BUY A DREAM BOAT
As house prices rise, many are considering buying a home on the water
RISING property prices are encouraging many thwarted homebuyers to look at boats as an affordable alternative. They are cheaper to buy and purchases are free from stamp duty. But living aboard a canal boat is not always as idyllic as you might imagine. There are maintenance issues, mooring costs and insurance problems.
Boat numbers have risen significantly in the past few years. About 28,000 boats are used either as a main or second home on the canals and rivers of the UK. Demand in London is increasing fastest and the number of vessels in the capital has increased by more than half since 2012 to about 3,700.
Fran Read works for the Canal River Trust, a charity protecting 200 miles of waterways. She says: ‘Boat living can be fantastic, but it comes with challenges, not least having to fill up with water, empty toilets and do lots of hands-on maintenance.
‘If you do not have a permanent mooring you have to move your boat to somewhere new every 14 days.’
FINDING A BOAT
TO GET an idea of the types of boat available and what living on the waterways involves, it is wise to visit specialist exhibitions.
They run throughout the year and events include the Titford Pumphouse Rally in Oldbury, West Midlands (May 19 to 21) and the Crick Boat Show on the Grand Union Canal in Crick, Northamptonshire (May 27 to 29).
Read up on boating life in magazines such as Waterways World, Canal Boat and Towpath Talk.
Vessels can cost from £5,000 for a small boat in poor condition to well over £100,000 for a high-specification, wide-beam craft.
If buying for the first time it is usually best to purchase second hand, though be prepared for the inevitable extra maintenance required. You can buy from private sellers, marinas, brokers or boatyards. But ensure you organise a ‘marine survey’ – similar to a house survey – before taking the plunge.
FINANCE
PURCHASERS who need to borrow can opt for a personal loan or marine mortgage. A marine loan is essentially a personal loan rather than a mortgage since boats are a depreciating asset unlike bricks and mortar and so are treated differently by lenders.
One of the biggest loan providers is Shawbrook Bank, which lends against narrowboats, Dutch barges, wide-beam canal boats and motorboats. Its loans require a minimum 25 per cent deposit and have a fixed interest rate of 10.4 per cent with repayment terms from three to ten years.
All boat users require a British Waterways Licence, with the fee depending on the size of boat. The average charge is £750 a year.
Where you plan to travel will determine where you need to apply for the licence. Visit canalrivertrust.org.uk (covering most of England and Wales), the Environment Agency at gov.uk (for the Thames and River Medway) and scottishcanals.co.uk (for Scotland).
Every four years owners need a specialist engineer to check their vessel and issue a Boat Safety Certificate, which is required before insurance can be bought. The fee is about £200.
Specialist brokers such as Towergate Insurance can arrange suitable cover. Premiums cost on average £250 a year.
If you take your car with you from place to place, there are extra challenges, as Stuart Tyler discovered (see above).
You can find a broker that will cover your boat and car through the British Insurance Brokers’ Association (biba.org.uk).
SECURITY
BOATS are vulnerable to crime, so it is essential to make your vessel secure.
Specialist broker Towergate says those with boats moored in supervised marinas have the least to worry about. Those moored along dark and often deserted canals need to keep valuables out of sight and curtains closed.
Doors and windows need to be sturdy with good quality locks, while steel door bars will put off opportunist thieves.
Those moored in high crime areas should consider installing alarms and immobilisers – and even CCTV that can be monitored from a mobile phone. Fuel can be an easy target for thieves so owners should install a lockable filler cap.
ONGOING COSTS
PERMANENT moorings can cost from about £1,800 a year – but as much as £10,000-plus in the most popular locations. Temporary visitor moorings for boat owners moving continuously are free so long as boaters stay no longer than 14 days in one place. More information at waterways.org.uk.
Council tax may have to be paid, however this does not apply to boats where owners are travelling through different local authority areas.