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It's not that foolish.
But.
Houseboats typically decrease in value over time. You can turn £70k in to £30k quite easily.
You have to keep moving the thing around, or cough up for a mooring which is super spendy
People offer finance for houseboats but as you can imagine it's like a loan for most purchases of things that don't really increase in value - expensive as there's no security.
Howard
So Mum's become enamoured with the idea of me living on a houseboat. She's heard good things and wants to do the Rosie and Jim thing when she comes to visit.
On a scale of 1-10, how nuts is the following plan?
1) Buy a houseboat instead of a 1-bed flat, for a fraction of the price, while I'm young, single and foolish.
2) Have more of a fraction of my income to save, rather than paying a large mortgage.
3) In 5 years time have a bunch of cash/investments/whatever the boat sells for to spend on a nice place, but not as much equity.
Do houseboats appreciate or depreciate in value? What are the other costs? How the fuck do you finance a houseboat - surely you can't get a regular mortgage.
Just considering this feels nuts...