Boat sharing is perfect when owning a boat outright, whatever its size, is such a big investment in both time and money. A yacht can even end up a money pit, where you throw fortunes down its throat month after month but it’s never quite enough, you’re always having to invest more. No wonder so many wannabe boat owners and people who have owned their own craft in the past are turning to boat sharing, a great way to spread the cost and share the thrill.
The benefits of fractional ownership
Fractional boat ownership means a number of people each own a bit of the boat they’re using, placing the administration of the deal with a boat share company like ours. It means there’s no need to find large amounts of cash to fund an entire boat yourself, and you leave the craft’s maintenance to the management company.
Fractional boat share means you share the usage time on board, going cruising during your allocated weeks. It isn’t unusual to have a boat shared by eight members, each using the craft at a different time. You actually own part of the boat, a way of sharing that has been used informally by friends and families for a very long time, long before formal boat sharing with strangers became a thing. As a rule the bigger percentage of the boat you own, the more time you can spend enjoying her. You are one of the legal owners of the yacht, and it’s an asset you can sell or transfer to someone else.
Because boat share vessels enjoy regular servicing, they can depreciate slower than most single-owner yachts, which means your investment is better protected and future-proofed. And sharing a boat is an excellent way to see if you really want to buy a boat of your own, or carry on sharing, or just hire one whenever inspiration strikes.
How about the down sides?
Well, you have to share, of course. Which means you can’t add too many personal touches to the craft. Pre-booked itineraries mean you have to choose your time slot or slots in advance, which means last-minute getaways and impulse voyages are not always possible.
Make the right enquiries first
Is boat share for you? Make sure you ask the right questions. How many owners buy into each yacht? How much time do you get on board each year? Are there any restrictions if you want to sell your share, and if so what are they? How is the crew chosen and trained? Shop around to establish the best deal.
Different kinds of yacht ownership schemes
- Buy into a boating syndicate and you own part of the asset, with direct responsibility for your share of the maintenance and upkeep. There are private and commercial boat syndicates to choose from, each with their own unique rules and regulations
- Private boat share syndicates are the most common, usually involving 2-5 people who each own a share in the craft and pay an equal share of the costs. Most of the time these arrangements are set up for pre-owned boats, not new ones
- A managed boat share syndicate outsources the management of the boat, covering everything from mooring, the insurance, maintenance and cleaning
- Boat share membership schemes let you use your vessel for blocks of time, with different prices depending on when and for how long you have access
- Charter purchase schemes fall in between syndicates and memberships, and come in various guises. You can buy a boat outright then lease it to a charter agent to get an income when you’re not on board. Or pay 50-65% of the boat purchase price up front and enjoy using the vessel for several weeks a year, while the company charters her the rest of the time. You effectively share your boat with the charter operators’ clients
Want boat share? Walk this way!
As trusted boat share providers, we’re always delighted to discuss the possibilities and potential with new clients. If you’re inspired by the thought of owning a slice of a stunningly beautiful, fast, stylish craft on the ocean waves, get in touch.