How Many Days Are In A Year latest 2023

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What Type of Boat Share Is Best for You?

There are 2 main types of boat sharing.

You can own a share of the boat with a proportional number of days allocated to your use each year.

Or you can pay to use (normally by redeeming points for an annual allowance).

In this article, I discuss the pros and cons of each system.

Let’s start with the benefits of owning a share of your yacht

  • Your capital is invested in the yacht and not in the management company. This means that if the company runs into financial difficulties, your share of your boat is safe.
  • You and the other owners of your boat have a vested interest in taking care of the boat and protecting your investment – so your boat is more likely to remain in good condition.
  • If you choose a reputable management company, only you and your co-owners use your boat. At the end of the syndication period, you get your capital back less amortization.

So what are the disadvantages of ownership-based boat sharing systems?

  • You have to commit for a longer period – usually it’s a period of at least 3 years for a yacht syndicate, unless you sell your share before the end of the term.
  • And you have to make an initial capital investment.

What about the benefits of paying to use timeshare boat systems?

  • You don’t have to pay upfront to buy the boat.
  • This is a shorter term commitment – you can often sign up for a year or less.

And finally the disadvantages of paying to use timeshare boat systems

  • Your costs over three years can be as high as a condominium system and you have nothing to sell at the end.
  • If the company has financial problems, you could lose the money you paid to them.
  • You have no control over who uses the boat – there can be up to 40 or 50 different people, including overseas and interstate visitors.
  • There is no pride of ownership, so there is less incentive to take care of the boat.

So now that you know the different boat sharing systems, the next thing to consider is…

…You!

Look at your free time first. How many days a year do you honestly have free for boating? Think about work, family obligations, going out with friends, and other hobbies you enjoy. There is no point in paying for more days than necessary.

Now look at your skills. Do you know a lot about boat maintenance? Would you like to get involved in the maintenance and cleaning of your yacht? Or do you just want to show up and go sailing?

Is Pride of Ownership important to you? Do you want to share your boat with other owners who are interested and caring about it? Or is flexibility more important to you than the condition of your boat?

And finally the money. Do you have money available to invest in your boat? Does a three-year term with a guaranteed asset at the end sound attractive to you? Or do you need the flexibility of compensation to use accepting that you won’t have any assets to sell at the end?

Good navigation !

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