There is a famous question that’s been around in sailing circles for ages. People always ask how this question but try forever to get an answer without any real answer in sight.
The main reason is that costs can vary quite a bit depending on your lifestyle, the boat you choose, how much risk you are willing to take, etc.
Let’s try to get a rough estimate of the costs:
- The first thing to ask yourself is how much money you are willing to spend if you are backpacking on land for four years. This will give you a good enough idea of how lavish your lifestyle is. Assuming you would want similar comforts while at sea, you will be able to live for 80% of the backpacking cost because you will not spend any money while at sea. But you will be spending some time ashore depending on how you plan your trip.
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- The next thing to consider is the type of boat you want. The cheapest boat you could go for would cost about $50,000. You shouldn’t go for anything lower than this unless you are looking for a really hardcore experience. You could go for boats as expensive as $1,000,000 for this trip. It will all depend on the amount of comfort you are looking for on the trip once again.
- Lastly you should expect to spend about 25-50% of the amount the boat costs for maintenance and repairs each year you are at sea. Some boats are more expensive to fix than others. Keep that in mind while estimating your costs. And if you are seriously preparing your budget, don’t forget to add around 10-25% over the top of your costs for unforeseen expenses. This way you aren’t blindsided if something happens and you are less likely to spend more than you can afford to spend.