We can bet that if you’re looking at this article, then you are considering purchasing a boat. First of all, having a boat will upgrade your vacations, weekends, or free time to the limit. Who wouldn’t want to spend hours or days offshore watching the wildlife and feeling the breeze? It all sounds awesome (and it is) but before taking the big decision of buying a boat and start contacting boat dealers, you should consider all the costs associated with owning one.
This way no expense will catch you unawares, and you will be able to estimate an annual budget. After researching and finding out all the costs that will come upfront, you’ll be able to make an informed decision and know if a boat is truly for you.
Purchase price
The first spend to consider (and probably the biggest one that you’ll do) would be purchasing the boat. You have different options here, for instance, you can purchase a brand-new vessel or search for used boats for sale. We can bet that the last option would be cheaper, but you might find out you must do repairs, and that should be considered on the budget too.
Also, you can think about purchasing the boat by financing from a lender or broker. Do not take any precipitated decision and choose a loan that goes along with your lifestyle and budget. If you don’t do so, you might end up getting into serious debt or stressing every month to be able to make the payment.
Safety equipment & accessories
You can't take your boat offshore without having the right accessories and safety equipment to ensure that everyone will be secure in case of an emergency. Fire extinguishers, life jackets, signalling devices, and navigational tools are the basic safety equipment. Don’t forget to look on the internet to find the best deal possible, and even after you have purchased the accessories, make sure you have a budget for upgrading it or buying other items the next year. Read the list of the essential boat safety gear for enclosed as well as open waters.
Accessories are also a must to enjoy your sailing experience to the maximum. Think about getting a fishing rod, or another accessory you might like. Ponder about taking a first aid course to be prepared in case of any unexpected situation.
Maintenance
Upkeep is an important deal to guarantee the lifespan of your boat. As well, it would be a vital matter if you’re thinking about selling your boat later to get a good deal on your ship. It’s not a secret that maintaining a boat would require high-maintenance costs. It’s important to make clear that depending on the storage or parking option that you choose for your vessel, would be the upkeep costs that you should contemplate.
For the maintenance, you should ponder coat cleaning, engine maintenance, and minor repairs.
Parking or storing
There are some options you can think about for parking your vessel. The first prospect would be mooring the boat at the marina or yacht club. However, the boat will be exposed to the salty water and the harsh weather, so, as said earlier, maintenance costs would be higher, and also, you’ll have to pay a fee. Drydocking would be another option, and it would be cheaper than mooring; it can be a good option if you’re not planning on using your vessel regularly.
The last option is trailer or home storage costs. If you will only use your ship 2 or 3 times per year, this would be the best choice.
Insurance
Insurance is obliged if you are going to be a boat owner. The insurance prices will be different depending on the vessel size, speed, storage conditions, etc. But this is an expense that you can avoid because your boat should be covered in any conditions, and remember that natural disasters can damage a lot of your vessel.
Don’t forget to ask about quotations with several insurers to get the best deal, and check reviews about them.
Fuel
Fuel expenses are something that you can't simply avoid. The good news is that you won’t need to use much of it if you take to your advantage the wind. However, not all days will be windy, and you’ll need to use fuel to get in and out of the marina.
You can go into a sailing forum and ask if someone has a boat with the features that you’re looking for, and question about the fuel consumption. So, you can get an idea of the fuel budget you will need.
Also, registration can be required for your vessel if your boat is going to travel overseas or in case you own a domestic commercial vessel over 24 metres tonnage length. If your boat falls under any of the previous considerations, then you must consider the registration fee on your budget. You can go to the Australian Maritime Safety Authority web page to get more information.
After pondering all of the above, you’ll be ready to make an informed decision and know if owning a boat would be viable for your financial situation.
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