Owning a luxury yacht is the ultimate opulent status symbol. However, the cost of maintaining a boat as an individual owner is astronomical. One way of cutting the cost of owning a luxury vessel is to enter a fractional boat ownership agreement. This is the simplest, most cost-effective way of owning a boat.

If you are new to yacht ownership or you have become accustomed to sole ownership, you might be wondering how co-ownership works. Is it a feasible way of owning a luxury yacht?

Here we will provide you with some practical tips on how to make shared yacht ownership work.

One of the most common questions potential yacht buyers ask is how much does it cost to maintain a luxury yacht? Before we dive into the shared ownership information, here is a brief estimate of how much it might cost to maintain a private yacht as a sole owner.

How Much Does it Cost to Maintain a Private Yacht?

Luxury yachts are expensive, there is no doubt about that, maintenance charges alone can cost millions. For example, if the initial cost of a yacht is £40 million, you should reserve at least £4 million per year for maintenance. That being said, you probably won’t spend that much but to be on the safe side, you should save a substantial amount of disposable income to maintain the boat.

How Does Shared Yacht Ownership Work?

Shared yacht ownership is quite simple, there is nothing complex about it however, if you are new to the idea of sharing a boat, you might need a little explanation. Here is a quick overview of how fractional boat ownership works:

1. You pick the boat you want

2. You pay for a share of the boat

3. You sign all paperwork

4. You choose six weeks out of the year to utilise your boat

Note: You can enter into a fractional boat ownership deal with a group of friends or you can utilise the services of a yacht share network company. With a yacht share network company, they will take care of all the logistics, legal stuff and everything else, making the process easy, hassle-free and extremely straightforward. You should definitely consider purchasing a boat through a fractional yacht ownership company instead of sharing a boat privately, you will save yourself a lot of hassle if you do it this way.

How to Make Co-owning a Luxury Yacht Work?

As stated above, co-owning a luxury yacht is quite straightforward however, if you are new to boat sharing or yacht ownership in general, it will certainly be quite daunting for you.

So, let’s talk about how to make co-owning a luxury yacht work.

Make it easier for yourself by purchasing a yacht with a professional shared yacht network company

Make the whole process easier for yourself by taking advantage of the services of a fractional yacht ownership company. They will eliminate the hassle of finding co-owners and they will deal with all the logistics and legal jargon for you.

Make sure you understand all the legal stuff.

When you sign on the dotted line, make sure you are fully-versed on the various issues relating to your fractional boat ownership deal. Read all the paperwork and ask as many questions as possible. If you wish, ask a legal representative to read through everything before you make your purchase.

Get to know your co-owners

Getting to know your co-owners will make the process much easier when it comes to docking your boat and changeovers. You can also organise joint vacations with your co-owners which is the perfect way to spend more time on your boat.

Respect the boat

As a yacht owner, you should respect the boat and respect the crew and captain that work on the boat. A luxury yacht is made with high-end, costly fixtures therefore, it is vital that you treat the boat with respect and care.

Reserve funds for boat maintenance costs

As a co-owner, you will share the cost of maintaining the boat. The great thing about shared yacht ownership is that you drastically reduce the cost of yacht maintenance. However, this cost should not be ignored, reserve at least ten percent of your boat share cost for boat maintenance charges.

Keep in Touch with the Fractional Boat Ownership Company

If you have any issues or questions, keep in touch with your fractional boat ownership company. Cause for concern? Contact your yacht share network company to clear things up. They will always be there to provide you with the answers to burning questions.

Final Thoughts

Owning a luxury yacht is a dream come true for many, what an amazing feeling to know that you own a piece of ultimate opulence!

A co-ownership deal will provide you with all the luxury and enjoyment of owning a yacht minus the hassle and stress of sole ownership. Although fractional boat ownership is the most cost-effective and hassle-free option when it comes to yacht ownership, there are a few things that you would need to consider to make it work. For example, understanding the legal jargon and respecting the boat.

Also, this is certainly not a must but it would be beneficial if you would take the time to get to know your co-owners. It would certainly make the whole experience of boat sharing easier.

Shared yacht ownership is more cost-effective, hassle-free and it just makes perfect sense. Especially for yacht lovers who want to own a boat but don’t want to deal with the niggling problems that boat owners often deal with. Co-ownership is the answer to most of the common issues associated with yacht ownership.

If you are considering yacht ownership, utilise some of the tips outlined in this article to ease the whole process of fractional boat ownership.

How to make co-owning a luxury yacht work