Conflicting Long Term Plans

[oGaryo]

I've had the boat now for a matter of months and am taking the advice of those that have been there and got the T-Shirt in so much as not rushing out to remortgage the house to get something bigger too soon. However, I've always been a bit of a strategic thinker so am currently building plans to afford a boat change in or around 2011 with an upgrade to something a little larger e.g. Sealine s23/5.

Here's the question... SWMBO has other idea's (surprise surprise) and wants us to buy that place in the sun (buy to let styly) and believes a boat change will never happen unless we buy one in the sun once the holiday home is well and truely financed i.e. it'll never happen in a decade of Sundays :-(

I'm pretty sure there's a multitude of you out there that's been in this predicament whether it be a holiday home or other major expense preventing you from keeping hold of the coffers to afford the next boat... so, what options do I have that doesn't involve d.i.v.o.r.c.e or majorly lengthy debates to try and win her round to my way of thinking?.. 18 years if wedded bliss tells me the latter''s highly unlikely to happen ;-)

....is there a compromise maybe?

 

[AndieMac]

First thing that springs to mind is maybe a live a board boat in the sun.

Only you will know how far you can push the boundaries of compromise with your wife.

You will need to take leadership with this issue, remember your future sanity depends on it

 

[jfm]

I've had the boat now for a matter of months and am taking the advice of those that have been there and got the T-Shirt in so much as not rushing out to remortgage the house to get something bigger too soon. However, I've always been a bit of a strategic thinker so am currently building plans to afford a boat change in or around 2011 with an upgrade to something a little larger e.g. Sealine s23/5.

Here's the question... SWMBO has other idea's (surprise surprise) and wants us to buy that place in the sun (buy to let styly) and believes a boat change will never happen unless we buy one in the sun once the holiday home is well and truely financed i.e. it'll never happen in a decade of Sundays :-(

I'm pretty sure there's a multitude of you out there that's been in this predicament whether it be a holiday home or other major expense preventing you from keeping hold of the coffers to afford the next boat... so, what options do I have that doesn't involve d.i.v.o.r.c.e or majorly lengthy debates to try and win her round to my way of thinking?.. 18 years if wedded bliss tells me the latter''s highly unlikely to happen ;-)

....is there a compromise maybe?

But Gary the boat can be the holiday home in the sun. I have a boat in France and it works just as well as a house as a boat. So just kill two birds with one stone. And you'll have the best swimming pool ever

Maybe aim a bit bigger (30-35foot?). Get it in a location close to airport so you dont burn money on taxis etc. Med berthing costs per metre can be less than the solent. Kids love it. They spend the WHOLE DAY just swimming and playing in the "swimming pool"

 

[sarabande]

go ahead, get the bigger boat and enjoy it now. You're infected with boatitis, and there's no cure except advancing old age, by which time it's too late too enjoy what might have been. Seriously !

 

[oGaryo]

I like that idea in principle.. buy a boat abraoad and keep the Binliner over here.. think I'll give that one some serious thought as I guess it means we can up sticks if we get bored with a particular country.. I'm sure there'll be more than a few flies in the ointment along the way starting with how on earth do you get the boat to provide an income to fund a marine mortgage when you're not using it i.e. as per the buy to rent thinking with property.

I'm definitely going to need a loan of some sort to top up whatever capital I muster up in the next 18 months or so... I've also got an old endowment that matures in 6 years or so I think that I've kept going so long long term, that'll be something to think about.. not huge but enough to fund a £30Kish boat outside when it matures. add that to whatever coffers we've accrued over the 6 years + the part x of whatever boat we've already purchased out there should fund something half decent.

what do you think.. pie in the sky?

 

[enterprise]

Buying abroad

Sorry to say this but it sounds as though you are spending money you dont have!
Reallity check required.

It's easy to assume that everyone is willing to pay for something that you own & that you inturn get the usage for nothing, in reallity this rarely works out quite so simple.

I get the holiday home idea with paying guests but not a charter boat, especially if borrowing to fund it.

My advice would be to buy the holiday home somewhere close to a marina, put you existing boat there, upgrade as the holiday home takes off, eventually end up with half decent boat in a sunny climate, offer day charter to guests of the holiday home, but this would be wayoff down the line.

You inturn have use of the boat while your holiday home is occupied & when the home is not occupied by paying guests you have both at your disposal.
If It doesn't work out, you only need to sell the holiday home & bring the boat back to the UK.

Use your endowment for the home deposit once matured, or borrow against it as it's security for the holiday home mortgage, assuming it's not still tied to your existing mortgage.

Hope you don't mind the stand back evaluation of your proposal but you could both be happy if you take a sensible approach.

 

[oGaryo]

not at all.. I've not started doing anywhere near the number crunching I need to do in order to evaluate a sensible solution.. the last thing I'd want is the asset and no disposable left to enjiy it so your input's a sound judgement and very much welcome

 

[David of Essex]

Enterprise, some very good advise there for all.
David

 

[enterprise]

I think Gary's level headed enough, as said in his opening post, it's a future thing, he's thinking out loud which is probably the best way of finding out what options other's have considered.
I once looked over the railings at our marina, one day I will have a boat I said to my wife, for 10 years we had to wait, for 9 years now we have been looking back at the railings from the marina, some dreams do come true.