If you’re looking for an alternative lifestyle in London, living on a boat may have crossed your mind. But is it cheaper to live on a boat in London than it is to rent or buy a house or apartment?
The cost of buying a boat
Firstly, let’s look at the cost of buying a boat. The price of a boat can vary greatly depending on its age, size and condition.
You can find boats for as little as £10,000 to over £100,000. However, don’t forget that buying a boat usually involves additional costs such as insurance, mooring fees and maintenance costs.
Insurance
Boat insurance is essential and can cost anywhere from £200 to £1,500 per year depending on the type of boat and its value.
Mooring fees
Mooring fees are the costs associated with parking your boat somewhere on the waterways. These fees vary depending on location and amenities available but can range from £2,000 to £15,000 per year.
Maintenance costs
Maintenance costs include things like cleaning, painting and repairs. They can add up quickly so it’s important to budget for these expenses. The average annual maintenance cost for a narrowboat is around £2,000-£3,000.
The cost of renting an apartment
The average rent for a one-bedroom apartment in London is around £1,200-£1,500 per month. However, this can vary greatly depending on location and amenities available.
The cost of buying a house
The average house price in London is around £650,000 which makes it unaffordable for many people.
The pros of living on a boat in London
- Lower living expenses: Compared to renting or owning property in London.
- Freedom: Living on a boat allows you to move around and explore different areas of London at your own pace.
- Community: There’s a strong sense of community among boat owners and you’ll meet lots of like-minded people.
- Nature: Living on a boat allows you to be close to nature and enjoy the wildlife that’s present in the waterways.
The cons of living on a boat in London
- Limited space: Boats are significantly smaller than apartments or houses which can make it difficult to store belongings and have guests over.
- Weather conditions: Boats can be affected by extreme weather conditions such as storms and heavy rain which can make living conditions uncomfortable.
- Maintenance costs: Boats require regular maintenance which can add up quickly and become expensive.
- Limited amenities: Boats have limited amenities compared to apartments or houses which may mean sacrificing certain luxuries such as a washing machine or dishwasher.
In conclusion
Living on a boat in London can be cheaper than renting or owning property, but it’s important to consider all the associated costs before making the decision. Additionally, it’s not for everyone as it requires adjusting to a different lifestyle. If you’re someone who enjoys being close to nature, likes exploring new areas, and isn’t afraid of maintenance work, then living on a boat could be an option worth considering.