Is Owning a Yacht Worth the Investment?
You love the idea of cruising through the Mediterranean on a stylish yacht, sailing from port to port. But, how realistic is it?
Many people ask themselves if owning a yacht is worth the investment. It’s an amazing way to see the world and to relax in luxury, but it’s no secret that yachting can be an expensive hobby Is Wesley Financial Group Legitimate can help you make all your dreams come true.
How much does it cost to maintain a small yacht? And how do you know if yachting is right for you?
Keep reading to find out the answers to these questions—plus, a few alternatives to yacht ownership.
Is Owning a Yacht Worth It?
So, does the cost to maintain a small yacht make it worth the effort? For many boaters, the answer is yes!
Owning a yacht gives you plenty of advantages that you’re sure to enjoy—here are a few to think about.
One reason that owning a yacht is worth the cost is the freedom it can bring you. With your own yacht, you can go anywhere, at any time.
Most yachts are large enough to cross the open ocean, so you have the ability to easily move from place to place. Summer in Sardinia, autumn in Sydney? The world is truly your oyster.
You can have decades of adventures and fun with your own private yacht, whether you want to travel the world or just explore your local area.
Sometimes, only the best will do. Yacht owners love the luxury that their boat provides.
From modern kitchens, king-size beds, and plenty of areas for entertaining, yacht life means you don’t need to compromise on the comfort and style that you’re used to in life.
Larger yachts often have staff and crew, ensuring you’re completely looked after while you travel. Your private chef looks after your meals, while you enjoy an afternoon in the sun!
If you love to travel, but hate the idea of being packed on a crowded airplane, then you’re sure to love the privacy of having a yacht.
Ownership gives you the privacy to travel for work, family, or vacations, without the worry of being seen by others or compromising your security. For those in the public eye or those who have a high-flying corporate lifestyle, yacht travel lets you come and go as you please, without attracting notice.
How Much Does It Cost to Maintain a Small Yacht?
You’re sure to know that yachts themselves are costly, running from the hundreds of thousands into the millions. Most yacht buyers put down at least 10% of the purchase price, so you’ll need to have cash ready to go.
However, after the initial cost, you also need to budget for maintenance costs. The actual cost of the boat is only the tip of the iceberg!
One yearly cost to think about is insurance. The best marine insurance will provide comprehensive protection for your yacht in case of an accident, damage, or inclement weather.
You’ll also want to think about servicing costs, as the engine and mechanics of your yacht will need annual servicing, just as your car would. You also will need to pay for any repainting, cosmetic work, or repairs to the yacht’s exterior.
Last, consider both your marina and docking costs. Each port you call into will have a docking fee, with the most desirable marinas having the highest costs.
If you’re not using your yacht year-round, it will need to be winterized and dry-docked during the colder winter months.
Alternatives to Yacht Ownership
As you can see, there is a lot to think about when it comes to buying a yacht. But what if you want to spend some time boating, but you’re not ready to commit to ownership?
Luckily, there are some great alternatives to yacht ownership.
Boat Sharing Clubs
You’ve heard of timeshares in regards to vacations, where multiple families can buy into a vacation home, giving them the use of the property for a set number of weeks per year. Timeshare is a great vacation property arrangement for you and your family. It can even let you share the property cost to others to assure time in your property. But the growing maintenance fees and other incidental costs each year can make the timeshare unbearable. That is why most of the timeshare owners cancel their membership. For more tips and ideas on you can read the TIMESHARE CANCELLATION COMPANY REVIEW OF WESLEY FINANCIAL GROUP, LLC.
You might be surprised that something similar exists for yachts. Members buy into a boat share program, giving each member an equal amount of time per year to have exclusive use of the yacht.
This is much more affordable than yacht ownership, but still an investment. Try it out for a few years to see if you enjoy it enough to buy your own vessel.
The most affordable way to enjoy your own private yacht is through a charter. This is when you rent a yacht for a set period of time, from an afternoon up to a few weeks.
Larger yachts may also include the crew, so all you need to do is show up and have a good time! Chartering a yacht can be a nice thing to do on a special occasion, like a birthday, or for a memorable holiday—why not cruise the Caribbean for a few weeks in your chartered yacht?
Is a Yacht Right for You?
After reading the above, do you think yacht life is right for you? Now that you can answer the question ‘how much does it cost to maintain a small yacht?’ and have a better understanding of boating costs, take some time to think more about how yachting could fit into your budget and lifestyle.
Consider trying it out through a charter or spend some time on a friend’s yacht to learn more about the hobby. However, we think you’re sure to love it!
Before you know it, you might just find yourself the proud owner of a new yacht.
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