proffit unless you have stolen it. Quite frankly, the cost of the boat may seem like a lot of money but the additional costs like a marina to keep it at, storage, maintenance, general upkeep, feature creep, dockside services etc...... can and will cost more / month than the boat payment. So the moral is, No boat is going to be a financial investment. On the other hand, we here will all agree it's well worth it.....
Your first statment was "Investment property. A boat, no matter how new or high quality is never going to yield a proffit unless you have stolen it. Quite frankly, the cost of the boat may seem like a lot of money but the additional costs like a marina to keep it at, storage, maintenance, general upkeep, feature creep, dockside services etc...... can and will cost more / month than the boat payment. So the moral is, No boat is going to be a financial investment. On the other hand, we here will all agree it's well worth it.....
Agree with Marc and BT...
...Find a solution that allows for both. Been There's post even gives an idea of how to pay for them. A waterfront condo with deep-water dock access is what my wife and I are looking for, against the day we retire for good. This way, we always have a place to call home, but can slip the lines and sail away whenever the urge strikes. Our only dilemma is where to go... Tampa? Melbourne? Pensacola? Right here in the Florida Keys? ;o) --Jon Bastien H23 '2 Sheets to the Wind' H25 'Adagio'
...Find a solution that allows for both. Been There's post even gives an idea of how to pay for them. A waterfront condo with deep-water dock access is what my wife and I are looking for, against the day we retire for good. This way, we always have a place to call home, but can slip the lines and sail away whenever the urge strikes. Our only dilemma is where to go... Tampa? Melbourne? Pensacola? Right here in the Florida Keys? ;o) --Jon Bastien H23 '2 Sheets to the Wind' H25 'Adagio'
Buy beach condo and small boat
You'll spend far less time repairing and more time enjoying the water. Live-aboard sized boats, contrary to current popular belief, are NOT just "floating condos"...everything aboard is a system, whereas everything in a condo or house is just an "appliance." Even something so basic as running water is a system that requires maintenance...toilets--something you never even THINK about at home--are temperamental machinery that must be treated as such (maintain it or repair it...your choice...but you'll have to do one or the other regularly...and the waste doesn't just go down a pipe and into the city sewer system...it stays aboard, either to be held and pumped out or, treated....either way, it's part of a system that needs maintenance. We buy light bulbs for our homes without thinking about it...have you ever priced a 12v light bulb? Not to mention, tried to find one when you need it? The stove is another "system"...so's the electrical--AC and DC--'cuz 30 amps of AC power doesn't go very far when it comes to adding all the "comforts of home"...and DC appliances either don't work worth a damn or drain your batteries. I could go on for another megabyte...and that's BEFORE I even get to the sails, rigging, hull and bottom, generator, and engine. Living on a boat is like living in a house that's always either in need of repair or in the midst of remodling, 'cuz there is never a time when everything is working. Have the best of both worlds...a beach cottage and a day sailer tied to your dock.
You'll spend far less time repairing and more time enjoying the water. Live-aboard sized boats, contrary to current popular belief, are NOT just "floating condos"...everything aboard is a system, whereas everything in a condo or house is just an "appliance." Even something so basic as running water is a system that requires maintenance...toilets--something you never even THINK about at home--are temperamental machinery that must be treated as such (maintain it or repair it...your choice...but you'll have to do one or the other regularly...and the waste doesn't just go down a pipe and into the city sewer system...it stays aboard, either to be held and pumped out or, treated....either way, it's part of a system that needs maintenance. We buy light bulbs for our homes without thinking about it...have you ever priced a 12v light bulb? Not to mention, tried to find one when you need it? The stove is another "system"...so's the electrical--AC and DC--'cuz 30 amps of AC power doesn't go very far when it comes to adding all the "comforts of home"...and DC appliances either don't work worth a damn or drain your batteries. I could go on for another megabyte...and that's BEFORE I even get to the sails, rigging, hull and bottom, generator, and engine. Living on a boat is like living in a house that's always either in need of repair or in the midst of remodling, 'cuz there is never a time when everything is working. Have the best of both worlds...a beach cottage and a day sailer tied to your dock.
Thanks for the responses . . .
I haven't decided to share them with my wife yet. In any case it is clear that if we want to live aboard a boat for ANY length of time we need to gain an appreciation of what we are getting into. We plan on looking at several boats to determine livability. Meanwhile, I plan on sailing several days next week in our 235 . . . Margarittaville is "anywhere you want it to be", but we call Talladega,AL and Destin, FL (couple weeks a year) homeport. Again, it is great to converse with fellow dreamers here on the website . . .
I haven't decided to share them with my wife yet. In any case it is clear that if we want to live aboard a boat for ANY length of time we need to gain an appreciation of what we are getting into. We plan on looking at several boats to determine livability. Meanwhile, I plan on sailing several days next week in our 235 . . . Margarittaville is "anywhere you want it to be", but we call Talladega,AL and Destin, FL (couple weeks a year) homeport. Again, it is great to converse with fellow dreamers here on the website . . .
What fun is a condo?
So you have a beach condo and what do you do for fun? Read, watch TV, look at the ocean, dream. But a boat! You can do all that and so much more. The maintenance keeps the boredom away, the sailing keeps the dreams going, and you can change the scenery when ever you would like. Is it a good investment? Not to generate dollars, but what about all the other more important stuff we should "invest" in. I vote for the boat in a big way but MAKE SURE YOU KNOW WHAT YOU ARE GETTING IN TO. A sailboat is not a turnkey toy.
So you have a beach condo and what do you do for fun? Read, watch TV, look at the ocean, dream. But a boat! You can do all that and so much more. The maintenance keeps the boredom away, the sailing keeps the dreams going, and you can change the scenery when ever you would like. Is it a good investment? Not to generate dollars, but what about all the other more important stuff we should "invest" in. I vote for the boat in a big way but MAKE SURE YOU KNOW WHAT YOU ARE GETTING IN TO. A sailboat is not a turnkey toy.
Your estate
If a heir, I vote for the condo, don't leave me some damn boat I have to get rid of. Unless of course it is a Swan, Gozzard or something simple like a Island Packet.
If a heir, I vote for the condo, don't leave me some damn boat I have to get rid of. Unless of course it is a Swan, Gozzard or something simple like a Island Packet.
strongly disagree
we have a 26.5 hunter - is holding its value very well. hinking in near future of buying a larger vessel. in britain, finance/mortgage allowable against tax. kids and all have sound start in life, etc. so if you settle for 20-50,000 dollrs on a sailboat and already have a good home conscience will not come into it. been nearly dead twice and can assure that the time, challenges, exercise etc. offered by a sailboat are indisputable. spend your time looking for a good sound used one. a sailboat's value depreciates 50% in a matter of minutes. there are excellent deals to be found. cost of sailing? do your sums and compare with the expenses of a condo, etc. add also what another ten years of health and life is worth for you and wife. and getting o know sailors - a breed that you will not find anywhere else - rich or not so well off. buy the b........y boat and take a new lease on life. ted.
we have a 26.5 hunter - is holding its value very well. hinking in near future of buying a larger vessel. in britain, finance/mortgage allowable against tax. kids and all have sound start in life, etc. so if you settle for 20-50,000 dollrs on a sailboat and already have a good home conscience will not come into it. been nearly dead twice and can assure that the time, challenges, exercise etc. offered by a sailboat are indisputable. spend your time looking for a good sound used one. a sailboat's value depreciates 50% in a matter of minutes. there are excellent deals to be found. cost of sailing? do your sums and compare with the expenses of a condo, etc. add also what another ten years of health and life is worth for you and wife. and getting o know sailors - a breed that you will not find anywhere else - rich or not so well off. buy the b........y boat and take a new lease on life. ted.
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