PNW Live Aboards

For my 40th birthday my hubby surprised me with the best surprise birthday trip to Santa Barbara, CA. Growing up in Cali, I fell in love with this area camping, almost every weekend, for years with my family. I loved the vibe, the area, the people and everything about it, especially the ocean front. While enjoying our trip we began the “Can you see yourself retiring here?” conversation. It was an easy yes till we started looking at real estate! Wow! The prices then were way out of our retirement dreams, but as we sat on the pier talking about this we looked out over the marina and thought….I bet we can afford a boat! There the dream began. Now how to make it happen.

Step 1: How to afford to do this!

We got home and set up a time to meet with a recommended financial advisor & CPA and shared our plan. We were good savers in our employer contributing plans, but with their help we hatched a 10 year plan of saving and preparation way beyond that. Here is how we made it a reality and some sage advise we have lived and learned through to be prepared.

We had to live below our means. At the time we started planning we both had decent middle-class jobs. We had just enough house for us and our three girls. Over the next 10 years as we moved up in our careers and salaries and the girls transitioned out we lived as frugally as possible. I took on a 2nd consulting job, he took on lots of little auto-repair jobs and continued a side hustle sound business providing front of house PA systems for concerts, fairs and festivals. Between jobs and family, we were busy, but we skipped the new cars, name brand clothes and expensive gifts and trips. We stayed in the almost too small of a home and made the best with what we had. All those extra dollars were invested with our advisor. A mix of high risk/high yield options and Roths, and over time it started to really grow.

Step 2: How do we decide on which boat?

2nd…we started learning everything we could about boats. We attended boat shows, boat seminars, we got on every blog/site/resource tool on boats and live-aboarding out there. We stayed overnight on boats via Air B&B in the PNW areas to see how we felt, what size was realistic and what was it really like. We looked at tons of boats! 6 years worth of learning, trying, seeing, and doing all things we could get exposed to on boats. We travelled all around the PNW, NC and San Diego and checked out boats in those areas. As with each boat we stepped onto, we concocted a spreadsheet of specifics we narrowed down as must haves, wants and “you’re dreaming”. Still we kept comparing all the boats to one specific boat we had seen in Everett very early on. She was large, much larger than we had visioned on owning and she was in desperate need of an interior redo, but she checked all the boxes: enough beds/baths, a desk area, laundry in master, lots of storage, easy access swimstep, and engines the hubby knew and trusted. Mechanically we felt she was safe, aesthetically we felt we could improve her. So, in year 8 we sold the family home, and luckily with the increase in real estate prior to Covid we had enough to buy it.

Step 3: The purchase process:

3rd…Negotiate, negotiate, negotiate the price. Prices are so fluid in the boat industry. Unlike homes this is a depreciating asset and price is determined by age, brand, condition, region and demand. Every boat is different! Get a realistic list together of what ongoing maintenance and repair needs will be and then double it. Beyond the cost of fuel and marina slip fees there is so much more to consider. Boat Insurance. Does the boat have wood? Do you have sanding and refinishing skills? How often does the fiberglass need to be washed/waxed? How often do the ungodly amount of mechanical systems need maintenance…between two engines, two 20kw generators, four toilets, six sinks, two thrusters, a watermaker, a water heater, two fresh water pumps, 25 different batteries, seven air conditioners, a davit, ten bilge pumps, an entire multitude of navigation systems and more the list can be extensive.

Once you have your list, complete a detailed survey with a trustworthy marine surveyor, including a haul out inspection and a sea trial. In your sea trial you may want to also consider bringing along a marine engine technician that specializes in your particular brand of engine. That survey will give you more to add to your maintenance list but will also let you know what the most emergent needs will be. Now step back and guesstimate a budget of startup renovation/maintenance needs for the first year and guess at ongoing maintenance costs for each year after that you plan to own the boat. Once you have that tallied…now double it. If you haven’t been scared off yet by that figure we say GO FOR IT! Negotiate an offer, get your boat insurance, and get ready for life on the water!