How to captain your own destiny with a home as cheap as $40,000

Forget tiny homes, van life and lawnmowers, if fishing is your Netflix and your ayes beat your nays, the way to captain your destiny may be a home that comes as cheap as $40,000.

Airbnb luxury vessel “The Lilypad” is at the top end of what is possible in aquatic life. Picture: Instagram.

Minimalism, tiny homes and #vanlife have all been heavily covered in the past few years as they surged in popularity during Covid-19. But living on a boat has sailed under the radar, despite an increase in boat sales since the pandemic. Surely a houseboat is just a floating van? A tiny home with a massive swimming pool? Well, yes and no.

A boat is a valid option for first timers and downsizers, says Rob Pegley. Picture Chris Kidd.

Wild ride

Certainly a boat is a valid option for someone downsizing or entering the property market for the first time. Live aboards have compactness, flexibility and the lower costs associated with #vanlife, combined with the same ability to travel.

But living on the water can be hazardous – and recent flooding is part of the problem.

Vicki Crawford, from Foxtale Houseboats, has watched Murray River water levels intently for the past six months.

“We stopped renting out houseboats in October 2022 and our first one went out again at the start of April 2023,” she says. “The flow of the river made it too dangerous to rent boats out and we’ve had to be really careful as the water has receded.

“You need to be really proactive and make sure you are adjusting ropes daily to ensure you don’t get stuck,” she says. “There are at least two houseboats near here that are stuck on a hill, high and dry, and it’s very hard to refloat them.”

You can’t just drop anchor anywhere though. There are rules.

Dropping anchor

You can’t just moor anywhere – in New South Wales it’s illegal to live on a houseboat full-time unless it’s in a marina. Sydney and Brisbane are difficult capitals for boat life, but others are more relaxed.  

The Murray in South Australia and northern Queensland both offer beautiful areas to moor a boat. Buying a small land holding alongside certain rivers gives you a free mooring plus a place to grow fruit and vegies and park a car.

Marinas are the only other option – if you can pay the costs and secure a spot. Quays Marina on Sydney’s Pittwater is a beautiful place to berth, but only has 106 spots; other marinas have waiting lists that last for years.

Check state government sites and all-about-houseboats.com for regulations and areas permitting boat living.

You can spend as much as $500,000 if you wish on a luxury home vessel, or as little as $40,000.

#boatlife meets #costofliving

The life aquatic’s major cost is the boat itself. Traditional houseboats with a flat bottom and square body range from around $40,000 to $500,000 depending on age and quality. At the lower end, expect a basic boat for one person or an extremely compatible couple.

But if you’re prepared to be cramped and have minimal facilities, you can theoretically live on a small sailing boat for as little as $5000. But you need a berth. Mooring fees around Australia vary wildly, so identify your top five marinas and contact them directly – you can start your search at marinaberths.com. Expect a range from $240 to $6500 a year for recreation – you’ll pay more to live at a marina, where fees range from as little as $1180 per quarter, to eye-watering sums in resort-style marinas where nabbing a spot at their “floating carpark” costs more than a house.

The main marina advantage is around amenity: toilets, showers and a decent coffee – plus you can set sail at any time.

Unless you’re sailing at the top end of town, living on a boat will likely cost less than mortgage payments and interest rates, but there’s fuel, boat and contents insurance, waste management fees, maintenance, repairs and regular underside cleaning.

AYE

■ It’s cheap and flexible.

■ The outlook is stunning, with views few can afford in bricks and mortar.

■ Being outdoors is invigorating – you’ll be on deck daily in the fresh air.

■ Fishing can be your new Netflix.

■ You never need mow a lawn again – and your backyard is a pool that needs no maintenance.

■ It’s an adventure on the ‘road’ less travelled.

NAY

■ It’s more like buying a car than a house: your investment devalues over time.

■ Fees and costs never stop even if you own the boat.

■ Space is limited, even when money is no object.

■ There are only limited areas where you can live.

■ The impermanence may lose appeal long-term.

■ While great in your 40s, 50s and 60s, it is a difficult option for comfortable living in older age.

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Originally published as How to captain your own destiny with a home as cheap as $40,000