Narrow Living must be so cheap right? Well not exactly. James first documented our calculations on this before we entered the purchasing process How much does a Narrowboat cost?. Be warned, it’s not exactly easy reading, unless you have trouble sleeping in which case it’s great!
Well now that we are boat buying wise owls we felt it was time for an update on how much things have actually ended up costing us, so far. Whilst it’s not an update on the monthly costs and savings, an idea of how much things have cost up to now could be useful, or insightful for the more nosy readers!
- Buying the Boat – Well of course when buying a boat you kind of need to pay for a boat. Fantine was for sale for £44,950.00, in order to own a boat it’s definitely a cost you need to consider.
- Is your boat going to sink? – Another thing you always hope when purchasing a boat is that it plans to stay on top of the water for the foreseeable. Or at least we felt that was important! So before buying we arranged for a full boat survey, which would alert us to any problems, and provide us with a boat safety certificate (You need one of these and they are valid for four years). This cost us £550.00 plus the cost of having the boat taken out of the water, which varies but for us was £200.00.
- What does the boatspert say – So what did the boatspert who conducted your survey find? We were lucky, with our purchase going through a Brokerage company the problems found on the survey, which would of prevented a safety certificate being issued, were remedied within the purchase price (Around £1,600 of repairs in our case). It’s worth looking at anything they highlight as a concern, with ours it was recommended that the blacking (Hull painting) would need redoing within the next 12 months, we decided to have this done at the same time as the other repairs, at a cost of £1,200 plus anodes at £200.
- You need to make it yours – Once you have all of that out of the way you may want to think about decorative touches for the interior of your boat. Now we were lucky with Fantine, her interior was great and there were only little bits we wanted to change. So how much will it cost you, well you can pick up duck themed cushions for just £4.99, and a duck inspired mug for £1.99, this really is down to your taste and what you want to achieve!
- A boat is for life – Listen if you are looking to get a boat don’t enter it lightly, you need to consider whether you can provide it with a good home. Ok so a mooring is not necessary if you are happy to constantly cruise, but we wanted a mooring. As High Usage moorers we will be paying around £2,400 a year to give our boat a permanent home.
- What you want to sail your boat? That’ll cost you – Yeah thought you could just buy a boat and sail off on the canals network without a care in the world, well you can’t. You need to pay the man … or to be precise the Canals and Rivers Trust. You need a boat license from them (The easiest thing to compare this to is a cars road tax), it’s calculated based on the length of your boat, and with current prices will cost us just under £900.
- You want to protect what you have! – Boating is quite frankly terrifying, and same as most sane people would take out building insurance when they buy a house we have taken boat insurance. Actually, as we understand it, its similar to UK Car Insurance, Boat insurance is essential, and cost us just under £200 for the year.
- Boat Extensions – We may of mentioned once or twice that we have decided to have a boat extension, more commonly called a Cratch by boaty folk. Well we have decided to go with it. Not only the Cratch but also a cover for the rear doors to try and help keep her toastie. There are so many variants with this meaning the costs can differ dramatically, especially if you are looking to do some of the work on this yourself! We aren’t and have literally just phoned to say yes please, so the Cratch will cost us just under £1500.
- What will you do with your things? – Whilst a lot of our possessions will be coming on the boat with us there are some things that there just isn’t the room for but that we aren’t quite ready to wave goodbye to. James’ race suit collection is a prime example of this, my boot collection on the other hand is an absolute essential and will accompany us on board. We need somewhere to keep all of these things, the size of storage we need with an access that suits us is going to cost about £50.00 per month.
- My money don’t come for free – We financed our boat partially through marine finance with Zebra Narrowboat finance – Financing a Dream, unfortunately their money doesn’t grow on trees either so we have to pay them money to borrow their money. The APR is just under 10% which may sound like a lot but to be totally honest I think they earnt every single penny of it during the purchasing process How to buy a Narrow Boat – Angel Number 2 – Zebra Finance.
So there you have it! Our costs to date, as I say these are not the day to day costs, they are the ones we have encountered up to now. Once we have a few months on board under our belts we will be sure to write a post covering all of that too.
A living off dust for the foreseeable, James & Kirsty