How does Fractional Yacht Ownership work?
More people are beginning to join in fractional yacht ownership. It is a type of boat ownership in which you share ownership of a yacht with others. It is an excellent method that saves you money while providing you with benefits such as owning your own boat. There’s less concern about yacht management because that tends to be the responsibility of the company you choose to work with.
Luxury yachts can be expensive to buy and maintain. It was typically for the uber-rich. That no longer has to be the case, as yacht ownership has now become affordable with the existence of shared ownership.
Want to know how it works? Continue reading.
How does fractional yacht ownership work?
Anyone looking to enjoy the unique experience of owning a yacht for less should consider fractional yacht ownership. It allows you to enjoy the luxury of owning a yacht without the cost and the management burden generally associated with sole ownership.
All you have to do is buy one share or more shares of the boat you want and it’s 100% yours at certain times of the year. It is an agreement between you, your co-owners and the yacht co-ownership company when you get to use it. You choose the best time of year for you, and you get it for that period every year.
And what’s a share? A share is an 8th of the yacht. You can purchase one or more shares in a yacht.
Everything else is handled by the yacht co-ownership company. Before you get aboard, the care of the maintenance, crew, food, and so on is covered by the company’s team. They also make certain that all of your belongings are on board. That's handy, isn't it?
Here is a step-by-step breakdown of how it works:
You buy one or more boat shares. You can choose from a variety of options based on your preferences and the cost.
You reserve your yacht for the times of the year when you need it.
You exchange your yacht with other owners in different parts of the world.
You have the option to upgrade your share of the yacht at any time. You also have the option to sell your share if necessary.
It is a very simple process that will take you less time and stress as with sole buying. Usually, the yacht co-ownership company's team handles everything to ensure that your buying stage is as stress-free as possible.
How much does fractional yacht ownership cost?
The cost difference between joining fractional yacht ownership and being a sole owner is very significant.
With MIY Yacht Co-Ownership, the cost per share can range from £175K to £1.8M per share depending on the yacht size. A share is an 8th of the yacht. Which can be a lot less expensive than buying an entire yacht outright.
These are the significant benefits of owning a share in MIY Yacht Co-Ownership.
Our concierge experts will assist you in making the most of your time on board your yacht. Personal touches onboard, as well as experiences at your destinations, are all at your request. They make certain that each yacht owner has an unforgettable luxury experience
You have ease of entry, which means that the yacht shares change more quickly and with fewer complications
You have exclusive access to some of the world's finest luxury yachts at a fraction of the cost
Buying a share is less stressful because the transaction is simpler and all of the burdens that come with sole purchasing are not included. Taxes, insurance, surveys, and service history have all been taken care of
You are guaranteed to buy a yacht that is in excellent condition
There are no pitfalls in the contract because it is identical to the contracts of previous and current yacht shareowners.
Can you timeshare a yacht?
Fractional yacht ownership is sometimes also called yacht timeshare ownership. But technically, fractional yacht ownership and timeshare are different things.
In the former, the purchaser owns a share in the yacht they buy into. They are listed as an owner in the maritime register. One of a maximum of 8 owners. So it is their yacht!
The similarity to a ’timeshare’ is that the owner has weeks of usage balanced throughout the year. In this case, each share entails a 6-week allocation. Some owners purchase two or more shares based on their wants or needs.
The operating costs are shared in eight ways, making it far more affordable and beneficial than chartering a yacht, and the owner has a real asset that can be sold later.
What is a fractional boat?
You guessed right!
A fractional boat is shared by multiple people who are all co-owners. The benefits of the boat are shared by all owners based on the value of their boat share. Each owner has access to the boat at the times that they have agreed upon.
If Bill owns a fractional boat, he has the option of selecting a time of the year that is most convenient for him to use the boat. It could last for six weeks in the summer. Every summer, he gets to spend six weeks on the boat full-time with no hassles. Everything is taken care of, and all he has to do now is get on board whenever he is ready.
Conclusion
Fractional yacht ownership is here to stay as it is an amazing option for anyone interested in owning a yacht but cannot afford to buy solely. Asides from the cost savings, you also get to avoid the worries that come with sole ownership of a yacht.
The ease of entry, exclusive access to the world's finest luxury yachts, and affordable ownership are just a few of the advantages of being a shared yacht owner. The yacht's entire operation, including management, is fully covered. All you have to do is figure out what yacht share you want to buy and you are one step closer to living in exclusive luxury.