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Man buys flat on cruise ship because he can travel the world and it’s cheaper than buying a house

His 12-year lease equates to £1,652 per month in rent.

Harry Warner by Harry Warner
2024-08-26 09:22
in Property
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Ever fancy selling up, leaving your old life behind and sailing blissfully off into the horizon until all your landlubbing woes are no more?

Well, that is exactly what one man has done who has bought a flat on a cruise ship because he says it’s cheaper than buying a house and he can travel the world at the same time.

Austin Wells is from San Diego, but now calls the seven seas his home as he travels from port to port.

The sea fairing American revealed in an interview with CNBC that he had put down $300,000 (£238,000) on a 12-year lease studio apartment on the MV Narrative a new type of cruise ship that offers permanent and temporary residences.

This comes to £19,840 per year or £1652 per month in rent.

While this is still a lot of money, in comparison to the lofty house prices in the UK, and especially London, this looks to be a solid investment.

With the the ship featuring 20 restaurants and bars, a 10,000-square-foot gym and spa open 24 hours a day, three swimming pools, a school, library, bank and office spaces, a farmers market and medical services, Wells won’t have to go out of his way for everyday amenities.

The 28-year-old explained: “I’m going from this model where you want to go somewhere, you pack a bag, you get on a flight, you rent a room, to now my condo, my gym, my doctors and dentists, all of my grocery stores travel the world with me.

“The thing that most excites me is I don’t have to upend my daily routine, in order to go see the world.”

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This is ideal for Wells who works in Meta’s augmented and virtual reality division completely remotely.

However, the American and the other 1000 or so residents set to call the MV Narrative home will have to wait a year to leave terra firma behind as the cruise ship is still not ready to set sail.

Reports vary on its estimated date of departure, with some sources citing 2025, some suggesting 2026, while others have estimated as much as a three-year wait until 2027.

As per The Sun, in San Diego a flat on average costs around $2,500 (£1,980) more per month than the cost for Wells to stay on the MV Narrative.

The minds behind the MV Narrative Alister Punton and Shannon Lee said they “wanted to offer more affordable apartments for life at sea”.

This comes in response to other ships of a similar concept only offering luxury apartments at sky-high prices such as the ‘The World’ liner for around £17m.

The MV Narrative is a renovated cruiser that makes use of old and retired cruise ships.

The vessel will sail all around the world when it enters into service, travelling the world in three year tours, going as far as the arctic circle and will depart from Croatia.

Related: Airline launches all-you-can-fly yearly membership for under £450

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