Living on a narrowboat has become an increasingly popular lifestyle choice, especially amongst those seeking an alternative to the conventional residential experience. But a common question arises when considering this lifestyle shift - is living on a narrowboat cheaper than living in a house? To answer this question, we must explore all the nuances associated with both options, considering purchase price, maintenance costs, mooring fees, and everyday living expenses.
Initial Purchase Costs
Narrowboats
The cost of a narrowboat can vary significantly based on its size, age, condition, and level of luxury. A good quality, used narrowboat will cost around £60,000 on average. However, the cost can be over £150,000 for a new, luxury narrowboat. In contrast, house prices in the UK have skyrocketed in recent years, with the average home costing around £250,000 in 2023. Therefore, a narrowboat can present a much cheaper alternative in terms of initial outlay.
Houses
When buying a house, one must account not only for the cost of the property but also for related expenses such as surveys, stamp duty, and solicitor fees. The deposit required for a mortgage is also a significant upfront cost, typically around 10% of the purchase price.
Maintenance Costs
Narrowboats
Maintenance is an integral part of boat ownership. The engine should be serviced annually or around every 250 running hours, including changing the engine and gearbox oil, changing filters, and checking all bolts and connections. Hull maintenance is also crucial; steel boats are usually 'blacked' every two to three years, a process involving removal from water and paint to prevent rust,
Houses
Houses also require maintenance, but the costs can be more unpredictable, depending on the age and condition of the property. Expenses may include boiler servicing, roof repairs, and general upkeep like painting and decorating.
Mooring Fees and Council Tax
Narrowboats
A significant ongoing cost for narrowboats is the mooring fee, which can vary drastically. Residential moorings with facilities like electricity and water can cost between £2,000 and £10,000 per year, depending on the location. There's also a boat licence fee, which depends on the boat's length and costs around £500-£1,000 per year. Living aboard a narrowboat usually incurs a lower council tax, falling under Band A.
Houses
Homeowners must pay council tax, which can be significantly higher than that for a narrowboat. This tax depends on the property value and local council rates, often falling between £1,000 and £3,000 per year.
Everyday Living Costs
Narrowboats
Living on a narrowboat can also save money in terms of utility bills. Narrowboats often utilise solar panels for electricity, and some have wood-burning stoves for heating, reducing reliance on costly energy providers. However, it's essential to consider water and waste management costs, which can be more manual and frequent than in a traditional house.
Houses
In contrast, utility costs in a house can be higher due to increased energy consumption. However, houses offer more comfort and convenience, with easier access to amenities and services like internet, waste collection, and water supply.
The Verdict
So, is living on a narrowboat cheaper than living in a house? Regarding initial purchase price and council tax, a narrowboat can certainly be more affordable than owning or renting a house.