What It Takes To Own And Travel With A Yacht
Buying a yacht presents an exciting way to travel or cruise in the waters. However, owning or traveling with yacht also comes with some responsibilities.As such, it is important to understand what is expected of you before buying. This article looks at some responsibilities that come with owning a yacht.
If you are planning to buy a yacht, you might need to have some crew members. The number of crew members required depends on the type or size of the yacht. If you have a huge vessel, you might need to a full-time crew. Having a crew comes at a cost. As such, you need to establish whether you will be the one taking care of the yacht or whether you will need some crew members to help you out.
The main operational costs when traveling with a yacht are fuel costs. The type of yacht and the distance determines the amount of fuel needed. However, planning for fuel related expenses can be quite tricky considering that it varies from month to month. Besides fuel, you should also budget for things like fuel additives and transient slips.
Maintenance is often a variable cost. The amount you spend depends on the type and condition of the yacht. If you have a new boat, it should take some time before you start paying for maintenance costs. However, costs of doing regular anti-fouling painting should be done regularly depending on how much time you spend on the waters. If you are budgeting for some maintenance, it is advisable to set aside at least 10% of the value of the yacht for regular maintenance.
There are different forms of yacht insurance. Therefore, when shopping for an insurance policy, it is imperative to look for the right insurance. Insuring your yacht can be costly. Therefore, it is advisable to shop around for insurance agencies that offer decent discounts on yachts. Ensure you know how much premiums you will be paying before buying the yacht.
Mooring and storage costs for a significant part of your budget. These are fixed costs, which makes it easy to budget for. Besides the mooring costs, you should also budget for the transport and storage costs during the off-season