Koeketiene
Well-Known Member
This - in my view despicable - practice is the main reason why we have chosen not to retire & grow old in this country.
Sell up and sail - Yesterday's strategy?
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This - in my view despicable - practice is the main reason why we have chosen not to retire & grow old in this country.
baggypipes
Well-Known Member
TradewindSailor
Well-Known Member
I'm just coming up to my 14th year on the hook. New Year in Sydney is spectacular ..... and we are not spending $350 each for a meal to watch the fireworks either: we have prime position at anchor.
For the first three years I rented out my house. My house was in a good area and in wonderful condition, but the rent wouldn't give me much more than a repayment on the 30% mortgage and the annual maintenance charges. It may have been better to sell up and buy a couple of rental units that could be hosed down after the tenant left. I had to come back, repair the house and sell. I was much more able to generate income by investing it on the stockmarket ..... but then I have lots of experience.
Some friends rent out two properties. They've done so for years with no problem, except for this year when both places were trashed. They just broke even.
The main trick of living this lifestyle is working out a budget and keeping to it. Living in the islands can be cheap, very cheap ...... and oh soooo gooood. The boat needs a repair budget too, and so do you! Medical expenses can be horrendous in places like the USA, Oz, NZ ...... but very affordable in Mexico, Fiji, South America.
If you can work online, then you have an income. You can be very competitive as your outgoings are low. Don't assume that you can work in foreign countries to earn a few $$: that is an easy way to getting kicked out.
Probably the one most important point is that you should be self-reliant. Boat maintenance can cost an arm and a leg, especially in the West unless you can do it yourself. If you enjoy it so much the better. Don't rely on other cruisers to do it for you: they'll often help out, but rightly get fed up if you don't seem willing to learn or get your hands dirty.
We know of people happily cruising in 27' monohulls, but most are in 36' - 45' monos or multis with watermakers. Some of the multis have washing-machine/dryers too. Comfort is important, but size isn't. The smaller the boat the less the expenses.
At some point we may want to return to the land, perhaps to work; but it's certainly not in the foreseeable future.
Life is what you make of it. Unless you have $mils you have to make concessions to your lifestyle. Make those concessions early and the cruising life can be yours. Make them too late, and the cruise may just be an extended holiday.
For the first three years I rented out my house. My house was in a good area and in wonderful condition, but the rent wouldn't give me much more than a repayment on the 30% mortgage and the annual maintenance charges. It may have been better to sell up and buy a couple of rental units that could be hosed down after the tenant left. I had to come back, repair the house and sell. I was much more able to generate income by investing it on the stockmarket ..... but then I have lots of experience.
Some friends rent out two properties. They've done so for years with no problem, except for this year when both places were trashed. They just broke even.
The main trick of living this lifestyle is working out a budget and keeping to it. Living in the islands can be cheap, very cheap ...... and oh soooo gooood. The boat needs a repair budget too, and so do you! Medical expenses can be horrendous in places like the USA, Oz, NZ ...... but very affordable in Mexico, Fiji, South America.
If you can work online, then you have an income. You can be very competitive as your outgoings are low. Don't assume that you can work in foreign countries to earn a few $$: that is an easy way to getting kicked out.
Probably the one most important point is that you should be self-reliant. Boat maintenance can cost an arm and a leg, especially in the West unless you can do it yourself. If you enjoy it so much the better. Don't rely on other cruisers to do it for you: they'll often help out, but rightly get fed up if you don't seem willing to learn or get your hands dirty.
We know of people happily cruising in 27' monohulls, but most are in 36' - 45' monos or multis with watermakers. Some of the multis have washing-machine/dryers too. Comfort is important, but size isn't. The smaller the boat the less the expenses.
At some point we may want to return to the land, perhaps to work; but it's certainly not in the foreseeable future.
Life is what you make of it. Unless you have $mils you have to make concessions to your lifestyle. Make those concessions early and the cruising life can be yours. Make them too late, and the cruise may just be an extended holiday.
Gerry
Well-Known Member
Contest1
Well-Known Member
Great thread..
I, m nearly there , semi retired, downsized as the wife don, t sail.
New pension rules here in Ireland mean I have to wail till 66 to get my state pension.
I, v lost 5K from my company pension so am going to just cruise the South Coast for the present.
Not so bad but delays my plans for the Med till 2016.
I, m nearly there , semi retired, downsized as the wife don, t sail.
New pension rules here in Ireland mean I have to wail till 66 to get my state pension.
I, v lost 5K from my company pension so am going to just cruise the South Coast for the present.
Not so bad but delays my plans for the Med till 2016.
BurnitBlue
Well-Known Member
Agreed +1. I own two houses with no mortgage and that thought you express so well is making me think seriously of selling one of them. The problem is that I already have what I need and putting the money in the bank is not a good thing. I would like to find something to spend the money on. I already own two boats and don't want another. Don't get me wrong, it is a fine problem to have; it is just making me a tad nervous at the situation I find myself in.
FullCircle
Well-Known Member
As we are intending to live in the UK after cruising (I have lived all over the world and UK is what I really want) and we have 3 kids to leave an inheritance with, I am trying to act early to get it sorted out. We shall be selling our house and buying a couple of smaller houses to let while we are away, I think they will be in a limited company with each of the family as a shareholder. Dunno how that works yet, but it seems the options are closing down with every passing year. Our budget for cruising will always be touch and go, at least until we reach 66 when the state pension will offer relief.
Slow_boat
Well-Known Member
Well, this is a coincidence!
We were making just this decision over Christmas. My public service final salary pension (I know, everyone hates me!) isn't enough to support two of us sailing or living in a house, unless we never set foot outside the door and don't heat the house. We looked at selling the house (no mortgage) but our circumstances are such that we need to spend the winter months in the UK for family reasons. That means we'll have to have somewhere to live near the family and will have to work to pay for it. We are also lucky that our boat is bought and paid for.
So we decided to rent the house out fully furnished for six months. The furniture satys and personal stuff goes in the loft. There are a lot of companies moving to the area and many people on short contracts, so the estate agent reckons it's viable, maybe even to rent to a company. The rental income, after management fees, tax etc, will almost double my pension, plus there will be no land-based bills to pay, saving another few hundred a month. Keeping a sea based life and a land based life simultaneously would be ruinous but this looks like the way forward.
There's lots of organising and planning to do in the next few months but I'll keep you posted.
We were making just this decision over Christmas. My public service final salary pension (I know, everyone hates me!) isn't enough to support two of us sailing or living in a house, unless we never set foot outside the door and don't heat the house. We looked at selling the house (no mortgage) but our circumstances are such that we need to spend the winter months in the UK for family reasons. That means we'll have to have somewhere to live near the family and will have to work to pay for it. We are also lucky that our boat is bought and paid for.
So we decided to rent the house out fully furnished for six months. The furniture satys and personal stuff goes in the loft. There are a lot of companies moving to the area and many people on short contracts, so the estate agent reckons it's viable, maybe even to rent to a company. The rental income, after management fees, tax etc, will almost double my pension, plus there will be no land-based bills to pay, saving another few hundred a month. Keeping a sea based life and a land based life simultaneously would be ruinous but this looks like the way forward.
There's lots of organising and planning to do in the next few months but I'll keep you posted.
KellysEye
Well-Known Member
I think most people who sell their house and possessions regret it because it costs a fortune to buy everything when you get back. We rented a house and flat and put our possessions in storage. I suppose if you never come back (but what if you get ill) then sell up and sail may be a good option.
By the way we've met a number of boats who have met the Pardys and they try to avoid them. They extoll the virtues of having no engine, and regularly write about it, but usually call ahead on Ch16 to ask to be towed into an anchorage.
By the way we've met a number of boats who have met the Pardys and they try to avoid them. They extoll the virtues of having no engine, and regularly write about it, but usually call ahead on Ch16 to ask to be towed into an anchorage.
BurnitBlue
Well-Known Member
Not all that long ago it was a viable option to sell the house to finance a boat, sail it around the world or wherever, then on return sell the yacht and buy a house, albeit a smaller and cheaper one to get back on the housing ladder.
No longer, because the boat will have depreciated a lot because of the economy while the house, especially if sitting on freehold land, will have appreciated out of sight mainly (I think) because land in the UK is the one thing that is impossible to import from China.
No longer, because the boat will have depreciated a lot because of the economy while the house, especially if sitting on freehold land, will have appreciated out of sight mainly (I think) because land in the UK is the one thing that is impossible to import from China.
Koeketiene
Well-Known Member
We're in a somewhat similar situation.
When I retire in a few years, my public service index-linked final salary pension (I know, everyone hates me - I don't care) will be enough for both the wife and I to live on comfortably without the need for extra income.
However, the wife doesn't fancy winters afloat (where-ever in the world). So we bought a cheap, small property in an unfashionable part of France to live in 5-6 months a year and we plan to spend the remaining 6-7 months cruising the world (in stages).
I felt it was essential to keep 'something' ashore as it is virtually certain that I will need extensive (and expensive) medical care later in life. This is also the main reason I have decided to retire quite early as I fear that if I hang in there till the age most people retire I will be physically unable to go long-term cruising.
FullCircle
Well-Known Member
Interesting Will. Do you still qualify for UK NHS treatment if you are living abroad?
Which area have you bought your French palace in?
dgadee
Well-Known Member
Not quite sure I understand this. You want the young from another country to pay for your care home costs?
sailorman
Well-Known Member
If he stays in the UK that will happen :encouragement:
Koeketiene
Well-Known Member
PM sent
Koeketiene
Well-Known Member
A civilised country looks after its old people rather than robbing them of every penny they've got.
Uricanejack
Well-Known Member
Or Civilised people contribute through out their lives to the society they live in which benefits the common good.
I don't have a problem with contributing my share.
Koeketiene
Well-Known Member
Neither have I.
What I do find reprehensible is that after having contributed towards 'the common good' during my working life my house could be taken from me and the proceeds used to pay for my care.
What about my contributions then?
As Full Circlepointed out earlier in this thread: when you have nothing your care will be paid for by the government, if you have something the government will take that from you and only pay for your care when the money from the sale of your property has run out.
How is that even remotely fair?
Slow_boat
Well-Known Member
Isn't there another place for the way this thread is becoming?
FullCircle
Well-Known Member
Not really Duncan, it is the end game result for your cruising.
My advice is almost: Cruise until you are skint, then come back and move into a small hovel until you need to go into residential care.