Alternatives to Boat Ownership
01-03-04
“There is no point in driving yourself mad trying to stop yourself going mad. You might just as well give in and save your sanity for later”
There are many ways to get out there on the ocean without having to own a boat outright.
Ready to Buy a Boat? Wait, Not So Fast!
So, you’ve made up your mind to buy a boat? But wait—not so fast. There are many downsides to owning a boat. In fact, it’s often said that the happiest day in a boat buyer’s life is when they first buy a boat, and the second happiest is when they sell it!
In many ways, buying a brokerage boat is like heading to a second-hand car lot and relying on the salesman in the cheap suit to sell you the perfect car. Considering that your new purchase could cost as much as a house, this probably isn’t the best approach.
You need to arm yourself with as much information as possible about the market, the reputation of the yacht broker, and the type of boat you want to buy—not to mention the maintenance history of your intended purchase.
However, this process can sometimes take years, and there is very little legal redress if you get it wrong, especially if you buy in a foreign country. Many boats are bought “as seen,” and even the best surveyors can miss things that need to be fixed or upgraded before the big adventure.
Even the best surveyors can miss things that need to be fixed or upgraded before the big adventure
Many novice boat owners are still upgrading and repairing their new purchase months, if not years, beyond their intended departure date. Some don’t even make it beyond the harbor wall. Alternatively, I’ve known folks to procrastinate for years, waiting for the “perfect boat” that never comes along.
Yes, owning your own sailboat provides full autonomy over your vessel and your adventure. But weighing up all of the above, you may come to the depressing conclusion that your sailing dream is years away.
However, if you’d prefer to enjoy a destination, local culture, and cuisine on a modern boat without worrying about the costs of surveys, maintenance, upgrades, storage, and depreciation, you’ll be happy to know that there are some alternatives you can consider.
Private Boat Sharing and Fractional Ownership
This is a private arrangement that allows you to co-own a boat and spread the cost and burden of sailboat ownership with family, friends, or like-minded individuals. It makes the whole thing more affordable, manageable, and potentially more fun.
Shared ownership with family, friends, or like-minded individuals can be much more sociable and fun.
This shared arrangement can be treated as a timeshare scheme, where the co-owners book out blocks of time or, in some cases, live together on the boat to travel the world and share crewing responsibilities. It goes without saying, however, that you should know your co-owners extremely well before considering this option.
Professional Fractional Ownership Programs
Fractional ownership programs, such SailTime for Beneteau Yachts, enable you to ‘own’ part of a yacht and dip your toe into sailboat ownership without the full weight of responsibility.
This arrangement also delegates the management of the scheme to a professional and experienced third party, reducing the risk of misunderstandings and potentially allowing you to spread the costs of buying a brand-new boat over several years.
Fractional ownership programs, such as SailTime for Beneteau enable you to dip your toe into sailboat ownership
The entire business model of charter companies such as Sunsail and The Moorings depends on ordinary folks buying new boats for them to charter out.
In exchange, you get to use any boats (within a similar category) for a few months each year and earn a cut of the income from chartering your boat. For instance, you could spend a few weeks cruising the South Pacific, then move on to the Caribbean and perhaps the Mediterranean in the same year on different boats, without ever having to cross an ocean, while at the same time having your own boat managed, maintained, and chartered by a professional company.
I also have it on good authority from an industry insider that prices are highly flexible, and there are times, such as the end of the sales target year, when you can negotiate a really good deal too.
Chartering
For those who only plan to use a boat occasionally, chartering for a specified period can be a convenient and affordable option. It provides flexibility without any long-term commitment or costs of ownership. Chartering boats for specific trips or vacations can be an excellent way to experience different types of boats and destinations before deciding if boat ownership or the lifestyle is right for you.
Chartering boats is an excellent way to experience different types of boats and destinations
We chartered a catamaran for a few weeks with friends and family before our big adventure. This not only spread the cost of a fun family vacation but also provided us with invaluable insight when comparing monohulls with catamarans.
Sabbatical Charters
If chartering is too short-term for your plan, several companies, including Dream Yacht Charter, Sunsail, and The Moorings, offer sabbatical charters. This arrangement allows you to charter for longer periods than a standard vacation and is usually more cost-effective over the long term.
Sabbatical charters allow you to charter for longer periods than a standard vacation and is usually more cost-effective over the long term.
If you want to cruise beautiful parts of the world but are happy to avoid the tedium and drama of ocean passages and boat maintenance, then maybe a sabbatical charter is a better option for you.
Membership Programs
Companies like Boatsetter, and Boat Club by Nautal offer membership programs where you can access a fleet of boats for a monthly fee. If you intend to charter more than once a year, this hassle-free option could be more cost-effective and less bureaucratic than chartering from individual companies.
Membership programs mean you can access a fleet of boats for a monthly fee
Individual Crew Opportunities
Some cruisers love ocean passages, but most don’t. They can be tough, arduous, and take it out of you both mentally and physically. So many owners look for crew to help ease that burden, and there are oceangoing hitchhikers all over the world earning their passage by helping with night watches, maintaining the boat, and cooking in the galley. Websites like Crewseekers and FindACrew connect boat owners with potential crew members.
There are oceangoing hitchhikers all over the world earning their passage by helping owners with their boats
Boat Sitting and Delivery Crew
The cheekiest smiles you’ll see when out cruising are from folks who have sold their boats and spend their days looking after other people’s boats or delivering them to exotic locations, soaking up the lifestyle without having to deal with the burden or expense of ownership. Unoccupied boats are at risk from vandalism, theft, or environmental degradation, so owners employ ‘boat sitters’ to occupy their boats when they’re not using them or to deliver them from place to place. This can be arranged by private agreement or through companies such as Host and Boat or Professional Yacht Deliveries (PYD).
When owners cant do it themselves, they often recruit delivery crew to take their boats to desired destinations.
Nothing quite matches the autonomy and freedom of owning your own boat, but I hope this gives you some food for thought when considering alternatives if your budget isn’t quite there yet, or you want to dip your toe in first to get a feel for the lifestyle.
That’s it for this week. Next week, we’ll be looking at boat viewings.
“There’s no point in..”
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