A yacht can be a major investment, as well as a fulfilling one. Getting the best from your vessel might mean abiding by a few basic principles. Let’s take a look at some of the more important ones.
Understanding the Basics of Yacht Ownership
A yacht is a complicated piece of machinery, much like a car. Getting the best from it means devising a schedule for maintenance. You’ll need to regularly check the hull and engine for defects – since any problems you uncover could ultimately cause the vessel to suffer from even more severe problems when you’re out at sea.
You’ll also need to worry about berthing and storage, as well as insurance. If you encounter problems with the vessel, the right insurance can provide you with the financial protection you need.
Day-to-Day Running Costs of Owning a Yacht
As well as the upfront cost of the vehicle itself, you’ll also need to consider the costs that come with running yours. Some of these will be fixed, while others will scale depending on the size of the vessel. For example, you’ll use more fuel on a 100-foot megayacht than you would on a smaller vessel.
The size of your crew will also make a big difference, since they’ll all need to be paid a wage. You may also have to pay extra docking fees if you’re looking to steer a larger vessel into the dock.
Before committing to the purchase of a yacht, it’s vital that you have a good understanding of all the costs that are going to come along with ownership. If possible, get all of your costs down on paper. That way, you won’t be surprised by any hidden fees that come up later on.
How Yacht Management Can Help Keep Costs Under Control
Keeping a yacht in good condition, and ensuring that it complies with maritime regulations, can be a full-time job. If you lack the time or inclination to manage the vessel yourself, you might outsource the job to a dedicated specialist.
A yacht management service might help you to reduce the cost of repairs and logistics in the long term, and ensure that the vessel is kept in prime condition.
The Best Times of the Year to Charter a Yacht
If you’d rather charter a yacht for a limited period than own one outright, then it’s worth thinking about the time of year. In the Mediterranean, the yachting season tends to run from April through to October, with peak season arriving at the height of summer.
During this time, you’ll have access to the liveliest events – but you might prefer the off-season if you’re looking to avoid the crowds and minimize the cost of the charter.
