Living on a boat

[SloppyJoe]

Hi,

Have a few questions about this.

What sort of deposit is required and how long can you get a loan for?

Is it just the housing base rate that you can use or is it the same as if you were buying property?

I think I know the answer to this but could be wrong, does the boat have to be in Hong Kong?

Thanks for any help.

[kluge]

To answer your questions:

- Deposit: just negotiate with the bank. It will be a personal loan. They won't understand what "boat" is and the concept of living on one is beyond most locals comprehension. And I am not being silly.
- Doesn't matter where the boat is as it is a personal loan - what you use it for is up to you. All they want to establish is can you afford the payments, are you a risk and that they get their interest sheckels.



Your biggest problem will be finding somewhere to moor a boat with shorepower and freshwater. The options are:

- Disco Bay Marina (aka the Truman Show) - need to be a member
- Aberdeen Marina (need to be a member)
- Aberdeen Typhoon shelter (currently moorings are in disarray). If Aberdeen Boat club then need to be a member.
- Hebe Haven YC - no liveaboards allowed
- Hk Marina - also believe no liveaboards now
- Clearwater Bay - definately no liveaboards allowed.
- Gold coast - a limit on liveaboards.
- RHKYC - Causeway Bay - no shorepower/freashwater

Liveaboards are a 'grey area' in HK. Technically illegal.

IMO believe it is the last loophole for cheap living in HK and will be closed off in a few years if not sooner. Just look at the developments in Aberdeen typhoon shelter.

Recommend that you get a Fragrant Harbour magazine and call the chaps there for a chat. Very knowledgable and nomally impartial.

It is/was possible to recover your costs and make money living and selling your boat - I did. However I think those days are coming to an end as more people jump on the bandwagon and the availability of mooring spots fills up. I also think it is starting to get the attention of MarDep (Marine Department) - after all power - especially in Aberdeen is also illegal (illegally tapped into shore supplies).

So don't be tempted to buy a boat without having somewhere locked down to moor it. Even then this may change leaving you, high and dry (or drifting) and no aircon in summer. Not nice.

Caveat emptor

[SloppyJoe]

Thanks a lot for the info and advice. Do you get the same allowance from CX as if you bought a property and were using the allowance to pay of a mortgage, 60K a month or can you just use the money you get if you say you don't want to rent or buy but just get the base rate, I think about 20-30K a month?

[GTC58]

You get full housing if you mortgage the boat. Check out Squarefoot.com.hk und select boats in your search. Most boats on there come with moorage, which can cost you anywhere from HKD 8000-15000/month. The real estate agents can provide you with the right contacts to mortgage a boat as only 2 banks in HKG do. Hope this helps.

[hongkongfooey]

Sloppy, if its a live aboard, and you are claiming the housing allowance, it has to be berthed in HK. If its not a live aboard you cant buy it on the HPS.
From friends experience, the banks charge higher interest, require more deposit and the term of the mortgage is much shorter ( less than 10 years ).
I know DB costs around 10-12000 a month in fees, membership etc and the company does'nt pay this.
You do get a lot of square footage for the money tho, but obviously not the capital gain of a flat
Cheers

[kluge]

"Capital gain" is a function of the market and never guaranteed.

Asset price volatility is a highly refined game in the HK market.

I did well - for me - on my liveaboard because of the timing and no long term desire to live in Asia's WC.

But it's not for everyone per past post.
IMO the liveaboard mkt is on the way out - hence highly risky.

But then again who knows? - maybe I'm too conservative :E

[SloppyJoe]

Thanks for all the info.

[SloppyJoe]

Hongkongfooey

Is there a definition of what a live aboard is? The boats I am thinking of are not junks or that style but do have galleys, two cabins, one with queen size bed and a saloon one model I am considering is made by Azimut so is not the typical live aboard as would be a bit cramped as is 43 feet. I know that may seem a bit crazy but have always wanted a boat like that and using the allowance, the balance after deposit would be paid of in just under 3 years. As I am single I think I would enjoy it for a couple of years then move back onto land but keep the boat. Would that type of boat be classed as a live aboard?

Azimut 42 For Sale - EUR 329,000 - Malaga, Spain - Boatshop24.co.uk (http://www.boatshop24.co.uk/MjA5ODcxOH5DQVJZMDE=-Azimut_42.html)

[HKJunkie]

Quote: "not the typical live aboard as would be a bit cramped as is 43 feet".
It should qualify as a liveaboard. I have lived aboard a 38 footer for many years now and it's OK. Mainly I think, because it is tied to a berth with water, electrical power etc connected full time. Don't think about a swing mooring though, then it would prove to be a bit tougher!

[water check]

constant work to maintain.....gets to be a burden. imho :)

[hongkongfooey]

Sloppy, I am by no means an expert on live aboards but I think what HKJunkie says is correct, as long as you have a legit/permanent mooring in a marina somewhere I think thats sufficient, I'm sure 43' would not be an issue.
Cheers

[SloppyJoe]

thanks for the replies.

[Tornado Ali]

is anyone moored at Clear Water Bay...?