If you love sailing and are sick of renting boats, you may be looking to finally become a boat owner. Owning a boat is a big responsibility, and if you’re thinking of buying one, it’s important to know the kind of financial commitment you’re taking on, so you can be sure you can comfortably afford it. Here are some things that first time boat owners need to know when they’re planning to look.
- Both new and pre-owned can be excellent choices
There are pros and cons to buying new and pre-owned boats, so it’s important to think about what works for you. If money isn’t an object when you’re looking for yachts for sale Singapore, then by all means go new. New boats have the latest features, are sparkling clean and come with a warranty for your peace of mind.
Pre-owned boats have their advantages too. Obviously, they are less expensive, so you can get more for your money, and they also don’t suffer the sharp drop in depreciation, but you should make sure you go with a reputable broker who can sell you a quality boat.
- Bigger is better for long journeys
The kind of journeys you take will usually help you choose a boat. If you’re going on day trips, then a small boat with a few facilities will suffice, but if you’re going to be spending several days at sea, you’ll be glad of any extra amenities you have on board. You’ll need to make sure you have enough berths for everyone you’ll carry, so you don’t feel crowded. Using your boat for business purposes such as taking your team on a superyacht holiday? You’ll need something large that has plenty of room for entertaining.
- The initial cost isn’t the end of it
Maxing out your budget isn’t a good idea, as you’ll have a number of monthly expenses you need to take into account. These include:
- Mooring or dry docking
- Maintenance and any repairs
- Boat insurance
- Interior and exterior cleaning
You should think about where the boat will be kept when not in use, how much that’ll cost, and the expenses involved with prepping the boat and getting it ready for times when you do go out on it.
- You’ll need to register your boat
Owning a boat is a lot like owning a car in many respects. You’ll need to register your boat, which may mean you need a licence and other paperwork too. Luckily, most of these things are one-offs, so you can get them out of the way when you first become a boat owner.
- Financing a boat is possible
Financing can be a good way to own a boat, as instead of making one big payment up-front, the cost can be spread. As long as this is affordable, it can be a good way to realise your boat ownership dreams.
Boats are a big financial commitment, but if you can afford it, they can be a great purchase as you’ll enjoy many wonderful days at sea.