A COUPLE say they have saved £1,070 a month after escaping their “rent trap” house with their new place costing them just £40k.
Teaching assistant Millie Isaacs and emergency service worker Dale Isaacs, both 27, picked up their life and moved onto a canal boat in Hertfordshire.
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Millie and Dale bought Solstice, a 58-foot narrow boat, back in 2019 after being tired of splurging over £1,000 a month on rent.
The boat was a shell when they purchased it for £30K with minimal electricity, no gas and no running water.
But the couple renovated the boat in eight weeks, turning the boat from an uninhabitable shell to a comfy home for just £10k.
Millie and Dale have made the boat their own, bringing DIY and budgeting skills to the Solstice and adding an extra £20k in value.
The couple moved into the boat on 21 December 2019 along with their Yorkshire Terrier Ralph.
And they say there are some significant benefits to living on a canal boat, in particular the cost.
The couple claim they used to spend approximately £1,800 on rent and bills when living in a house.
But their expenses are now just £730, saving them £1,070 a month.
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Millie and Dale said: “The biggest benefit for us is savings on cost-of-living vs if we were in a house, owning a boat is much cheaper than renting a property. The bills are cheaper, and you are not stuck paying someone else’s mortgage.
“We are able to save approx. £700 more than when we were renting, our disposable income has benefitted greatly also. Our bills are cheaper. It has meant we can afford things that we could never have afforded in the past.
“For many people our age it is nearly impossible to afford a mortgage, due to the deposit.
” But if you have an open mind and you’re willing to try something that isn’t necessarily ‘mainstream’ you never know where you might end up. We never thought we would own a narrow boat, let alone love it as much as we do.”
Millie added: “We have been together for 12 years and moved out of our family homes when we were 18 into rented property, which wasn’t easy at the time.”
But they did point out that boaters do have added expenses to consider.
“Boaters do have added expenses, including blacking the hull of the boat every 2 -3 years.
“We also have to pay a licence fee to have our boat on the canal, but this can be paid monthly which makes it more manageable. For permanent moorings, there is still council tax however it’s usually the lowest band.
“Since living aboard, we have found ourselves more mindful of waste, and being eco-friendly, compared to in our rented accommodation where the bins were collected routinely, it opened our eyes to how wasteful we were previously.
However, with added cost benefits there are some downsides with one of the biggest issues being a lack of space.
With Solstice only 58 feet long and six foot ten inches wide, there is limited room for the two and Ralph.
House boat risks and disadvantages
Although living on a boat might be an attractive proposition because of the savings, there are some risks involved.
Mortgage – Living on a boat has its upsides but it can be hard to get a mortgage. Traditional mortgage providers won’t lend on floating homes because they can’t be registered with the Land Registry.
Instead, you’ll need a specialist marine mortgage. These often have shorter repayment terms and require a large deposit – usually 30%.
Energy bills higher – Energy bills could be higher on the boat than a home as they are generally harder to insulate.
Mooring costs – It’s also worth remembering that those living on a boat as their abode will often have to pay for mooring costs.
Ongoing maintenance – There’s always something that needs to be done on a boat – from engine servicing to treating rust spots, not to mention emptying the toilet and filling the water tank.
Council tax – If your boat is moored permanently, it will typically be in the lowest tax band, with single occupants benefiting from a 25% reduction.
However, if you’re happy to move every two weeks as a ‘continuous cruiser,’ you won’t have to pay this.
Making the most of every nook and cranny, Mille and Dale have found that vacuum bags are the solution to prevent moisture buildup.
“Storage is something you have to get used to. When we were moving from a house onto the boat Millie packed everything with the rule of “if it doesn’t all fit in the living room it is not going to fit in the boat”,” said Dale.
“Storage can be a bit of a problem; we have found if you try to store too much then 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 the winter?” but it is far from cold. However, the multifuel stove means the living room is normally a toastie 28 degrees.
“In the summer the boat is always warm, as our mooring is a lovely sunspot that sees the sun all day and well into the evening.”
Another drawback of their mobile home is the weather. Rain affects rising and falling water levels and presents it’s own problems in terms of maintaining the boat.
Dale said: “The weather can be a problem. Too much rain and the water level will rise, meaning you have to loosen the ropes, which is easily done but sometimes it rains, and you are out all day.
“Not enough rain and the water level falls, potentially sitting the hull of the boat on the canal bed. Thankfully this hasn’t happened to us, yet.”
Millie and Dale also have to be on the look out for reckless drivers crashing into their boat as new boaters or holiday makers can cause a nuisance.
They said: “The main reasons this happens is inexperience, people going too fast, and not realising that slowing down takes a lot longer than speeding up. Its not really a problem just a bit of a nuisance.
“Hosting can be a bit cosy in the winter with not much room inside, however in the summer hosting is great fun, sitting on the roof is Millie’s favourite spot.”
To follow their story and continued renovation visit @onboardsolstice.
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