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Housboat Or House; Need Advice Please  
User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Posted (5 years 8 months 5 days 22 hours ago) and read 3013 times:

Inn a year or two I am going to have to decide on whether I want a house or a houseboat. Being in Florida I am split biased as each have their ups and downs. Now I do have experience living in both as my dad let me live one summer aboard his 32ft cruiser "Our Time." In addition I have been boating all my life but have lived in houses all my life. What would you do if you were in my shoes? For those wondering, a house boat can cost cheaper than a house if you get the right boat.

Hunter

[Edited 2008-08-16 10:31:10]


Never be afraid to stand up for who you are.
38 replies: All unread, showing first 25:
 
User currently offlineDLPMMM From United States of America, joined Apr 2005, 3580 posts, RR: 10
Reply 1, posted (5 years 8 months 5 days 13 hours ago) and read 2958 times:

A boat is a hole in the water that you throw money into.

If you are renting, it makes no difference. If you are buying, get a house or condo.

Remember the 3 F rule:

If it flies, floats, or f*cks, it is cheaper to lease.


User currently offlineACDC8 From Canada, joined Mar 2005, 7637 posts, RR: 37
Reply 2, posted (5 years 8 months 5 days 10 hours ago) and read 2918 times:

As cool as a houseboat would be, I think actual property with a house is a much better investment. Buying a house is like investing in a RRSP that you live in.


A Grumpy German Is A Sauerkraut
User currently offlineQFA380 From Australia, joined Jul 2005, 2059 posts, RR: 1
Reply 3, posted (5 years 8 months 5 days 5 hours ago) and read 2896 times:



Quoting ACDC8 (Reply 2):

Yeah, buying a houseboat to live in seems like a rather unintelligent idea to me. You end up getting a mortgage on a guaranteed-to-depreciate asset. If the shit hits the fan you are royally screwed, you default on the loan and end up still oweing the bank after they have taken your only asset, not to mention finding buyers would be difficult so the bank will be almost giving it away. At least with a house you should theoretically get a return once you decide to sell.

Remember that in 20 years your boat will be absolutely worthless while a house will be worth more.

One thing though to consider is that you are young, should be having fun and living on a houseboat would be cool but until when? you may get sick of it within a few months but you still have this boat. You could say that the bonuses of a houseboat could be you can move around often but you still have a job and probably a car. Another thing for you, if you become a truck driver, long-haul then you are leaving your boat around for up to 2 weeks at a time, without seeing it at all. Much easier to steal a houseboat than a house.

You need to ask yourself though, will I regret this in 5, 10, 20 years? Is the coolness of living on a houseboat worth putting yourself behind so much? I read a post by Pope and something about the sooner you start investing the money, the the better you will be, a great deal better.


User currently offlineHuskyAviation From United States of America, joined Aug 2007, 1152 posts, RR: 4
Reply 4, posted (5 years 8 months 5 days 4 hours ago) and read 2880 times:

You think the housing market is bad right now, take a look at the boat market, it's absolutely abysmal. Not to mention the fact that fuel prices are making even the most serious boaters think twice about even putting their boat in the water these days.

Just curious: the way you've hopped from job to job (low paying ones at that), how will you be able to get a mortgage? Is your dad going to get it for you?


User currently offlineBAGoldEx From United States of America, joined Jan 2007, 311 posts, RR: 0
Reply 5, posted (5 years 8 months 5 days 2 hours ago) and read 2868 times:

Indeed, I wouldn't give you a $15,000 car loan with what I've read of your work history. Securing financing for a boat typically requires at least a 50% down payment, and if the boat is more than 20 years old, forget financing all together. I think the question you should be asking yourself is what kind of job can I get with what I have that will permit me to function fully in society, not idiotic questions like should I get a houseboat.

User currently offlineMaidensgator From United States of America, joined Jan 2007, 945 posts, RR: 0
Reply 6, posted (5 years 8 months 5 days 2 hours ago) and read 2866 times:



Quoting HuskyAviation (Reply 4):
You think the housing market is bad right now, take a look at the boat market, it's absolutely abysmal. Not to mention the fact that fuel prices are making even the most serious boaters think twice about even putting their boat in the water these days.

Just curious: the way you've hopped from job to job (low paying ones at that), how will you be able to get a mortgage? Is your dad going to get it for you?

Your mistake Husky, is attempting to inject logic and common sense into this thread... Big grin



The first thing we do, let's kill all the lawyers.
User currently offlineAirCop From , joined Dec 1969, posts, RR:
Reply 7, posted (5 years 8 months 5 days ago) and read 2842 times:



Quoting BAGoldEx (Reply 5):
Indeed, I wouldn't give you a $15,000 car loan with what I've read of your work history. I think the question you should be asking yourself is what kind of job can I get with what I have that will permit me to function fully in society, not idiotic questions like should I get a houseboat.

 checkmark 

Quoting HuskyAviation (Reply 4):
Just curious: the way you've hopped from job to job (low paying ones at that), how will you be able to get a mortgage?

Logic and common sense appears to be lacking with the tread starter, personally with some the recent treads I'm thinking that he is living in a dream world.
BAGold is right, MCOFlyer your number #1 goal should be to function fully in society first, before worrying about toys.


User currently offlineLnglive1011yyz From Canada, joined Oct 2003, 1606 posts, RR: 15
Reply 8, posted (5 years 8 months 5 days ago) and read 2825 times:

Hunter,

One thing that I learned from my grandfather (who was a fairly successful business man) was that you cannot go wrong in most real estate situations.

If you are able to indeed get yourself into a situation where you are able to own your own property (house boat would NOT be real-estate in this case), and NOT rent it, you will be far-better off financially than you would be by buying a houseboat-toy. (yes, that's exactly what it would be... a toy.)

If you can afford it, find yourself a nice piece of property / home that you can grow into with a family, should that be the route you decide to go down.

You will build equity in a home, you will NOT build equity in a house boat.

A houseboat can be put on par with a car, or a motorcycle etc. It's not something that will make you money, a home will.

Also.. for anyone who may be discouraging you from buying a home due to the US' stalled home market, do not let yourself be misled.

The real-estate market will once again rebound, and as long as you are financially responsible (i,e, take a mortgage from a bank that is reputable, is not stiffing you with fees and insanely high interest rates, etc) and keep your toy-buying to a minimum, you will be in a much better financial position.

Remember -- You can always borrow against your house (in circumstances where you need to) when you've built equity.

You cannot borrow against a houseboat or a car. They only depreciate in value.

One last piece of advice. Where you can, AVOID RENTING. all you are doing is making someone else rich. Most mortgages on condo's/homes are in and aroudn the same cost as renting a similar property. If you need to, get a second job to make some extra cash in the interim, so you can OWN the property.

1011yyz



Pack your bags, we're going on a sympathy trip!
User currently offlineScrubbsYWG From Canada, joined Mar 2007, 1495 posts, RR: 0
Reply 9, posted (5 years 8 months 4 days 22 hours ago) and read 2805 times:



Quoting BAGoldEx (Reply 5):
Indeed, I wouldn't give you a $15,000 car loan with what I've read of your work history. Securing financing for a boat typically requires at least a 50% down payment, and if the boat is more than 20 years old, forget financing all together. I think the question you should be asking yourself is what kind of job can I get with what I have that will permit me to function fully in society, not idiotic questions like should I get a houseboat.

well, what i read into this thread, and looking at pictures of his parents' house, it makes me think that Hunter would not exactly be the one buying it...


User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Reply 10, posted (5 years 8 months 4 days 18 hours ago) and read 2782 times:



Quoting ScrubbsYWG (Reply 9):

well, what i read into this thread, and looking at pictures of his parents' house, it makes me think that Hunter would not exactly be the one buying it...

What do you mean???

Hunter



Never be afraid to stand up for who you are.
User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Reply 11, posted (5 years 8 months 4 days 18 hours ago) and read 2775 times:



Quoting HuskyAviation (Reply 4):
You think the housing market is bad right now, take a look at the boat market, it's absolutely abysmal. Not to mention the fact that fuel prices are making even the most serious boaters think twice about even putting their boat in the water these days.

I share a boat with my dad and we DON'T think twice about fuel cost. We DID when we had bigger boats. For example the last boat my dad owned drank 35 gallons of fuel per hour. This one drinks 1-2 gallons per hour at cruising speed.

Quoting HuskyAviation (Reply 4):
Is your dad going to get it for you?

No he is not. What business is it to you?

Hunter



Never be afraid to stand up for who you are.
User currently offlineHuskyAviation From United States of America, joined Aug 2007, 1152 posts, RR: 4
Reply 12, posted (5 years 8 months 4 days 17 hours ago) and read 2754 times:



Quoting MCOflyer (Reply 11):
No he is not. What business is it to you?

I was actually speaking specifically about the mortgage, not the house. But when you come on here and ask for advice about buying a house, it naturally leads people to question how you're going to pay for it. I'm quite familiar with the mortgage-lending environment from both a professional and personal perspective, and the details of your employment history, which you openly share with anyone and everyone on this site, makes me wonder how you're going to qualify for a mortgage by yourself.

I apologize if you took offense to the question.

Quoting MCOflyer (Reply 11):
I share a boat with my dad and we DON'T think twice about fuel cost. We DID when we had bigger boats. For example the last boat my dad owned drank 35 gallons of fuel per hour. This one drinks 1-2 gallons per hour at cruising speed.

That's great that your boat uses such little fuel, but my point was the entire boating market has taken a tremendous hit, even more so than houses. That should make anyone considering buying a boat think twice about whether it is a particularly good place to sink a substantial sum of money.


User currently offlineLnglive1011yyz From Canada, joined Oct 2003, 1606 posts, RR: 15
Reply 13, posted (5 years 8 months 4 days 17 hours ago) and read 2744 times:



Quoting MCOflyer (Reply 11):

No he is not. What business is it to you?

I'm glad you chose to skip over my post. (sarcasm)

Hunter, if i may say in your defence, you have a lot to learn.

When you post questions on a internet forum, and ask personal opinions of people, and invite people into your life via other threads talking about your educational background, your parents, your boats, your cars, your trucks, etc.. you're going to be criticized.

I've witnessed a half-dozen threads posted by you (and others) over the past few months, where you've opened yourself to criticism, whether you like it or not.

If you want to enjoy yourself on a.net, learn to ignore the little jabs and comments, and take the advice that you think is the best...

One thing that being on a.net requires, is a thick skin.

1011yyz



Pack your bags, we're going on a sympathy trip!
User currently offlineRJdxer From , joined Dec 1969, posts, RR:
Reply 14, posted (5 years 8 months 4 days 17 hours ago) and read 2741 times:



Quoting MCOflyer (Thread starter):
Inn a year or two I am going to have to decide on whether I want a house or a houseboat.

At your age I would choose the house. It will look at lot better on your credit report as you get older.

In a few years I will have the same decision to make as I will be nearing retirement age. I may just go with the boat depending on the price of fuel. When we lived in Nashville we had an apartment that looked out over the Cumberland River. I used to see houseboats going by all the time. I had a chance to talk to a skipper of one at a marina near the land between the lakes. He said he had retired 5 years earlier and was spending his days plying the rivers and intercostal waterways. He showed me a map of how it is possible, by using the intercostals and river systems to not see the same stretch of river for years. No billboards, no parking fees unless you pull into a marina. Sounded like a great way to spend some retirement years. But you're a long way away from that unless you happen to hit the right numbers in the lottery. Buy the house and don't let these other negative individuals get to you.

Quoting BAGoldEx (Reply 5):
Securing financing for a boat typically requires at least a 50% down payment,

According to? I can search boat loans and find 3 companies that advertise 5-10% down loans depending on the size of the loan and the customers credit.

Quoting Lnglive1011yyz (Reply 8):
Where you can, AVOID RENTING. all you are doing is making someone else rich. Most mortgages on condo's/homes are in and aroudn the same cost as renting a similar property.

As noted above, when we lived in Nashville we had an apartment that overlooked the Cumberland River, no way I could have afforded a condo or house with the same view.


User currently offlineMaidensGator From United States of America, joined Jan 2007, 945 posts, RR: 0
Reply 15, posted (5 years 8 months 4 days 17 hours ago) and read 2731 times:



Quoting MCOflyer (Reply 10):
Quoting ScrubbsYWG (Reply 9):

well, what i read into this thread, and looking at pictures of his parents' house, it makes me think that Hunter would not exactly be the one buying it...

What do you mean???



Quoting MCOflyer (Reply 11):
Quoting HuskyAviation (Reply 4):
Is your dad going to get it for you?

No he is not. What business is it to you?

Hunter, it wasn't six months ago you started a thread on how you had to make the most important of your life: WHAT BOWLING BALL TO BUY!!!!  Wow!

That was interspersed with the saga that is your work history. In the last 12 months you've had more jobs than most people have in their life. We not only know how many shoes you own, we've seen pictures of them. You share your whole life on here. It's like watching a low budget soap opera.  boggled 

And now, you're buying either a house or houseboat, while unemployed, and we're not supposed to wonder how you plan to pay for it???  Yeah sure



The first thing we do, let's kill all the lawyers.
User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Reply 16, posted (5 years 8 months 4 days 16 hours ago) and read 2717 times:



Quoting MaidensGator (Reply 15):

And now, you're buying either a house or houseboat, while unemployed, and we're not supposed to wonder how you plan to pay for it???

I am employed with my local community college. For your information, I never mentioned anything of my parents and its none of your business.

Hunter



Never be afraid to stand up for who you are.
User currently offlineThreeIfByAir From United States of America, joined Aug 2007, 649 posts, RR: 0
Reply 17, posted (5 years 8 months 4 days 16 hours ago) and read 2707 times:

Lots of people live on houseboats (aka "Floating Homes") in Seattle. I know 2 people who do. Their experiences have been similar: at first, it seems really cool. When stuff happens, not so much.

One of the biggest downsides: everything you drop, bump, or otherwise mishandle is lost. One of them has lost 3 cellphones, a $150 textbook, his keys, more than one bag of groceries, and plenty of other stuff. Divers can find stuff, but not always, and it isn't cheap.

The other had a BBQ stolen off his deck by boat-operating thieves. Then, a pipe burst, which nearly sank the houseboat. Not so much of a problem on land. He remodeled, only to realize his design had dangerously altered the center of gravity. Fixing that cost even more $$$$$.

Loans are probably going to be difficult in this financial climate. Houseboat loans in Seattle are fairly difficult to find, and the interest rates tend to be higher than for real estate.


User currently offlineAirCop From , joined Dec 1969, posts, RR:
Reply 18, posted (5 years 8 months 4 days 16 hours ago) and read 2700 times:



Quoting MCOflyer (Reply 16):
I am employed with my local community college.

A part-time low wage one at that..job vs. career, big difference. MaidensGator hit it on the head, very tread you start is the "biggest decision in your life".

Quoting MaidensGator (Reply 15):

And now, you're buying either a house or houseboat, while unemployed, and we're not supposed to wonder how you plan to pay for it???

I thought the sub-prime market was dead..


User currently offlineFlight152 From United States of America, joined Nov 2000, 3369 posts, RR: 6
Reply 19, posted (5 years 8 months 4 days 16 hours ago) and read 2697 times:



Quoting MCOflyer (Reply 16):
I am employed with my local community college.

Until someone says something you don't like, you feel "threatened", then quit.


User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Reply 20, posted (5 years 8 months 4 days 16 hours ago) and read 2697 times:

ThreeIfByAir,

I have spotted several boats I want to get and they are cheap. One is a 36 Monk aft cabin and the other is a 40ft Defeaver. Both are going for 130-160K.

Hunter



Never be afraid to stand up for who you are.
User currently offlineAirCop From , joined Dec 1969, posts, RR:
Reply 21, posted (5 years 8 months 4 days 15 hours ago) and read 2689 times:



Quoting MCOflyer (Reply 20):
Both are going for 130-160K.



Quoting MCOflyer (Reply 20):
they are cheap.

 faint  No way that anyone can say a $130-$160,000 boat is cheap.  footinmouth 

Everyone is still interested on how you plan to purchase this, with a part-time low wage job, It just doesn't make sense unless your parents are purchasing it for you.


User currently offlineScrubbsYWG From Canada, joined Mar 2007, 1495 posts, RR: 0
Reply 22, posted (5 years 8 months 4 days 15 hours ago) and read 2684 times:



Quoting MCOflyer (Reply 16):
I am employed with my local community college. For your information, I never mentioned anything of my parents and its none of your business.

as was mentioned, you do throw out a lot of information about yourself on this forum.

In a previous thread, you showed pictures of your parents' home. For what i know about florida real estate, it can't be cheap to have a canal front large home with a large boat out back.

Given the fact your employment history that you have put out on here, and the fact a lot of the times, you mention 'my parents let me' or 'my dad let me', it is not an illogical jump for someone to think that they are somehow chipping in for it.

If they are not, good for you. However, you have had trouble keeping 'dead end' jobs and burger joints and seven elevens. I can't imagine many instructors making great wages at community colleges, so whatever job you do have there(while going to school, and all the tutoring you are getting), i can't really see you paying off a mortgage, or getting one. On the other hand, it seems many US Banks/mortgage lenders were very keen on giving people mortgages that should have never gotten them.

Onto the question at hand though. I would prefer a house ON LAND. As was mentioned, living on a boat could be fun at first, but it will probably get old. Boating can be a great hobby, but honestly, its a hobby unless you are a fisherman or captain or something along those lines. What makes you want to live on a boathouse anyways?


User currently offlineMCOflyer From United States of America, joined Jun 2006, 8625 posts, RR: 15
Reply 23, posted (5 years 8 months 4 days 15 hours ago) and read 2671 times:



Quoting ScrubbsYWG (Reply 22):
What makes you want to live on a boathouse anyways?

Its fun and interesting. Plus theres always something to do on a boat (hint hint).

Quoting ScrubbsYWG (Reply 22):

Given the fact your employment history that you have put out on here, and the fact a lot of the times, you mention 'my parents let me' or 'my dad let me', it is not an illogical jump for someone to think that they are somehow chipping in for it.

Ever since I lost a member of my family, my dads been a best friend to me. I can do whatever I want but always make sure I live up to their standards. Hes done stuff he shouldn't have that he did and please don't ask what those favors were.

Hunter



Never be afraid to stand up for who you are.
User currently offlineJohns624 From United States of America, joined Jul 2008, 865 posts, RR: 0
Reply 24, posted (5 years 8 months 4 days 15 hours ago) and read 2665 times:



Quoting MCOflyer (Reply 23):
Hes done stuff he shouldn't have that he did and please don't ask what those favors were.

There you go again. If you don't want people here knowing about personal details, don't even bring them up...


25 DLPMMM : All I can think of is : 1. Fixing it. 2. Repairing it. 3. Painting it. 4. Writing checks for it.
26 MCOflyer : Spot on. I enjoy cleaning out the boat. When you go to take her out, she'll love you but in the end you know it was worth it. Also, boats are great f
27 DLPMMM : No. The rental of live aboard boats is mostly a tax dodge to take depreciation, interest, and maintainance deductions. The actual rental part is a bi
28 Lnglive1011yyz : You are a sucker for the punishment you get on this website. - You've posted half-nude pictures of yourself, which you *had* to know were going to be
29 BAGoldEx : Chances are when someone posts pictures like that, it's not really theirs.
30 Lnglive1011yyz : The sad thing is, it wouldn't surprise me if it WAS indeed his parents. He keeps starting threads and dropping hints to stuff, which he doesn't reali
31 GuitrThree : I bet it's "fun and interesting" to be living on a house boat on the western coast of Florida right about now...
32 Kmh1956 : Let's not forget scraping barnacles and pumping out the bilge when it backs up.....
33 MCOflyer : Check out my thread on Fay man. I know people over there and all report good. Hunter
34 BristolFlyer : To all of the OP's detractors: if you don't like his posts or think they are worthless etc, don't read them. He may not have a high paying job, but he
35 Asuflyer05 : Honestly, I would seriously think twice about buying a home at your age. I came very close to purchasing my first home last year when I moved out to A
36 MCOflyer : I may just lease an apartment for a while but it makes sense to purchase a house if the payments are compatible right? Hunter
37 ACDC8 : Owning is almost 99.9% always better then renting/leasing anything. Why pay some else money thats just going to pay off his/her mortgages and lifesty
38 Allstarflyer : Forget both - split the difference and buy a trailer. Buy lots of plywood and and store it in your guestroom for the next hurricane. Try buying in an
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