Do boats go up or down in value?

Question

I am wanting to live on a boat, but wondering if i should invest in a condo instead, since I am a first time "home/boat" buyer. I really want to live on a boat ;)

Answer 1

modern production boats tend to depreciate in value. However, it's not always true. Boats like Hinckleys, Sabres, Calibers, and Freedoms not only hold value very well, but occasionally increase in value. Much of that depends on what you are willing to do to maintain the boat. For instance, I sold my 40' sailboat for about $20,000 more than I paid for it.

Condos, for the record, also don't really hold their value primarily because there's no land involved. The latest housing bubbleburst has affected condo prices more than just about anything, and people who bought in at high prices now can't get out from under them.

My advice would be to buy a boat. If you buy it as a liveaboard, you get all the federal tax incentives of owning a home (mortgage, etc.), but depending on where you buy it, you won't have property taxes (usually there are mooring fees and excise taxes above and beyond slip rental). You'll also be building your credit, just as if you had bought a condo on a mortgage, and you'll have fun. 'Course, I'm biased because I've been living aboard for 5 years now.

Answer 2

Boats depreciate in value faster than do cars.

However, my ex-boyfriend bought a book after the insurance company declared it a loss or whatever the correct term is (salvage) and he restored it and got it insured for $8,000. He paid $1,000 for it. I'm not sure how much work he put it into it. He did all of it himself. He's an auto mechanic and boating enthusiast.

Answer 3

any motorized item depreciates in value with age.. till it gets to be a antique, but only if it was a very popular or one of a kind left item....

but also some things may hold value as the price of new goes up so does the value of used items..

but to be smart a home is far better than living on a boat.. as shore power utilities dock rent etc etc add up. even folks with house boats dont live in them year round..

Answer 4

Everything goes up and down in value.   But cars and boats tend to lose faster than real estate.   And living on a boat can be fun for a while but in time it will get old!

Answer 5

Boats depreciate in value quickly.  Not very comfortable to live on full time.  It's like camping out, nice to do sometimes, but not all the time.  Condos are not a great investment either, no resale value and they are hard to sell.   Think about buying a house.  You will do better and easy to resell and will gain in value in most parts of the country.  Good Luck.

Answer 6

A house boat is almost certain not to go up in value. The only boats that can really go up in value are non motorized boats.

Answer 7

One thing to consider about living on a houseboat will be the weather - do you live in a fair climate like Florida? And if so, do you have access to a sheltered harbor in case of violent weather? If a Hurricane approaches, it won't matter HOW big your houseboat is, it will not be safe to be on even then- where will you go then?

  You might try seeking out some Houseboat livers and ask about living conditions, etc. Can you stand a rocking boat? Do other power boats come in and out all the time in the harbor, and would wake you up? There are many things that could be a major hassle with living aboard a boat.  If you live in a colder climate, how about heat? Water , especially COLD water, sucks heat out faster than earth.  Another thing to think about. It may sound romantic and cozy, but could be a major hassle.

-THe Gremlin Guy -