Costs of Owning a Narrowboat
Owning a narrowboat comes with various costs that you should consider before making a purchase. In this article, we’ll discuss the primary costs associated with narrowboat ownership, including purchase price, mooring fees, maintenance, insurance, and licensing.
Purchase Price
The price of a narrowboat depends on factors such as its age, condition, size, and features. A new narrowboat can range from £50,000 to £200,000 or more, while a used boat may cost between £20,000 and £150,000. It’s essential to have a budget in mind and consider the costs of any necessary repairs or upgrades.
Mooring Fees
Mooring fees are a significant expense for narrowboat owners. Residential moorings typically cost between £2,000 and £12,000 per year, depending on the location and facilities provided. Some owners choose to continuously cruise and avoid permanent mooring fees, but this requires frequent travel and adherence to strict rules.
Maintenance and Repairs
Regular maintenance is essential for keeping your narrowboat in good condition. Budget for annual costs such as engine servicing, hull blacking, and gas safety checks. Additionally, plan for unexpected repairs or replacements, such as a new engine, heating system, or plumbing.
Insurance
Narrowboat insurance is required by law and usually costs between £200 and £600 per year, depending on the boat’s value, location, and intended use. Ensure that your insurance policy covers potential risks such as accidental damage, theft, and third-party liability.
Licensing
A Canal and River Trust (CRT) license is necessary for using UK waterways. License fees vary depending on the size of your boat, ranging from £500 to £1,500 per year. Additional licenses may be required for certain waterways not managed by the CRT.
FAQ
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How much does a narrowboat typically cost?
A new narrowboat can range from £50,000 to £200,000 or more, while a used boat may cost between £20,000 and £150,000.
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What are the main costs of owning a narrowboat?
The main costs of owning a narrowboat include purchase price, mooring fees, maintenance and repairs, insurance, and licensing.
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Do I need a license to use my narrowboat on UK waterways?
Yes, a Canal and River Trust (CRT) license is necessary for using UK waterways, with fees varying depending on your boat’s size.