Nowadays, there are different ways for anyone to take multiple vacations a year or to meet with business associates in a relaxed yet enjoyable environment.
When you come to Florida your yacht becomes a meeting point, your lake house, your hotel, your means to vacation by visiting many various islands and explore the East Coast/West Coast it’s your yacht so it’s up to you. The way to do this is either to outrightly purchase a yacht or better yet to buy a fraction of it (which is a better option). The pride of yacht ownership does take you to the next level, after all, it is a status symbol to own a beautiful yacht, but you don’t have to break your bank account to be at this level, after all, it is an occasionally used asset. So why pay 100% expenses as well! Share the cost and you can still “keep up with the Jones” if this is your intention. After all, no one will ever know the difference.
But if you’re considering purchasing a yacht solely on your own, here are things you need to know before you proceed.
Private yachts cost a lot of money to acquire. You may think you can purchase it until you start making inquiries about available yachts for sale. Whether it’s a new yacht or a used one, it will certainly poke a huge ‘hole’ in your bank account.
2. A lot of time spent searching for the right yacht
If you’re going to own a yacht outright, you’ve to really take time to understand boats to find the one suitable for your needs. You may find a yacht you like, but can’t afford it or see the one that’s within your budget, but the specifications don’t meet your intended purpose. In the process, you may find out that the whole yacht ‘thing’ is just complicated. You waste a lot of precious time trying to decide on a yacht.
3. Costs of repairs and maintenance
Buying a yacht goes beyond the initial purchase price. Yacht brokers won’t probably tell you everything, but maintaining a yacht on your own is quite expensive.
4. Insurance
You’ve to think about insurance. Yes, the yacht needs to be insured before it can board. This means you keep paying a premium for something you use only a few times in the year.
5. Docking fees
If you don’t own a docking point for your boat, you’ve to pay the shipyard for the periods is at the dock- more expenses.
6. The crew
You’ve to hire a crew each time you want to travel – more hassles.
Many brokers will try to convince you to purchase a particular yacht (to their own advantage), which you may end up regretting later.
8. No walk-in, walk-off service
If you own a yacht outright, before you travel, you’ve to spend time checking the boat to make sure it’s in good condition. This is a problem when you’ve to make last-minute trips.
9. Bearing the cost of huge repairs
If the yacht suddenly breaks down, as a result of a lack of proper maintenance, you’ve to bear the cost. And if it’s something that requires a huge amount of money, then you can expect another big ‘hole’ in your bank account
10. Paying full price for a boat you only use half the time
Whether you intend to use the boat only two times in the year, you’ve to pay the full price for it.
You can save yourself all this stress by opting for fractional ownership. In this type of ownership, you only pay a fraction of the purchase cost of the yacht and still get to use it whenever you want. Plus, you don’t have to bother yourself about maintenance, repairs, and servicing. You just walk in and walk off.
Visit us, come to one of our Open Yacht Events, meet your crew, your management and best of all walk into your luxury yacht. Our next open yacht event is taking place on Mar. 8, 2020 We look forward to having you aboard!