Yacht Co-Ownership: Is Boat Share a Great Idea?

The summer months are always the best months for boating, every boat enthusiast knows that. You can either purchase a boat as a sole owner and enjoy weeks of relaxation during the best season for yachting or you can cut the cost by opting for yacht shares instead. 

If you are a total novice when it comes to yacht ownership but you want to slip your foot in the door of the luxury yacht lifestyle, a good option might be shared yacht ownership instead of sole ownership. 

Firstly, is shared yacht ownership a good idea? What are the benefits and why is it better than owning a boat outright? 

Next up, is it expensive to own a boat? 

What is the Most Expensive Part of Owning a Boat? 

Owning a luxury boat or yacht is bound to be expensive. The cost of the vessel is the first major cost associated with yacht ownership; however, the maintenance also comes with a significant price tag. For example, if you purchased a boat for £30 million, your approximate annual cost would be £3 million. 

As a sole owner, you would be solely responsible for the maintenance costs and everything else associated with yacht ownership. Yacht experts recommend that you reserve cash for annual boat maintenance. If you have the disposable income to pay for the upkeep of a boat as a sole owner, it should suit you just fine. However, if you want to buy a yacht but you would rather cut costs, you can consider a different approach, shared yacht ownership. 

What is Shared Yacht Ownership?

In case you are wondering what shared yacht ownership is, here is a quick rundown. 

Shared yacht ownership is also known as fractional yacht ownership, it’s a cheaper more accessible way of purchasing a luxury vessel. Instead of buying outright, you purchase a share in a yacht instead. For example, you purchase ⅛ of a luxury boat and you get to use it for six weeks in a 12 month period. Unlike traditional timeshares, you actually own a portion of the boat. You don’t just own the right to use the boat, which is great because you have ownership rights, which is far better than just owning the rights to use the boat. 

Typically, the yacht share network company will provide you with certain services that will reduce the stress and hassle of owning a boat. For example, the maintenance of the boat is often taken care of by the fractional boat ownership company. They will also take care of the crew and captain which again, reduces the stress and hassle of owning a boat outright. 

How Much Does Boat Sharing Cost? 

The cost of boat sharing depends on the overall cost of the boat you purchase. For example, if the yacht you purchase costs £40 million. You would pay £5 million to purchase a ⅛ share of the boat, once you pay for your share, you will also have to reserve a percentage of costs for annual maintenance fees. As a shared boat owner, you don’t have to shoulder the cost of maintenance on your own, you share that cost with the other boat owners. 

Is Boat Sharing a Good Idea? 

If you are still undecided about fractional boat ownership, here are some of the benefits of shared yacht ownership: 

Cheaper 

One of the major benefits of purchasing a yacht through a yacht share network is the price. Obviously, you still need a significant amount of money to purchase a boat through a yacht share network however, the price is much lower than if you were to purchase your boat outright. 

Less Hassle 

Owning a luxury boat is a wonderful thing however if you are solely responsible for the boat, it is quite challenging. You can hire cleaners and other maintenance personnel however, you would have to do this all yourself. When you purchase a boat through a yacht share network, it’s different in the sense that the yacht share network company provides much-needed assistance. 

For example, they take care of the maintenance and they handle captain and crew, thus eliminating the stress that is often associated with yacht ownership. 

Luxury Lifestyle Without the Stress 

You get to experience the luxury lifestyle without the stress of maintaining the boat and hiring staff to manage the maintenance and cleaning. All you need to do is pack your belongings and enjoy the ride! 

To Conclude 

To answer the question, is shared yacht ownership a great idea? It depends on how much you are willing to spend on a luxury yacht. It also depends on if you are willing to put your time and energy into managing a boat. If you have the resources to handle the management and maintenance of a boat by hiring personal staff then sole ownership might be good for you. However, if you want to purchase a boat without exhausting your budget, you can do so with shared yacht ownership. 

The truth is, even if you have the disposable income to purchase a boat outright, buying one through a fractional boat ownership scheme could also benefit you. Instead of splashing more cash, you could reduce the cost and use the money you would have spent on purchasing the boat outright on some other profitable investments instead. 

At the end of the day, it’s up to you, however, purchasing a boat through a yacht share network is a great idea and it does make sense, especially if you want to save money and experience the opulence and elegance of yacht ownership without the hassle and stress associated with it.