Owning a yacht is a huge undertaking, it is the ultimate status symbol and one of the most luxurious purchases. It is the most elegant symbol of opulence and is often a major milestone for millionaires and billionaires alike.

If you are a new boat owner, or you are just about to embark on the journey of yacht ownership, here is a comprehensive yet simple guide for new boat owners.

Admittedly, there is a lot to consider when purchasing a yacht, it can be quite overwhelming, however when you are well-versed on the most important aspects of yacht ownership, it will make the whole process easier and less stressful.

Here are some of the things that might facilitate the process for you.

What Do You Need as A New Boat Owner?

If you are sole owner, you will most likely have to take care of everything on this list. However, if you opt for fractional yacht ownership instead, the shared yacht ownership company will more than likely handle these things for you.

You will need:

Secure boat insurance.
Learn how to trailer your boat.
Learn how to launch and retrieve your boat.
Determine where you will store your boat.
Understand basic maintenance .
Stock your boat with the proper equipment.
Follow a pre-departure checklist
Understand the legal aspect of yacht ownership

If you are a first time boat owner and if you have purchased your yacht outright, you will need to pay close attention to the list above. Unless of course, you hire a consultant to provide you with everything that you need.

On the other hand, if you bought your boat through a shared yacht ownership scheme, the fractional boat ownership company will most likely take care of most of the things on this list. Boat insurance is vital and whether you are sole owner or a yacht share network owner, you will definitely need comprehensive yacht ownership, this is a must.

You will eliminate the stress of yacht ownership though if you opt for shared yacht ownership instead of sole ownership.

What Must You Have On Your Boat?

Above, we mentioned that you will need to stock your boat with all the necessary items. Here are some of the items that you need to have on your boat for safety and necessity.

Lifejackets
Anchor with cable appropriate for vessel size
Fire extinguisher
Paddles or oars and rowlocks
Safety label
Sound signal
Waterproof torch
Compass
Distress flare - orange hand-held
Distress flare - red hand-held
Map/chart
V sheet
Drinking water and food

The items you might need on your yacht might differ according to the size, make and model of the boat however, these are the basics. If you are a sole owner, you would have to discuss these things with your crew and captain. However, if you bought your boat through a yacht share network, you won’t need to think about this much because the yacht share network will probably take care of it for you.

If you are a sole owner, make sure you have all these items and other necessary items in place before you set off. Again, if you are a shared owner, you would only need to think about this if you purchased your boat through a private yacht share network(with a group of friends or associates instead of through a company)

You would also need to understand the laws associated with boat ownership. For example, for most yachts there is a restriction on the amount of passengers you can have on the boat at any given time. Most yachts can only carry 12 passengers at a time by law, but check with the company you purchased your yacht from.

If you own a yacht share network boat, ask the fractional boat ownership company to provide you with more information about this.

If you want to captain the boat yourself, you would need to hold a special license, especially if you plan to invite passengers onto the yacht with you. Speak to your yacht share network company or ask the company where you purchased your yacht to provide you with more information.

Is Yacht Ownership a Good Idea?

Every non-essential purchase has its pros and cons therefore, you should consider these before taking the plunge and signing on the dotted line.

Most people buy yachts to experience the luxurious lifestyle therefore, if you have the disposable income, why not? It is definitely not advisable to purchase a yacht that you cannot afford. Make sure you can afford it before you buy it.

Think about the expenses associated with yacht ownership. As a sole owner, you will have to take care of maintenance costs, captain, crew and other miscellaneous expenses. When you go for a fractional boat ownership deal, you share the cost of yacht ownership thus, minimizing the cost and stress associated with outright ownership.

Buying a boat is a big deal, it doesn’t have to be stressful though. If you go for sole ownership, you might encounter a few stresses here and there such as the cost of managing and maintaining the boat.

If you go for shared ownership, you can cut down on some of these stresses by splitting the cost and the general responsibilities of the boat will be left to the shared yacht ownership company.

We hope you found this helpful and enjoy your new boat!

Owning a Yacht: A Comprehensive Guide For New Boat Owners