Ask any old timer for advice on buying a boat, and one of three banalities you’re guaranteed to hear is. “Do you know what BOAT stands for? Bust out another thousand!” The proverb: “The best two days in the life of a boater are the day you buy it and the day you sell it.” And finally, there’s an investment tip of a lifetime: “Never buy a boat.”

While for a long time this may have been sound advice, the industry has in fact boomed since the pandemic hit as more people take to the seas in an attempt to gain freedom from their regular four walls. Not to mention the beautiful open seas and the fact you can say “I have a boat”. However, is now the right time to buy yourself that yacht you’ve always dreamed of? If owning a boat has been on your bucket list for some years, take a look at these reasons why you would benefit from owning your own boat.

When buying a yacht, there are things you need to consider. Whether a boat is really in your budget right now is one of the key questions to be asked. How much cash you have is going to decide the amount of boat you get. Owning a yacht isn’t just for the rich and the famous. At the right price, everyone can afford one. Make sure you’re thinking intelligently when thinking about buying a yacht.

Only buy what you can afford

This seems like a pretty obvious one, but it’s the same premise as if you were thinking of buying a new car or a house. As a prospective yacht owner, one big thing you need to do is really think how much it would cost to get your venture going. Don’t overspend on your yacht and don’t go for a yacht that’s too cheap either. In addition to the boat itself, make sure you know exactly what kind of costs there are and plan for the long haul. For a while, your boat will be a part of your family, so treat it as such.

Maintenance and expenses

You will need to think about things such as maintenance and expenses that come hand in hand with owning a yacht. Okay, you think you’ve finally worked out your yacht’s initial expense. Now it’s time for repairs and other costs to be considered. In fact, what can often be thought of as a nightmare can be offset by a few loopholes. One way you can get your money’s worth is by investing in a competent yacht management business. This ensures that, with your new investment, the yacht you buy will be able to be properly maintained and managed. You’ll also save on docking costs, which can otherwise add up fast. 

You will also need to think of other small details such as your boat lift and where to source boat lift parts as time goes on. Sure, owning a yacht might seem like a high life, but it takes a lot of time and effort to maintain too. Be sure to read up a clue yourself on everything you need to know about owning a boat, from maintenance costs to sailing your actual boat. 

Chartering Can Help With Costs

Don’t be afraid if you’re concerned about a yacht being a huge investment. If it’s on the cards, it will work out. As a boat owner, one more way you can mitigate expenses is by chartering your yacht. It is one sure-proof way to assist with all your running costs. This means you don’t have to worry about your yacht not being worthwhile: it’s going to pay for itself entirely eventually.

Vacations will be incredible

Once you’ve got your head around the initial and ongoing costs of owning a yacht, you can look forward to the vacations you’ll be able to take on your yacht. Simply hop on board and sail somewhere new whenever you please! Luxury yachts are capable of cruising in deep waters as well. You will always have somewhere new to go if you own one. A shoreline, river, lake, bay or ocean that you have not yet explored is bound to exist. This ensures that your yacht will get plenty of use, and provide plenty of wonderful memories. To discover the closest body of water and where it leads to before you settle in, it is important to look up your nearest marina.

Money making opportunities

If you’ve ever taken the time in the past to look up how much it would be to rent a yacht for a few days, you’ll know that it can work out pretty expensive. However, some people don’t have the luxury of being able to afford to buy a yacht, and would rather spend their money on renting one for a week or two. So, when you’re not using your yacht, you can rent it out to people to enjoy, and make some money from your boat! If you do decide to use a yacht management company, they can take care of the finer details such as deposit and sorting out any damages should they occur. Even if you can only afford a small yacht, you’ll be able to lease it out to holiday makers when you’re not using it!

Incredible memories for your friends and family

A typical week for most people consists of working long hours, running errands, taking the children to school and picking them up from practice. This is why, sharing your yacht with your friends and family will give you some much needed quality time together. Having a boat trip provides you with the ability to spend quality time with your loved ones. This is the perfect time to do so if you want to teach your children something different, whether it is boating lingo, exploring nature or fishing.

Finally, yacht parties are something that everyone should experience at least once in their life! If you decide to buy one, you can host a party whenever you feel like it, sailing the open sea and breathing in fresh ocean air!

So what do you think about buying a boat? Has been on your bucket list for some years? Do you think that now is the right time to tackle that dream and buy a boat?  Let us know your thoughts in the comments below!

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