The Little Known Advantages of Fractional Boat Ownership over Sole Ownership
The idea of owning a fishing boat or a luxury vessel that you can take out to the sea every one in a while with friends and family is one that most toy with, but few achieve. Of course, there exist several things that often stand between one and their dream of owning a luxury boat. Among these are money, time, and storage. And that’s why the idea of fractional ownership – as opposed to sole ownership – appeals to many, even though companies now make it more straightforward to buy a vessel outright. But are there other unique advantages attached to it other than these? Let’s see.
Flexibility of Investment
There is no denying that the general upfront cost of purchasing a fully-fledged boat is nothing short of prohibitive. Boats can cost anywhere between $500k to a $1 million depending on the amenities aboard. To the average person, this is quite a significant amount of money especially not forgetting that the annual running and maintenance costs of a luxury vessel can quickly spiral into millions if not several hundreds of thousands. On the other end of the spectrum, fractional ownership makes it cheaper ( and less financially taxing ) to own and run a yacht within a reasonable budget. Again, through fractional ownership, it is possible to buy shares in more than one boat giving you a broader choice of options whenever you want to go on a vacation or fishing expedition.
Maintenance and Running Costs
Maintaining a luxury boat is bound to dent your enviable bank balance particularly factoring that it will require several time-consuming routine repairs to keep it in proper seaworthy condition. And if not carried out regularly in the manner prescribed by the manufacturer, you risk damaging it significantly – which, of course, translates to expensive repairs before you can sail once more. Nonetheless, with a fractional ownership agreement, all the maintenance work and upgrades are handled by the responsible management company. So, you don’t have to worry about spending a sizable chunk of your annual income on a boat that you use only once in a while.
Ease of Convenience
This goes hand-in-hand with maintenance. In a fractional ownership arrangement, you can just turn up at the dock and find that everything prepped up and ready for you to sail off to your desired destination. This is unlike in a sole ownership setting where you would have to take care of the nitty gritty of planning the trip yourself or pay someone to do it for you. Besides, the management company in charge of the boat in a fractional ownership arrangement takes care of all amenities onboard. In other words, you can just walk in, start your vacation or a fishing trip and walk off at the end of it without any worry.
Owning a luxury boat or yacht attracts a massive financial and expertise responsibility. Furthermore, keeping a boat functional, docked and ready to sail at a local marina is not only demanding but also exorbitantly taxing. The best and most convenient option is entering a fractional ownership agreement with a few other passionate sailors and splitting the total running and maintenance costs.