A large, small, or medium-sized yacht is an asset that most people would love to own. Fom enjoying boat trips to traversing the seas and showing off their wealth, the reasons and motivations for owning one can be different for each individual.
However, there are also many reasons why people would fear owning a yacht. This article provides an understanding of what it takes to own a yacht; both the benefits and disadvantages of ownership inclusive.
Advantages of owning a boat
Enjoying with family and friends
For most people, a normal week comprises working long hours, running errands, taking the kids to school, and picking them up from practice. This is why you need some recovery time with your friends and family. Having a boat ride allows you to share quality time with your loved ones. If you wish to teach your kids something new, whether it’s boating lingo, exploring nature, or fishing, this is the best time to do so.
This can also prove to be the best investment, especially for people who own luxury yachts. Hiring a yacht is expensive and you can rent your yacht out to people who wish to bond with their families or hold ceremonies.
The Cost of Living
The mooring and maintenance are among the biggest factors that contribute to the high cost of owning a yacht. But if you intend to actually LIVE in your yacht, you’ll be saving money that would otherwise be spent on water, electricity, and mortgage or rent. The cost of living on a yacht will also significantly decrease your cost of living in other indirect ways too.
Because space is so important, you will have less tolerance for accumulating clutter, and you’re likely to spend less money. You’ll also waste less food on board, choosing rather cook and eat everything you bring aboard because, again, less space means you pay more attention to what you buy.
Disadvantages of owning a boat
Boating takes time and not just the actual hours of enjoyment. You’ll need time to maintain and clean it and even if you pay someone to do that, it will be your time spent managing the process. Also, depending on where you keep the boat, you may not be able to enjoy it year-round, which means it will sit unused, and that’s the time when things break on their own. Many boaters actually spend much less time on their boat than they had originally planned because they don’t understand the commitment a boat requires.
You should ensure you have enough money to pay for a store before purchasing a yacht. If you don’t have one, you’ll need a vehicle big enough to tow the boat you want to a storage facility. If you own a luxury yacht, you must pay for its storage and security when it is on the water.
Another factor is the cost of petrol. Gas at marinas will cost up to $1 more per gallon than on the street. You’ll also need to locate a specialized mechanic to do any required repairs. Doing it yourself may be risky because you might not be able to permanently solve the problem.