We’re saving £1,070 a month after escaping the ‘rent trap’ at our house – our new flat only cost us £40,000… here’s how we did it
A COUPLE say they saved £1,070 a month after escaping their ‘rent trap’ house, with their new flat costing them just £40,000.
Teaching assistant Millie Isaacs and paramedic Dale Isaacs, both 27, took their lives and moved to a canal boat in Hertfordshire.
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Millie and Dale bought Solstice, a 58ft narrow boat, in 2019 after getting fed up with spending over £1,000 a month on hire.
The boat was a shell when they bought it for £30,000 with minimal electricity, no gas and no running water.
But the couple renovated the boat in eight weeks and only needed £10,000 to transform the boat from an uninhabitable shell into a cozy home.
Millie and Dale’s changes have made the boat their own, bringing home improvement and budgeting skills to the Solstice and adding an extra £20,000 in value.
The couple moved into the boat on December 21, 2019 along with their Yorkshire Terrier, Ralph.
And they say there are some significant benefits to living on a canal boat, most notably the cost.
Millie and Dale claim they used to spend a whopping £1,800 on rent and bills when they lived in a house.
But their spend is now just £730, giving them huge savings of £1,070 a month.
Millie and Dale said: “The biggest benefit for us is savings in living expenses compared to a house. Owning a boat is much cheaper than renting a property. The bills are cheaper and you don’t have to pay anyone else’s mortgage.
“We’re saving around £700 more than renting, our disposable income has also benefited greatly. Our invoices are cheaper. It has resulted in us being able to afford things that we could never have afforded in the past.
“For many people our age, it’s almost impossible to afford a mortgage because of the deposit.
“But if you’re open-minded and willing to try something that’s not necessarily ‘mainstream’, you never know where you might end up. We never thought we would own a narrow boat, let alone love it.”
Millie added, “We’ve been together for 12 years and moved from our family homes to a rented apartment when we were 18, which wasn’t easy at the time.”
However, they pointed out that boaters have additional costs to consider.
“Boaters have additional costs, including having the boat hull blackened every 2 to 3 years.
“We also have to pay a license fee to have our boat on the canal, but this can be paid monthly, making it more manageable. There is still council tax for permanent berths, but it is usually the lowest tier.
“Since living on board we are more conscious of waste and greener than our rental accommodation where bins were routinely collected and it has opened our eyes to how wasteful we used to be.
However, along with added cost benefits, there are some downsides, with one of the biggest issues being the lack of space.
Since Solstice is only 58 feet long and 6 feet 10 inches wide, there is limited room for the two of them and Ralph.
Risks and disadvantages of houseboats
Although life on a boat could be an attractive proposition due to the savings, there are some risks involved.
mortgage – Living on a boat has its perks, but getting a mortgage can be difficult. Traditional mortgage lenders don’t lend floating homes because they can’t be registered in the land register.
Instead, you need a specialized ship mortgage. These often have shorter repayment periods and require a large down payment – typically 30%.
Energy costs higher – Energy bills on the boat could be higher than in a house as they are generally harder to insulate.
mooring costs – It should also be remembered that those who live on a boat as a residence often have to pay for the mooring costs.
Ongoing maintenance – There is always something to do on a boat – from engine service and rust spot treatment to emptying the toilet and filling the water tank.
council tax – If your boat is permanently anchored, it is usually in the lowest tax bracket, with solo travelers benefiting from a 25% reduction.
However, if you are a “continuous cruiser” and would like to move every two weeks, you do not have to pay for this.
Mille and Dale make the most of every nook and cranny and have found that vacuum bags are the solution to preventing moisture build-up.
“Storage is something you have to get used to. When we moved from a house to the boat, Millie packed according to the rule, “Anything that can’t fit in the living room won’t fit in the boat,” Dale said.
“Storage can be a small issue; We’ve found that if you try to store too much, moisture can build up and become a problem. Vacuum bags are a boater’s best friend.
“Every non-boater’s first question is, ‘Is it cold in winter?’ but it’s anything but cold. However, the multi-fuel stove means the living room is usually a comfortable 28 degrees.
“In the summer the boat is always warm as our mooring is a nice sun spot that sees the sun all day and well into the evening.”
Another disadvantage of your motorhome is the weather. Rain affects rising and falling water levels and presents its own problems in terms of boat maintenance.
Dale said: “The weather can be an issue. Too much rain and the water level is rising meaning you have to untie the ropes which is easy but sometimes it rains and you’re out all day.
“It’s not raining enough and the water level is dropping, possibly causing the hull of the boat to end up on the canal bed. Luckily that hasn’t happened to us yet.”
Millie and Dale must also be on the lookout for reckless drivers crashing into their boat, as new boaters or vacationers can cause trouble.
They said: “The main reasons for this are inexperience, people driving too fast and not realizing that slowing down takes much longer than speeding up. It’s not really a problem, just a bit annoying.
“Hosting can be a bit cozy in winter as there isn’t much space inside, but hosting is great fun in summer as sitting on the roof is Millie’s favorite spot.”
To follow her story and ongoing renovations, visit @onboardsolstice.
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https://www.thesun.ie/money/9896086/we-save-1070-a-month-after-escaping-rent/ We’re saving £1,070 a month after escaping the ‘rent trap’ at our house – our new flat only cost us £40,000… here’s how we did it