There’s nothing more freeing than the open water. When you own your own boat, you can experience the crisp air and salty breeze whenever you want. Plus, being your own captain means never waiting on rentals again. It sounds like a dream come true, right?
Unfortunately, not many people can achieve this dream. Boat ownership is expensive and comes with a ton of responsibilities.
The good news is that there is a way to make it easier: shared boat ownership. For half of the price and fewer responsibilities, you could buy your dream boat by splitting the ownership with someone else.
How Does Shared Boat Ownership Work?
Shared boat ownership, also called fractional boat ownership, is exactly what it sounds like. Essentially, you split the purchase of a boat with another person. Along with the cost of the boat, you also share maintenance costs, docking fees, insurance premiums, and other expenses.
You can split boat co-ownership with friends or family members, or you could let a boating company match you to other owners. To make things even more affordable, you can choose to own a smaller fraction of the boat, like a third or a fourth, instead of just splitting it two ways.
When you go through a professional service, they will also draft a shared boat ownership agreement so that there aren’t any issues between you and the other owners.
To learn more about motorboat shared ownership, click here.
What Are the Fractional Boat Ownership Advantages?
We already mentioned the cost savings you’ll get with fractional boat ownership, but those aren’t the only benefits.
First, it keeps the boat in use. Oftentimes people buy their own boats and they sit in a dock for months on end, barely getting to go out on the water. Not only is this a waste of money, but it can cause major problems to your boat.
When a boat is used regularly, it runs better. It doesn’t have as much time to sit around and develop rust. The motor runs smoother when it’s taken out often, so you’ll have fewer expense maintenance issues to deal with. Plus, fewer issues mean your boat’s overall lifespan will be longer.
There are even more benefits when you use a fractional ownership company to purchase your shared boat ownership. The company usually takes care of regular upkeep and storage.
As we said above, they also handle the communication between you and your co-owners. If any issues come up, you have a mediator to work with. Lastly, they offer flexibility. If your budget changes, it’s easy to get out of your contract with a fractional ownership company.
Make Your Boating Dreams Come True Today
Purchasing shared boat ownership is a great way to get started in the boating world. It offers lower costs, fewer responsibilities, and ultimate flexibility. Plus, you’ll have fewer maintenance issues to worry about.
You can do shared boat ownership on your own, but we recommend going through a professional company that can handle the logistics for you. For more boating tips, check out our other blogs.