Boat financing

[ruckstande]

I'm thinking about buying a boat as a liveaboard as a cheaper form of housing. I know it isn't cheap but living in South Jersey I can't afford a $1500 mortage with property taxes. Can anyone give me advice on financing a boat or who would be a decent company to finance through and get information from? I would like to know if it is possible to mortgage a houseboat for maybe 15 years or more. Thanks.

[ih8Uboo-boo]

I am not sure about being able to morgage a boat for "living purposes", but you might want to check out www.lendingtree.com for a couple different options...

[ruckstande]

Forgot about those commercials.

[abudabit]

Remember you still have to rent a berth. Look into all the costs.


Although I'm sure it's still cheaper than a Jersey house.

[TrybalRage]

I would like to know if it is possible to mortgage a houseboat for maybe 15 years or more. Thanks.

My sister-in-law financed her boat for 15 years, and it's not even a houseboat, just a bigass pleasure boat. So yes, it's possible.

[ruckstande]

Remember you still have to rent a berth. Look into all the costs.


Although I'm sure it's still cheaper than a Jersey house.
I'm looking into a marina in Philly. It is around $110 a foot for a year lease.

[Myhairygrundle]

Talk to other folks in the marina and get some referals on how they financed their boats. That way you know someone is legit and can meet them in person. Also your boat salesman might have referal.

[ruckstande]

I tried lending tree and they don't do boats. I want to go check out that marina like you suggest. That is my next step.

[THE FEZ MAN]

think long and hard about living on a boat all the time, there are many factors that you have to keep in mind, if your going to live as far up the DE. river as philly make sure its a year round birth. the salt line is usually below the commodore barry, and ice forms above that sometimes, not to mention a lot of the marinas up this end pull there docks no later than december 1, and shut down the water/power, there are a few people that are in year round near the old sea plane base/lagoon. and up near penns landing, but most of them are VERY large boats 30'+. another thing to remember is maintenance up keep on a full blown live aboard is a lot. not to mention cooking and showering is a pain in the ass. i looked into a liveabord several times and would like to do it some day but its almost as expensive as owning a home, with the exception that if you want you can sleep somewhere with a different view. another thing that a lot of people up here overlook is heat, boats in winter get mighty cold, and all the space heaters in the world cant seem to keep them warm for long. as for financing a true live aboard 25'+ with sink, shower, and stove can be mortgaged just like a home, but just like a home they need to be insured, kept up, and taxes i think need to be paid + fuel electric ect. if you do it good luck. if you haven't checked out this site give it look, I'm sure you will find it there. http://www.boattraderonline.com/

[Smokezilla]

Shop around on your financing. . . you're probably not going to get by with any kind of financing that doesn't sport a substantial down-payment to get a decent interest rate. Lenders usually think of boats as luxury items and they approach financing of these things with a "stand-offish" attitude.

[thelord68]

Check this out (http://www.livingaboard.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=2;t=000097)

I looks like its generally about $500 a month for costs in NJ (slip, utilities, storage, fuel) plus boat cost, which can be mortgaged so shouldn't be too much a month. Definitely less than a house or a condo.

[highway23]

why not just move?

[frankjg]

remember a house appreciates a boat depreciates.. you are not building equity in a boat and dockage

[thelord68]

Actually, while the boat depreciates, a lot of the marinas are going condo - you buy the slip, and they are appreciating like houses in many areas.

[BaLZaC~308]

remember a house appreciates a boat depreciates.. you are not building equity in a boat and dockage


Im so glad I read the thread before posting this exact thing.

In 2 -3 years your boat will be worth less then 50% of what you paid for it.

And even though some slips are going condo I can't see them being worth few hundred k like a house.

[THE FEZ MAN]

new boats are a rip off, only ever buy used or dealer leftovers, i worked out a deal for a 90k boat (that was what one dealer quoted me) for 45k because it was a year old and they couldnt sell it, it was this boat but a 2005
http://www.whaler.com/Rec/default.asp?content=boats&family=conquest&number=235&type=Conquest

[BaLZaC~308]

new boats are a rip off, only ever buy used or dealer leftovers, i worked out a deal for a 90k boat (that was what one dealer quoted me) for 45k because it was a year old and they couldnt sell it, it was this boat but a 2005
http://www.whaler.com/Rec/default.asp?content=boats&family=conquest&number=235&type=Conquest

nice boat.


It looks alot like my fathers, he has a 24 foot wellcraft. It's a nice boat for fishing and fucking around. He bought it in 04 for 65+ ( I think) and he was looking to sell it since he had recent major surgery and wouldnt be able to use it but could only get like 25 - 30 k.
Since he has recovered I think he just decided to keep it, even if he uses it once in a while it's something he likes, plus he lives in florida so it's a 12 month option.

[ruckstande]

I know they depreciate but living in Jersey is almost impossible if you want to live alone and don't make that much money. I'm 29, I live at home with my parents, I like having sex with my girlfriend and I'm tired of driving to her house every time I want to be alone anywhere. My parents are retired and never leave. Blowing my head off with a shotgun is the only alternative to some alone time. Anyway, this (http://yachtworld.com/core/listing/boatDetails.jsp?currency=USD&units=Feet&currencyid=100&boat_id=1487787&checked_boats=1487787&back=%2Fcore%2Flisting%2Fcache%2FsearchResults.jsp %3FtoPrice%3D110000%26type%3D%2528Power%2529%26hmi d%3D0%26sm%3D3%26enid%3D0%26luom%3D126%26currencyi d%3D100%26cit%3Dtrue%26ftid%3D0%26ps%3D30%26fromLe ngth%3D45%26slim%3Dquick%26is%3Dfalse%26rid%3D100% 26rid%3D101&searchtype=)is the boat I've been looking at.

[highway23]

ehhh...1965?

again, what is keeping you in the tristate?

[ruckstande]

ehhh...1965?

again, what is keeping you in the tristate?
I like it here, family is here, and my job is here. I'm not ready to dive into another career.

[YUCK FOU]

think long and hard my friend as there is hidden costs all over the place...slip, maintenance, etc...if you have any major problems and have to pull the boat whatca gonna do??? and dont forget gas is like triple the price than what we pay for our cars... i have several frinds that have boats and they even said they nickel and dime you to death....good luck bro....just saw your boat and dont forget that their is basically no way you can trailer that. you would have to have that thing tractor trailored or sail if you ever decided to switch marina's etc which will cost $$$ also in the long run. its a tuff but very appealing option but in the long run i think you will be paying the same or more...

[ruckstande]

think long and hard my friend as there is hidden costs all over the place...slip, maintenance, etc...if you have any major problems and have to pull the boat whatca gonna do??? and dont forget gas is like triple the price than what we pay for our cars... i have several frinds that have boats and they even said they nickel and dime you to death....good luck bro....

I keep mulling this over and over. This is one of the hardest decisions I've ever had to think about. South Jersey/Philadelphia just isn't a cheap place to live. I know people tell me that boats will nickle and dime you and that having a boat is expensive but this is coming from people who own boats. Its like somebody telling me, "you know you shouldn't have sex because you can get an STD or get a girl pregnant" while they're banging whores.

[YUCK FOU]

good point but i think sometimes people think hey i am gonna buy a boat and i'll just throw it in the water and that is it....i like that boat you are looking at even if it is old school. a new boat like that would be upwards to 300+

[ruckstande]

good point but i think sometimes people think hey i am gonna buy a boat and i'll just throw it in the water and that is it....i like that boat you are looking at even if it is old school. a new boat like that would be upwards to 300+

Thanks. I really like these Chris Crafts. I'm also looking at a Catamaran Cruiser. They are more roomy but the Chris Crafts would be easier to move. It is hard to find them in anything other than wood since they are so old. What is weird is this boat is aluminum

[HummerTuesdays]

Ruck, you might have to start small and in a semi-decent area, but you can own if you want to. You might have to give up some of the things you'd want in a house, and go condo, but it's a start. And over time the condo/townhouse/house will appreciate. The market might flatten out, or even dip a little, but it will always come back. It sounds like a boat will never return what you paid for it.

I bought a condo 5 years ago and sold it after 3 years for a decent profit. That enabled me to move to a better town & get a bigger place. After reading the other posts, I can't see how buying a boat will give you the same payoff.

Just my 2 cents. Feel free to PM me if you want.

Edit: I don't make a ton of money, either, and barely had enough for 10% down on my first condo. :)

[ruckstande]

Boats are giant holes. This I understand.

[ih8Uboo-boo]

I can't help but think that this would be a mistake.

I am pretty sure that you can finance most (98-100%) of the house since you are a 1st time home buyer. You might even qualify for an FHA loan.

You could probably find something in the $100k - $150K range in south jersey fairly easily.

A $100k mortgage @ 6.5% is about $635/month.
A $150K mortgage @ 6.5% is about $950/month.

Both of those figures are without taxes, but your tax bill would have to be about $6,800/year @ $150k or $10,380 @ $100k to come close to the $1500 you don't want to spend. If your taxes are that high i would think about moving to PA. You'll probably pay more for the house, but your taxes will be considerably lower.

Take a look at www.remax.com and do a search for the $100 - $150k range and see what they have listed in an area that you would like to live.

Plus you'll get to write all of the interest, closing costs, and moving expenses off on your taxes next year. I don't think that you can do that with a boat, even if it is your primary residence...

[ruckstande]

Thank you.

[highway23]

Yes man, I just really think this is a bad idea.

I just bought a home last year. Yes, I work for the state, therefore I was able to get a first time homebuyer deal through my bank (0 money down) and my taxes are all included in my monthly mortgage payments. I would start looking into different banks that offer the best options to their members. They actually can be your friend.

Living here for 3 years, I'll be able to sell it for more, get my taxes back - you get all the interest back in taxes...you don't really pay on your principal (if you choose of course) for about 1-5 years. Therefore, you get a lot of the money that you pay in..back...this in turn can go into the bank and into your savings...which will be money down for a better home.

I live in NC, where property taxes aren't high, so I benefit from that fact, but man..I just don't see where living on a boat is going to help you...it's just going to give you something that you are paying for..and the money will not make you more money. Know what I mean?

I don't know what you do for a living, but I would consider at least checking out surrounding areas. Being 2 hours from home isn't that bad, and I would much rather take that drive than pay for gas for a boat...that itself would even out.

Good luck bro, there are many options out there. Even if you got an apartment just to get yourself ready to put money in the bank for a decent down payment on a condo or a home.

Just don't jump into something without weighing the options, which I see that you are doing, because this is a big jump.

Good luck

[JAFO in Maine]

someone told me one day boat
Bang
Out
Another
Thousand

I thinght tho living on a boat there is no property taxes. You are renitng the slip.

[JimsInfectedEye]

Agreeing with Hummer - you may not think you can afford a house, but you probably can. I put like 5% down on my townhouse and ate peanut butter for dinner for years. 10 years later my mortgage WITH taxes is a lot less than rent. And my house has basically doubled in price. And you're about the same age as I am when I started.

But then again, I'm in PA. I have no idea how some Jersey people manage the taxes/insurance.