The Do’s and Don’ts of Shared Yacht Ownership
Are you new to the world of shared yacht ownership? If your answer is yes, then you might have a few questions. There are several factors to consider when you buy a yacht through a yacht share network.
This blog post will help you out by listing some of the most important do’s and don’ts of shared yacht ownership.
How Does Yacht Sharing Work?
Yacht sharing is a cost-effective way of owning a yacht; you will have to invest a significant amount of money to buy a boat through a yacht share network. However, you will save a considerable amount of money if you decide to go down the fractional yacht ownership route instead of purchasing a yacht outright.
You can either share the cost of purchasing a vessel with a group of friends privately or use the safer option to purchase through a fractional boat ownership company. The process will look like this:
Choose the boat you want
Pay for your share
Receive your official boat ownership documentation
You get to choose six weeks out of t.he year to use the boat
Buying yacht shares is a hassle-free, more affordable way of buying a boat. Typically, you would purchase ⅛ of the boat, which is significantly less than you would pay if you bought the boat as a sole owner.
For example, if you were to buy a £30 million boat as a sole owner, you would need to cover all the maintenance costs and any additional costs associated with owning a boat. However, if you were to buy the boat through a yacht syndication group instead, you would pay £3.75 million to purchase the vessel, which is a significant saving.
Are Boat Shares Worth it?
If you are still undecided, you might ask yourself, are boat shares worth it?
It all depends on how much disposable income you have to spend. If you have more than enough disposable income and want to purchase a boat outright, you can save millions by opting for a yacht share network purchase instead.
You can use the money you save to invest in something that could yield long-term returns. Another significant benefit of purchasing through a fractional yacht ownership scheme is that you don’t have to pay for all maintenance costs; you also avoid the hassle of searching for captain and crew as the yacht share network company will take care of that.
The bottom line, if you have your heart set on purchasing a yacht, buying one through a fractional yacht ownership scheme is undoubtedly a great idea. You will save a considerable amount of money and avoid the many hassles that are often associated with sole yacht ownership. So, in that sense, boat shares are undoubtedly worth it.
The Do’s and Don’ts of Shared Yacht Ownership
Here are some of the do’s and don’ts of shared yacht ownership:
The Do’s of Shared Yacht Ownership
Ask the Experts
If you are new to yacht ownership, ask the professionals. Contact a professional yacht share network company. They will be able to help you purchase the right boat according to your budget. The experts will also provide you with all the information that you need for a hassle-free yacht purchase.
Know Your Options
When making an expensive purchase such as a yacht, avoid making mistakes by knowing your options. You can conduct your own research and also ask the experts as stated above.
Buy The Boat You Can Afford
It might be tempting to stretch your finances to purchase the boat of your dreams; however, you want to buy a yacht, but your finances can only stretch so far, opt for the boat that you can afford instead of overstretching your finances.
Keep in Touch With The Boat Owners in Your Network
Once you sign on the dotted line to purchase your boat through a fractional boat ownership scheme, make sure you make arrangements to keep in touch with the other boat owners in the group. For example, you might need to make arrangements to dock the boat in a specific place, or you might want to discuss other issues about the boat. If you can’t keep in touch with the boat owners, you can liaise with the yacht share network company instead.
Treat the Boat with Respect
When you purchase a yacht through a fractional yacht ownership network, you need to ensure that you treat the boat with respect. Typically, the yacht share network company will take care of cleaning and maintenance; however, you should still treat the boat with the respect that the yacht deserves.
The Don’ts of Shared Yacht Ownership
Avoid Scams
There are many scams; avoid them by using a reputable, professional yacht share network company. Also, never answer adverts on websites like Craigslist or Gumtree; you can’t trust the sellers on these platforms.
Don’t Buy a Boat that is Beyond Your Financial Means
Stick to your budget and avoid getting into debt to join a yacht syndication group. Instead, buy the boat that you can afford.
Don’t Break The Laws
Make sure you understand the laws associated with yacht ownership. For example, if you want to captain your boat, you need to have a specific license to be able to do so. Ask the yacht share network to provide you with the relevant information about maritime law.
Adhere to Safety Regulations
Make sure that you adhere to safety regulations to prevent avoidable accidents and mishaps. Again, if you are new to yacht ownership, ask the fractional boat ownership company to provide you with the required information.
Final Thoughts
Buying a yacht for the first time is exciting and nerve-wracking at the same time. However, armed with the information outlined in this blog post, you should have some knowledge of the most important do’s and don’ts associated with shared yacht ownership.