The Key Benefits of Co-Owning a Luxury Yacht
The world of yachting has so many different aspects - from sailing to motor yachting, vessels made purely for luxurious onboard living to those intended for adventure and even a touch of peril. This article will focus on the luxury motor yacht, and its once elite status now becoming ever more attainable to those who wish to live the luxurious yachting lifestyle, but may not have the time or perhaps be quite able to justify the cost of owning a whole yacht- through luxury yacht co-ownership.
What exactly is a motor yacht?
Luxury motor yachts, as opposed to sailing yachts, are engine driven sea-faring vessels which tend to be used for recreational purposes. They can come in a wide range of sizes and the quality can vary massively from manufacturer to manufacturer.
90% of the world’s yachts fall into this category - the reasons being that they are faster and more powerful vessels, with an ability to cover more distance in a shorter period of time. They also tend to be bigger and boast more deck space than sailing vessels.
Due to this popularity, they also benefit from further technological advancements than their sailing counterparts, and are therefore simpler to use and come with less crew expenses. For more on the benefits of motor yachts see MBY .
MIY Yacht has a large fleet of luxury motor yachts from the world’s most exclusive boat manufacturers ranging in size from 50ft to 140ft.
What is Fractional Yacht Ownership?
Fractional yacht ownership is a model in which a group of people co-own the vessel. For example, the MIY Yacht Co-ownership model offers clients the opportunity to buy shares in divisions of 8. You can buy one or more shares of the yacht and, unlike a yacht timeshare, you actually own this portion and your name is on the title deed. It is your share to use and even sell on should you wish to do so. Each co-owner benefits from a full 6 weeks of usage per annum.
What are the Benefits of Yacht Co-ownership?
This is such a wonderful innovation in the yachting industry, and comes with a myriad of benefits. Here are but a few:
Affordability
The cost of buying a luxury motor yacht outright can range anywhere from around £1M to over £10M. When you split the cost with 8 other individuals, this price will naturally be significantly reduced. What once may have been financially out of reach becomes a real possibility, and a lifestyle you may once have only dreamed of can now be a reality. The beauty of yacht co-ownership here is that while the price is reduced, there are no corresponding disadvantages - in fact, quite the opposite.
Low Maintenance
Perhaps you’re still not convinced yacht co-ownership is right for you - you can afford the yacht outright so why not purchase it in its entirety? The next consideration will be the maintenance. The Engine, hull and topsides, electrical, plumbing, HVAC, moving parts, and canvass and upholstery are among the various aspects of yacht ownership that require maintenance - and the larger the yacht the more maintenance will be required. Aside from sharing these maintenance costs, with fractional yacht ownership the maintenance will be taken care of by the yacht co-ownership company - in this case MIY Yacht - and with 7 other owners of the yacht, you can ensure that maintenance issues will never go under the radar.
No restrictions on yacht type
So maybe you have the funds, and you’re up for the challenge of maintaining your yacht. Could there be anything else to consider? Well, yes. If you were to enter into a yacht share network through a provider such as MIY Yacht you won’t only have access to your own yacht. The MIY model comes equipped with a handy online platform that offers you the chance to ‘swap’ your weeks onboard your own yacht with our other clients, effectively giving you access to our full fleet of yachts and destinations. So while you may love your Sunseeker in the Med, it may be nice to spend a week or 2 on a Princess in the Bahamas or a Fairline in the Middle East - and this is all possible with boat syndication.
Alternatively, you could even buy shares in various different yachts and have an entire fleet at your disposal each coming with 6 weeks usage - the possibilities are endless.
Increased Yacht Longevity
As touched on earlier, if you share your yacht with 8 other people, maintenance issues are likely to be addressed quicker. In addition, this burden will fall on the yacht co-ownership company to organise - something that sole yacht owners may be tempted to put off. Infact, a small portion of the year is reserved purely for maintenance and upkeep - enhancing your yacht’s durability and ensuring a reduction in long term maintenance costs.
In addition to these wonderful benefits, the MIY Yacht Co-ownership model has more to offer it’s yacht owners. When you purchase a share in a MIY Yacht you also benefit from the MIY concierge service - available to ensure your time onboard is tailored to your every need or desire. Everything from restaurant bookings to organising onboard or onshore activities to ensuring your belongings are onboard before you set off can be arranged for you.
The model further benefits from an ease of entry and exit, should you ever wish to sell on your yacht share.
Your yacht is yours, and it is yours to use as you wish during your time onboard. You can dress it as to your taste, and use it in whichever way you desire - whether it be as a ‘floating apartment’ allowing you to stay close to the shore at your desired location while enjoying the ocean right on your doorstep, or as a vessel to explore and experience the luxury travelling lifestyle cruising from destination to destination.
For more information on how the MIY Yacht Co-Ownership model could open up a world of possibilities onboard your very own luxury motor yacht, check out our website here.