Owning a yacht can be a very expensive hobby or activity for many as there are a number of costs that can be associated with having one. Whilst purchasing the actual boat for the first time will be an initial cost that will set people back exponentially, the costs of customization and accessories coupled with the cost of keeping the vessel maintained can exceed the amount spent on the boat itself.
For those that are keen on purchasing and owning a yacht, here are a few things that need to be kept in mind:
Operational Expenses
Fuel is always going to be a cost that will need to be considered and one that will likely outweigh the initial expenditure spent of the yacht, if used enough. Budgeting fuel costs, though, is one of the hardest things to factor as there are so many variables that need to be accounted for.
How often is the yacht going to be used? What sort of distances is it going to make? Even the price of fuel is extremely volatile at times, making it near-impossible to know just how much will be spent.
Indeed, there are other operational factors that need to be thought of when purchasing a yacht, as well. These include staffing that the boat may require (whether it be full-time or part-time), additional costs such as temporary docking or even general maintenance – which is covered a little below.
Mooring and Storage
Perhaps one of the biggest costs, but also one of the easiest to plan for, mooring and storage has to be taken into consideration. Although this is a fixed fee, this is one cost that can change with the destination of the mooring site being chosen. However, as those that move to Malta have found out, it is easy to plan for once you know just how much it will cost.
Maintenance
As mentioned before, operational costs can be rather difficult to predict, but so can maintenance costs. These can vary at any given moment and will largely depend on the amount of work that needs to be undertaken.
For example, soft furnishings on the boat and the decking will all need replacing at some point in their life, whilst there will also be the need to visit some of the more important things involved on a yacht as well. The products used to keep the vessel clean and in top shape also cost a pretty penny, as well.
Boats will need to be painted regularly with antifouling paint, and this can be a costly process as there is plenty that needs to be done. The boat will need hauling out of the water, it will require a workshop to be worked on and it will require the paint – three costs already that need to be accounted for.
Unfortunately, these costs are not some of the largest that can be faced, as technical and mechanical faults are all still possible problems that could be faced when owning a yacht. If, for example, you have an engine that fails or needs a repair, this cost could be astronomical – whilst it will double if it’s a dual engine.