KEEPING AFLOAT
Retired grandmother saved £100K by living on a BOAT after getting a divorce
Helen Hutt, 70, now lives on a narrowboat after her divorce left her without enough money to buy her own property
A RETIRED grandmother has saved herself £100,000 on buying a home - by living on a narrowboat.
Helen Hutt, 70, from Leamington Spa decided to buy a houseboat after her divorce in 2005 left her without enough money to buy her own property.
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"I was renting an apartment from 2003, after separating from my husband," she said.
"At the time, the smallest of properties in the area cost about £150,000 – I had a little look around, but I knew that I’d never be able to afford to buy anything."
Helen worked in marketing before she retired in 2011 and decided to try alternative living.
"The apartment I was renting was near the canal," she explained. "I would often cycle or walk along the towpath and wondered whether buying a boat might be the solution."
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With the price of a narrowboat or barge around a third of the cost of bricks and mortar at the time, Helen's idea started to look like it might actually work.
She visited a local boatyard for advice before buying her 57-foot narrowboat for £53,000 which, luckily, she was able to afford outright.
"I purchased it in 2005 and moved in in early 2006, after having a washing machine installed and a few alterations carried out, she said.
Helen also saved money by not opting for a permanent mooring – which can cost upwards of £40,000 – and instead chose to register as a "continuous cruiser".
"I pay £900 a year to the Canal and River Trust," she explained. "This entitles me to travel on the canals and moor where I choose, provided I don’t stay somewhere long-term."
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"This was fine for me, as I worked for myself, and because I didn't have children of school age. Those with particular ties to an area might need to look at finding a more permanent solution."
Her CRT licence also covers the cost of rubbish collection and disposal of chemical toilet waste, as well as the drinking water she collects from station points along the canal.
When she purchased her vessel, Helen, who has two grown-up children and is a grandmother, wasn't sure life on water would be a long-term solution, but 13 years on, she is enjoying cruising the canals.
The narrowboat is far from your ordinary home - it's got a forward deck, living area, kitchen, double-bedroom, bathroom, study and even a laundry room with washer-dryer.
Electricity is generated from the diesel engine and Helen has to buy bottled gas for cooking.
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With no rental or mortgage to pay, Helen's costs, including utilities, licences, insurance and engine maintenance come to around £3,500 a year – about £290 per month.
"I went on an engine maintenance course," she explained. "So, I'm able to carry out repairs and keep things running myself."
Of course, living on a narrowboat comes with its challenges.
"You sometimes get stuck, for example if you’re on a river and the water level rises, if the canal freezes, or if you have a breakdown," explained Helen. "But that isn’t too much of a problem for me as I’m retired."
"My kids thought I was barking mad when I first suggested it," she said. "Living on a boat is challenging, and not a decision that should be taken lightly. But for me, it's worked out well."
LATEST ON HOUSE PRICES
Living on a boat is one way to combat the rising house prices, but it's not without it's risk.
A couple who jacked in their life on land to sail around the world had their dreams scuppered when their boat capsized just two days after setting sail.
If you'd rather keep your feet firmly on land then you might be interested in living in a converted Victorian Police Station - but a one bed flat will set you back £400,000.
How to get help buying a house
THERE are several government schemes available to help you get on the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties
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