Do you have time to own a boat?
For many successful business owners and executives, spending more time on the water is an attractive priority as they begin to shift their focus to a life away from work.
And it’s understandable. A boating lifestyle offers an enticing pathway to exploring the natural world in a way that is only possible by boat. But owning your own boat is no longer for the faint-hearted. Not only do you need to consider rising asset values, mooring and maintenance costs but also the considerable volume of time involved in caring for your ‘baby’……
Time spent on the water
Balancing the time you have available to go boating against the level of commitment you are comfortable with is a surprisingly delicate equation. At Pure Latitude Boat Club, we commonly advise that if you plan to spend 35 days+ on the water each year then owning a boat can make perfect sense. But any less than that, or if you’ve never owned before, then the benefits of sharing – at least for a year or two – can be hard to deny.
Time spent undertaking maintenance
Regular and consistent boat maintenance is the key to owning a boat that is safe and reliable, has a minimum of unexpected repair bills, looks good and retains its resale value. Whatever the vessel, it’s a continuous process requiring a constant eye on anything that may need attention, including engines, systems, fittings, chafe in ropes, sail damage and so on.
In addition to standard ongoing maintenance tasks, most boats need lifting out of the water at least once a year to check over everything under the waterline and to re-antifoul the boat in preparation for another season.
For some boat owners, looking after their vessel and completing necessary works is a big part of the joy of ownership. For others, maintenance responsibilities are a tiresome chore. Prior to purchasing a boat, it’s important to consider how much you enjoy maintenance work, and the level of budget required if you’d prefer to hire a professional to undertake the work.
Time spent on administration
From initial survey, through purchase, into ongoing annual servicing, insurance and berthing contracts – the time involved in administrating boat ownership is a significant commitment. Even if you can afford the luxury of paying someone to maintain your boat, many essential pieces of work still need arranging to ensure you get value for money. And that’s just to keep the boat on the water! When you want to go sailing, you will often find yourself searching for crew and arranging and coordinating logistics for trips away.
Summary
Modern consumers seek smart, efficient solutions that carry minimal impact on their wallet and the environment. These two points alone make sharing boats a compelling choice, but when you factor in the time that the logistics of boat ownership consumes, then boat sharing really is a ‘no-brainer’.