Having a boat is one of the many life milestones, only a few of us can achieve. If you own a yacht, you are clearly more well-off than the average. Owning a boat is no piece of cake and can drain your finances if you are unprepared. So basically, you should do thorough research and have a good idea of what you would like to buy. Acquiring the boat or yacht is only the first tiny percentage of the financial project. Maintaining and owning it comes with its own set of expenses.
Mooring and storage
Mooring will cost you significant money. The bright side of this is the fact that most of the time this is a fixed cost and thus can be planned for in advance. In this respect, you can decide where you would like to keep your boat and calculate the expense. Keep in mind any expenses which may arise due to bad weather and can damage your boat.
Insurance
This requires a good amount of research as well. Prior to choosing your preferred policy, you need to evaluate its quality and ensure you are covered, not just that it is cheap! Get some quotes and see which policy fits you best. Remember, a boat is a major investment so you need to make sure that things are in control if anything goes haywire. With that said, make sure you are fine with the premiums and predict your expenses accordingly. Sail with a peace of mind this Summer with Premium Direct. For further information kindly contact Patrick Bonnici on 79876468 or 27294970.
Operational expenses
This one is obvious. Actually running a boat will cost you an arm and a leg, especially if you are unprepared. One of the major expenses is in fact fuel. It is also a tricky expenditure, since the price can change from one month to the other. The best way to predict your fuel expenses is to see how much trips you will make and estimate the cost together with a contingency budget to cater for price increases. In terms of operational expenses, fuel is not the only thing to keep in mind. If you plan on going on a trip and will need to leave your boat in the marina for the night, you will have an additional expense to cater for.
Maintenance
This is also quite difficult to predict. It will vary depending on the boat type, how many times you use it, the potential sea damage and if you are capable of tending to maintenance related tasks on your own. This is also dependant on luck to a certain extent. There are certain elements which require scheduled maintenance, such as the engines, anti-fouling paint, outdoor fabrics, vinyls, Bimini tops and seat cushions. Mooring lines and cables also need to be replaced regularly. You will also need to cater for the costs of cleaners, wax and polish, amongst other things.
Crew
If you are considering a large vessel, you may need crew staff. Obviously, you would expect to fork out quite some money, especially if they are needed on a full-time basis.
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