One of the reasons there is such an abundance of boats and Yachts for sale is because many people make an impulse buy without considering all the additional costs involved with owning a boat. Pay close attention to these expenses before you buy a boat so you can budget accordingly and enjoy your purchase for years to come. Boatmo.com has recently given us guidance on the true cost of boat and yacht ownership
The Marina Fees – If the appeal of driving to the marina any time day or night and jumping in your boat appeals to you, it is important that you know all the fees associated with parking your boat there. These marinas offer the boater the convenience of not having to tow the boat, they can park their vehicle, jump in the boat, and in minutes they can be miles out to sea. Call local marinas and inquire about the fees associated with docking there before you assume any costs.
Safety Concerns – The last thing that you want to happen is someone get injured while out on the boat. Your responsibility as the boat owner and driver is to ensure each passenger is safe on the trip. Not only will you have to provide each passenger a life jacket, it would not hurt if you attended a local boating school and took a safety class. Out on the water you are miles from help, and storms can appear almost instantly and put everyone in serious danger if you do not know how to spot trouble and take the appropriate actions to get everyone back to shore safely.
Maintenance – Unlike you car, the boat has to be maintained by a professional so that it glides effortlessly on the water. The hull of the boat needs to be inspected and maintained so the boat does not sink. The engine needs to be maintained regularly so you are not stranded miles out to see and stuck when a huge storm approaches. The boat mechanics are also responsible for winterizing the boat as the cold weather approaches so that it can be in peak condition when the warmer weather returns.
If you understand the costs of owning a new boat in advance, you budget your money so that you are not going to be in for any surprises during the year. Incorporate the price into the price of the boat, so maybe you get less of a boat but have plenty of cash in reserve to cover any and all expenses that may occur this year.