You’ve certainly made it big if you’re thinking about purchasing a boat or a large ship. These seafaring vessels can be quite expensive to operate and maintain. But they are definitely worth it, as long as you have the right boat or ship. Before you decide on what boat is right for you, here are a few things to consider:
Type of Boat
What exactly do you want from your boat? Are you looking to sail around the world, go for a bit of fishing during weekends, entertain friends and family, have your own fortress of solitude, or throw large parties with models and celebrities? Your boat’s function will determine its size, type, and ultimately its cost. You’ll also have to deal with permits and crew if you want a bigger boat that can go from country to country.
You can store fishing boats and pontoon boats in your property, with a bit of preparation. But your only option for larger boats is having them docked in a specific place. Look for a marina close to your residence and prioritise security, convenience, and winter conditions.
Now that you’ve decided on a boat, it’s time to determine what features you want it to have. It can be as simple things like fishing chairs and a live well to turn a pontoon boat into a serious fishing boat, a fish sonar for dedicated anglers, and a transom for your yacht. It can also be more complex things like solar energy systems for sailing boats and houseboats, onboard cinemas, or themed Jacuzzis to entertain guests. A Russian oligarch even had a missile defence system integrated into his yacht! While that may be a little too extreme — and illegal in most countries — it goes to show how much work can go into a boat with an imaginative mind.
Changing weather patterns and harsher climates make insurance a necessity for every owner of a boat or shipping company. Boat insurance can cover damage to your boat, damage to other people’s boat (which you have caused), injuries sustained while on your boat, damage to the equipment, and even theft. Marine insurance, on the other hand, can cover loss or damage to the ship and its cargo. Large shipping vessels can get hull and machinery insurance that provides additional coverage for damage done to the ship and onboard equipment due to sea travel and weather conditions — or even the physical loss of the whole ship if it sinks or gets lost at sea. Hull and machinery insurance, which you can also get as a boat owner, can cover fire damage and collision damage and liabilities.
Getting Your Money’s Worth
You’re only getting your money’s worth if you’re using your boat. If you’re not fully utilising your boat and enjoying the sea, then it will just become an expensive cash drain that serves no purpose. Consider how often you’ll be putting your boat to use. Rent it out — after serious screenings — or lend it to colleagues to further secure connections. If you won’t be using it as often as you think, consider a time-share option instead of an actual purchase.
You can’t just buy a boat on a whim. Consider the different factors that should govern your purchase before deciding on what boat to buy.