What is a Yacht Share Network?
There was a time when travel, in any form, was only available to the extremely wealthy. Cars, now commonplace in many of the countries of the world, were reserved for the affluent, air travel only for the elite. Travel by luxury yacht is the one form that has largely stayed in this bracket - and it is no wonder, as it comes with a large amount of hidden costs to be addressed, and is one of the most lavish ways to see the world.
There are ways, however, that this way of travel - or even lifestyle - could be attainable. This article will focus on the most beneficial of these - shared yacht ownership.
What is a Shared Yacht Ownership?
Shared yacht ownership is the new alternative to buying a yacht outright and consists of an agreement among a group of individuals to co-own and share the purchase and maintenance costs of the yacht. Shared yacht ownership - also referred to as yacht co-ownership, fractional yacht ownership and boat or yacht syndication - could be in the form of informal agreement, in which the maintenance burden would generally be split between the owners, or through a professional and dedicated yacht co-ownership company like MIY Yacht.
Fractional yacht ownership is not to be confused with charter or boat timeshare - these models offer their users a limited time aboard the vessel but do not come with the ownership element, and offer no financial return. Infact, while charter may appear more financially attainable in the short term, yacht co-ownership is much more cost effective than long term charter usage.
How Does Fractional Yacht Ownership Work?
The MIY Yacht Co-Ownership model is very simple:
Choose the yacht that best suits your needs from our fleet
Purchase your desired number of shares
Book in your 6 weeks of usage - you can do so up to a year in advance to ensure your dates of choice
At any time you can upgrade your share to include more weeks usage on your yacht, or even purchase shares in other yachts in various destinations
For more information on the MIY Yacht co-ownership model click here.
How Much Does It Cost to Run a Yacht Per Day?
There are various costs associated with running your yacht and daily costs will include:
Fuel
Crew Salaries
Docking fees
Insurance
General maintenance and repairs
Contingencies
According to Business Insider magazine, the annual costs of running your yacht will equate to about 10% of the initial purchase price. If your yacht is worth £1M, therefore, you can expect your daily running costs to be about £2.7K.
While this may seem like a high figure, in a fractional yacht ownership scheme this cost is significantly reduced and much more financially attainable.
Can a yacht travel around the world?
Absolutely. This is the wonder of the motor yacht lifestyle - you benefit from all the advantages of luxury hotels, with the ability to travel from destination to destination. How far you travel is up to you, and depends only on the amount of time you have booked onboard at any one time ( but always make sure you have everything you need before you set off, the MIY team can help with this). The brilliance of this model is that you have 6 weeks of onboard usage every single year - not only on your own yacht, but through our ‘yacht swap’ option, our other clients’ vessels can also be at your disposal. Over time therefore, it is possibly the best way to travel the world - with an array of destinations right there on your doorstep.
Is Owning A Yacht Worth It?
Yes, this is such a beautiful and enriching lifestyle, but the type of ownership depends on what you are looking for - if you have the financial means, copious amounts of time to spend aboard your yacht, are open to the challenge of maintaining and repairing your yacht, and are happy to be tied to one particular vessel then sole yacht ownership may be for you. Be sure to do your research into all the hidden costs.
If you want to test the waters in this wonderful lifestyle, then charter may be a suitable option.
For everyone else, there is yacht co-ownership - an investment that provides all the wondrous benefits of yacht ownership at only a fraction of the cost. Unlike charter you can tell your friends it’s your very own yacht, and can enjoy the lifestyle at a lower cost in the long term. It’s a much more personal experience. And unlike sole yacht ownership, you are not necessarily tied to one vessel in one location, and do not have to bear the full purchase and maintenance costs, as well as taking on the responsibility of organising upkeep.
It is essentially the stress free alternative to owning a yacht which also conveniently comes at a smaller price. All the benefits of yacht ownership continue to apply to this model, and yet the associated hassle that yacht owners face simply do not.
It is clear, therefore, that entering into a yacht share network could be a life changing decision that could provide a wealth of experiences and adventure for you, your family and even your friends. If you would like to find out more about MIY Yacht Co-ownership, the wonders of entering a yacht share network, our fleet and our services then head over to our website here.