At the beginning of each academic year the search for new student accommodation starts across the UK. It is recommended to start searching as soon as possible for a place in a shared house or in student halls, as the competition to find the best residences is high.
The obvious housing solutions available to students are; private off
campus housing, halls of residence or private student halls.
But what if none of these solutions are for you?
How about buying your own narrow boat and mooring near your university?
Shared living isn’t for everyone, it’s not all parties and fun, shared living can sometimes become a source of stress and conflict if you are not careful. Something you don’t want to experience when you are studying! But living on a narrowboat enables you to have privacy, independence, peace & quiet for studying and offers an economical way of living.
Finding the right balance of how to manage your finances is a difficult task as a student. With the need to pay for bills, rent, study books, hobbies and 'socialising' you soon need to make compromises to maintain a steady life style.
Living on a narrow boat enables you to pay your 'rent' each month, but when you finish your studies you still have something to show for it, plus an investment to sell if needs be. You will also have ready accommodation afterwards and can cruise your boat to wherever you happen to gain employment.
If you want to share your boat, buying a narrow boat with two bedrooms would give you space to share with a friend. This way you can share the living aboard costs as well as have some company. As with any shared arrangement,it is advisable to have a contract with your tenant. This will protect both parties and should be written in a clear and simple language.
Ways to finance a boat purchase.
If you already have savings then you are in a strong position to buy. However not all of us are in this fortunate position, but there are other ways to finance your purchase;
Parents are often more than willing to help with financing, as they are keen for their children to be living in a safe and relaxed environment. They will see a return on their investment and it could give parents additional accommodation. Buying a narrow boat is a great way for parents to help their children get on the property ladder. It offers the student the opportunity to be self reliant, responsible and enjoy an alternative way of life.
Just as you would apply for a mortgage to buy a property, marine mortgages are also available to finance your purchase. As a guide you will need a deposit of roughly 20% of the purchase price and the loan will be secured against the boat.
Alternatively you can use high street banks to apply for a personal loan. The example below shows borrowing £20,000 over a five year period, note rates were correct when this article was written 16th September 2014.
Benefits of Living Aboard
- No need to share (unless you want to)
- A return on your investment
- Chance to belong to a tight knit community
- Safe, private, relaxed living environment
- Saves you money on water rates, electricity and gas.
Where To Buy?
Narrowboats just like houses are either sold privately or through a broker (like an estate agent). The benefits of using a broker really do out way those of buying from a private seller.
A few reasons you should consider using a broker….
- Expert free advice on hand
- Wide range of different boats to view in one location
- Professional negotiations
View our narrow boats that are currently on sale!