A university student has revealed why he swapped his 'cramped' accommodation for a narrowboat that will cost £3,300-a-year to maintain.
Raphael Holt, 21, had been studying at Manchester Metropolitan University for two years when he began to feel sick and tired of the low-quality housing and short-term contracts on offer.
In September, the filmmaking student, who was paying £740 a month for a room in a six-bedroom house, purchased a 38ft Springer houseboat for £15,000 and lovingly named the vessel Barramundi.
Despite the upfront cost, Raphael believes that the boat was worth it as he now has an asset he can retain for years to come and is no longer throwing 'money at a landlord and never getting it back'.
Raphael, who is commuting 26 miles to university while he transports the boat through the locks to Manchester, estimates that the annual cost of the boat's maintenance, licence and heating will come to around £3,300.
'As soon as I moved into a house share, I realised the bang for buck I was getting,' he said.
'I was paying extortionate amounts to live in not great conditions in a less desirable part of town. That's when I started to think outside the box, and ended up living in a tin box!
'I bought the boat in Hemel Hempstead, and currently I'm commuting from Congleton.'
A university student has revealed why he swapped his 'cramped' accommodation for a narrowboat that will cost £3,300-a-year to maintain
In September, Raphael Holt, who was paying £740 a month for a room in a six-bedroom house, purchased a 38ft Springer houseboat (pictured on the inside) for £15,000 and lovingly named the vessel Barramundi
Despite the upfront cost, Raphael insists that the boat was worth it as he now has an asset he can retain for years to come and is no longer throwing 'money at a landlord and never getting it back'
Raphael was able to afford the boat after saving money from his first two years of studying. The savvy student revealed that he cut down on drinking and placed a large amount of his student loan into savings to make the purchase.
His grey black and red houseboat was built in 1980, and Raphael spends his time making improvements to his floating home in between studying for his filmmaking degree.
Raphael estimates that he will have to spend less than £3,000 on improvements to the boat, as the boating community have been 'so supportive' of his venture.
He added that if he weren't putting money into doing the boat up, he could 'comfortably live' on less than half the amount he was spending on rent.
'Posting on social media means people have wanted to help me,' Raphael said.
'One person kindly gave me £1,500 worth of electrics to use. There's an element of luck involved. There's an endless list of things to do on the boat - that's why I'm loving it.
'I have repainting I need to do, relaying the deck on the stern, and the pump on the shower needs to be redone.'
Raphael bought the boat in September and has been living on the waterways for just a couple of months, however he says he's been thoroughly enjoying life on the river.
He said: 'I'm still in the honeymoon phase, but generally the quality of life is better for me.
Raphael estimates he will spend £3,300 a year on the boat's maintenance, licence and heating. He is currently commuting 26 miles to university while he transports the boat through the locks to Manchester
Raphael was able to afford the boat after saving money from his first two years of studying. The savvy student revealed that he cut down on drinking and placed a large amount of his student loan into savings to make the purchase
'I have a wood-burning stove to keep the boat warm, though we're not into the deep winter yet. It's cold, it's muddy, it's messy, but I've always wanted a project.
'Living on a boat, you have to clean all the time to maintain it - especially when you're moving things around to work on it.
'The only drawbacks I've found so far is the social element. Right now I can't get through the locks as I'm outside of Manchester.'
He continued: 'Another reason I ended up getting into this adventurous alternative living was because I was able to go travelling.
'I'd work hard and go out less, so I could use the money to travel and make films.'
In the long-term, Raphael hopes to keep improving the boat to add value to an asset he'll have after he finishes university.
He said: 'Once I finish uni, I have three possible plans for the boat: potentially I could turn the boat into some type of business.
'I could rent the boat out and travel off the passive income, or I could sell the boat and invest half into something safe and long-term, and stretch the other half as far as possible to travel.
'I've done over 200 locks in three weeks of cruising. I've managed to see a large portion of the midlands and see parts of the north - it's been amazing.
'It's really reinforced my belief that this country is beautiful. No matter where I've been, the experience has been the same and I've met really kind people.'