Owning a yacht brings many pleasures but there are also several factors to consider before you start hunting for your next toy. An obvious place to start is the cost of actually owning a yacht. You’d be surprised at the amount of first-time buyers who greatly underestimate the cost of owning and operating a yacht. Generally, you should expect to spend 10% of the boat’s value annually to cover additional expenses including: berthing, fuel, insurance, maintenance, and crew.
Financing is a very popular option for boat owners and can make your purchase much more affordable. Spreading the cost over a number of years will free up your cash flow and make the cost of owning a yacht much less daunting. As with anything, boats need maintaining. At what level is determined by the boat itself, how much you plan to use it and external factors such as the weather and where you plan to keep it.
