Many of us know the headaches and pitfalls of boat ownership that spawn homilies like Break Out Another Thousand (BOAT) or the best two days of your life are when you first buy a boat and then the day you sell it. Successful boating represents a substantial personal investment of time and energy that many of us don't have in this busy world.
A growing number of companies are willing to reduce the hassle of owning and maintaining a boat. Taking their cue from other timeshare industries, fractional boat ownership is on the rise. Benefits abound in boating timeshare. You have the opportunity to have use of a boat that you could not otherwise afford, a chance to try different styles and sizes, and avoid the work required of routine maintenance. Fractional ownership means you can experience the use of a yacht, center console fishing boat or sailboat.
Costs and Contracts - Commitments typically cover the capital investment in the boat, maintenance, insurance, moorage, equipment, and sometimes fuel. Rules governing use vary with annual cost of $4,000 to $7,000 a season for a modest vessel. Some companies operate from a single marina, while others are regional in nature. The price tag for fractional ownership may seem high to some, but it does not take long to rack up major expenses operating a boat. Moorage, fuel costs and unexpected repairs can quickly make the cost of timeshared boat seem very attractive.
Safety - Most timeshare companies require completion of a boating safety class and a safety orientation for the vessel and local waters. Some operators require a minimum amount of boating experience. If there are mechanical problems, there is a company resource to fall back on and possibly another boat to use during repairs. Many program vessels are equipped with GPS navigation equipment.
Programs Examples – The companies listed below provide a favor of what's available in the market:
- Sailshare operated by the Port Sailing School of Long Island offers 1/6 ownership in a 36-foot Beneteau sailboat for an annual fee of $6,500. Sailshare uses an online reservation program to manage boat usage by member owners who are offered 30 days of sailing each season. Membership covers launch service, fuel, vessel orientation and required equipment.
- First Choice Yachting a divison of First Choice Holidays is geared to those moved by high-end power yachts. Owners enjoy fours weeks on a Fairline Squadron 74 operating in the British Virgin Islands. No hassles and the vessel come with a professional crew in the bargain.
- Monocle Yacht Management handles a fleet of 50 vessels located at ports across the country. Monocle offers existing yacht owners an enrollment program to fractionalize the unused portion of their vessel's use to additional owners.
As the fractional boat ownership market matures, potential timeshare owners should see more options become available. Purchasing a share of boat may be a great way for the neophyte boater to get started in the vocation and relieve the burdens of boat ownership faced by more experienced hands.
Alan Sorum - Alan Sorum is the Maritime Operations Project Manager for the Prince William Sound Regional Citizens' Advisory Council (PWSRCAC). Alan is ...
