Owning a yacht, or a superyacht, can be a dream for many, albeit a very expensive one. Of course, the cost of buying one of these spectacular pieces of machinery can set back people more money than most will ever see, however that figure is only the start of the vast amounts that can be associated with owning and operating the boat successfully.
Here are just some of the other costs that need to be accounted for when owning a yacht.
Mooring and Storage
Mooring will cost you a lot of money. Fortunately, this is a fixed annual fee, so it is easy to plan for. Determine where you want the yacht to be based, get a quote and work out all the costs that it will incur. However, if you live in an area where boats get out of the water in winter, it is important not to forget to include the off-season transportation and storage costs. Again, this is a fixed number, so it is as easy to plan for like those that move to Malta find it, although it needs to be accounted for when working out costs.
Just like the vehicles on the road, boats and yachts require some form of insurance to cover them for anything that might happen. As in all walks of life, insurance policies all come in different shapes and forms, therefore it is important to work out which one will cover your yacht and you the best.
Insurance companies that specialise in covering boats and yachts may be able to provide certain discounts others can not, which then makes it important to shop around and find the very best deals that are out there.
Work out what and where you plan to go with your yacht when trying to find insurance, as these can help to reduce premiums significantly. Once you have a price, these will then help you to budget for the rest of the factors that need to be considered, such as maintenance and operational costs.
As with any other form of non-electrical transport, fuel is going to be the biggest cost of keeping your yacht operational. This is, perhaps, one of the trickiest expenditures to plan for because it can vary so much from month to month and year to year. One of the best ways to try and budget for these costs is to predict the average distance you will cruise per trip, how many trips you plan to take per month, and multiply by the boat’s cruising fuel burn.
One important thing you can do to minimise fuel cost is to figure out your boat’s most efficient cruise and stick to it. Most modern boats have a fuel consumption meter displayed on their dashboard. This should help you to work out the most effective routes/speeds and therefore give you an idea as to how much fuel will be needed for a specific trip.
Of course, when thinking of operational factors, fuel is only the tip of the iceberg. Depending on the journeys being made, additional costs can be incurred for things such as being able to dock at moors for temporary stays, or the addition of other items, such as propane.
Perhaps one of the hardest costs to predict, maintenance of the yacht is something that needs to be thought of on a regular basis. Just like anything in life, these costs will vary from time to time as it will depend on various factors such as how much it will be used, how hard it has been used, the boat it is as well as just whether luck is on your side.
Every boat moored in the water needs to be regularly painted with antifouling paint, which also requires a haul-out fee. The engine requires regular maintenance (for example, adjustments and oil changes), as well as non-scheduled maintenance in the event of a mechanical failure. Keep in mind that dual engines double these costs.
Even keeping the decks and outdoor materials will require some form of maintenance costs. Fabrics on seating areas will need replacing at some point, whilst decks, ropes and cables will all need replacing regularly, as well.
The products required to keep the yacht looking as pristine as when it was first purchased will also cost a small fortune over time as well, therefore making things even more expensive.
For the bigger yachts that are available out there in the water, many of them will require crew. This, undoubtedly, will provide you with a further expense and one that could be extremely costly if you want to keep the boat in top condition.
Crew members will usually be full-time staff who will help to run the yacht and take care of it, from maintenance to just simply running the ship on a daily basis – making sure everything is right and problems are dealt with effectively and efficiently.
Running a successful yacht could be thought of as running a successful business, therefore deep pockets will be required.