Practicalities of BIG boat liveaboarding?

[goeasy123]

A recently retired couple, we got into sailing around Europe on our 40ft S/V 5 years ago. We're now cursed with not wanting to live on land. What are the practicalities of selling the house and buying a 20m to 24m mobo to live on full time.

 

[ridgy]

Less places to park and astronomic running costs but if you've got the money why not.

Allow James to explain how much.

 

[PlanB]

Well, we lived on an aft cabin Princess 435 for 12 years and found it quite big enough. Two cabin plus dinette version.
We were in Spain, so spent quite a lot of time outside - good cockpit tent.
Obviously we downsized on "stuff" but didn't feel we were missing anything. We could do dinner for six in the dinette and informally entertain up to ten, if cosily.
Before we went to Spain, we spent long weekends on the boat in a UK marina - that was not so much fun in the winter.
Now back in the Uk without boat, I do miss living on the water.
But a house or flat with outside space and a water view would do nicely.

 

[Fr J Hackett]

Practicalities few to none other than finding berths, lack of UK residence for insurance and the other issues associated with bank accounts and no permanent address..

Downside enormous financial loss on selling a house and investing into a rapidly depreciating asset.

 

[geem]

A recently retired couple, we got into sailing around Europe on our 40ft S/V 5 years ago. We're now cursed with not wanting to live on land. What are the practicalities of selling the house and buying a 20m to 24m mobo to live on full time.

I have the same view on living on land. I have spent 8 out of the last 10 years living aboard a 44ft ketch. We are now back in the UK for 12 months, living in our house. I am seriously missing the life aboard the boat in the Caribbean and instead of a lovely winter climate, I am freezing.
Have you thought about getting the house rented out and going up a little in boat size? We see a few older couples living aboard in their 70s and 80s but with failing health and no house they are trapped aboard a sinking wreck. Having that option to move back on land has its attractions. It keeps you in the housing market

 

[dunedin]

Practicalities few to none other than finding berths, lack of UK residence for insurance and the other issues associated with bank accounts and no permanent address..

Downside enormous financial loss on selling a house and investing into a rapidly depreciating asset.

And of course depends where going and nationality. UK in Med gives the Schengen 90/180 issue.
Personally I would think 20m or so too big and limits access to the smaller pretty places

 

[goeasy123]

Downside enormous financial loss on selling a house and investing into a rapidly depreciating asset.

That depends on circumstances. You could sell a big house by a small boat and put the residual in a global traker. The boat, being a wasting asset can be offset against capital gains tax.

 

[Fr J Hackett]

That depends on circumstances. You could sell a big house by a small boat and put the residual in a global traker. The boat, being a wasting asset can be offset against capital gains tax.

A 20M to 24M motor yacht is not a small boat in anyones estimation.

 

[Trident]

Only you know what your needs for space are etc but 20-24m sounds like a lot of wasted space

We live (couple, kids grown up) on a 15m catamaran but an older style so less accommodation that a modern 40 foot. We have a full size shower room, nice heads, comfy cabin and separate dressing room and a 6m x 5m main saloon which means seating for 6, room to do yoga on the floor when its raining etc. Gives us a good galley too with full size domestic fridge and freezer . And half the boat space is empty until we have guests , one heads (our back up sea water one) I have to diary note to flush and use so it doesn't seize up because no human has ever used it in 5 years (though the room is where the cat's litter tray lives)

I would certainly do some in person walk arounds of some of the 15-18m range - they're normally several stories high and very roomy and much easier to find space for and of course much less expensive.

Other than that there are no real issues - I have not had a UK land address for 12 years and still have my bank account and investments and insurance with no issues at all - everything is online now. We have fast broadband aboard, plenty of storage space (again we have many empty cupboards etc with just two of us though I am a minimalist) .

You don't say if you want to live on the hook a lot or just park in a marina but both are possible. My wife's greatest anxiety is that we'll head off places and not be able to find a safe anchorage or berth if needed. In 12 years that has not happened once even with a double wide boat! Even with a major storm approaching and a last minute dash where we queued to get in to a marina along with everyone else trying to escape a sudden Force 10, they still got us in - albeit with about 6 inches fore and aft but the 35 knot wind nicely blew us on in to the gap.

You can of course choose how independent you are - we make all our own power and water and of course can sail but many shop daily, fill up weekly and need shore power etc and it all works out ok.

I suspect the only real fright factor will be when you get an insurance quote for a boat of that size and cost!

 

[Tranona]

. The boat, being a wasting asset can be offset against capital gains tax.

Can you explain how that works?

 

[jfm]

Can you explain how that works?

It doesn't work, at least in the UK. A boat is indeed a "wasting asset" within the UK CGT rules, but that specifically means a loss on it can NOT be offset against other capital gains.

Of course, that's only part of the story. If the after tax gain on the investment portfolio offsets the loss on the boat, that might still be a good thing. And living aboard a boat might, depending on lots of other factors, be a contributory factor to being non UK resident, in which case there might be no CGT on the investment portfolio. But that's a massive topic and the preceding sentence merely scratches the surface.

 

[Tranona]

It doesn't work, at least in the UK. A boat is indeed a "wasting asset" within the UK CGT rules, but that specifically means a loss on it can NOT be offset against other capital gains.

Of course, that's only part of the story. If the after tax gain on the investment portfolio offsets the loss on the boat, that might still be a good thing. And living aboard a boat might, depending on lots of other factors, be a contributory factor to being non UK resident, in which case there might be no CGT on the investment portfolio. But that's a massive topic and the preceding sentence merely scratches the surface.

Yes. I know it does not work in the simplistic way implied which is why I asked the poster for an explanation. He has a history of "discovering" wheezes to avoid tax or other official sanctions or scrutiny related to his boat that rarely stand up! Last one was a convoluted way of avoiding inheritance tax via gifting that would not have worked.

 

[Seastoke]

Yes. I know it does not work in the simplistic way implied which is why I asked the poster for an explanation. He has a history of "discovering" wheezes to avoid tax or other official sanctions or scrutiny related to his boat that rarely stand up! Last one was a convoluted way of avoiding inheritance tax via gifting that would not have worked.

Can you go easy on him.

 

[DownWest]

Local friend in Rochefort is trying to off load his 24mt steel peniche, for health reasons. Kept in excellant knick and luxury by normal boat standards...

 

[gardener]

I thought you needed a skippers ticket to take anything over 20 meters out, or hire a skipper

 

[Offshore57]

We live on a Princess 415....13m and very beamy which gives you the space. Plenty of room for the two of us...nice big flybridge in the summer. Only shit time is now with all the family Xmas presents taking up room for a short time.
We gave up our rented house and Hamble berth to get the boat and we have been happy on board for nearly 5 years so far. Marina berth so not the cheapest but still cheaper than renting house and paying for seperate berth for previous boat. We take her out once a year for a week or so at a time, but we have a 7.4 metre Ribtec to use at weekends and such in the summer so plenty of time for boating. We both work from home on board and despite me being 70 and wife 62 we are very happy and will continue as long as we possibly can.