If you are thinking of purchasing a boat you need to think about all of the costs that are involved. It’s not just about purchasing the boat in the first place; you also need to factor in costs such as insurance and storage. Do not forget you will also face costs such as hiring professionals like Bird Electrical for help with electrical maintenance and fitting.
If you think about all of these expenses the prospect of owning a boat can start to be a little scary. There is one solution that you may want to consider if you think you would find it too expensive to own a boat outright. You can think about sharing ownership with someone else. We are going to a look at some of the factors you need to think about when deciding if this is a realistic option for you. This information should also help you when it comes to making sure your boat share is successful.
Deciding on ownership rights
If you are sharing the ownership of a boat with someone else you need to make sure that the ownership rights are as simple as possible and well defined. It’s normally easier if you opt for exact sharing percentages. This means that if two of you own a boat you should aim for each having a half share; this makes it a lot easier when it comes to paying associated expenses.
Choosing the right boat
It’s vital that you make sure the boat you purchase suits the requirements of everyone involved in the purchase. A boat share will not work if not everyone is satisfied. If no-one involved in the purchase has owned a boat before it may be good idea to seek some advice from someone who has.
Working out a schedule
Working out a schedule is another task which is made easier if everyone involved has an equal share. You need to sit down and agree the times when you and the other owner or owners have access to the boat. It’s a good idea to think about this aspect before you invest any money in buying a boat. If there is going to be a major clash of requirements then the ownership partnership is unlikely to work.
Working out an end to the partnership
It’s a good idea to work out details of dissolution of the partnership before you start out. There may come a time when shared ownership is no longer an option, such as when one person dies or when they can no longer afford ownership costs. If you reach an agreement on all of this right at the start of the process it will help you to avoid problems further down the line.
As you can see, boat share can be a realistic option when it comes to owning a boat. It’s worth pointing out that there is always a risk of you falling out with a boat share partner over aspects such as costs and scheduling. This is why it’s important to agree some rules and practices before the boat share commences.