I guess just about everybody has a bucket list. Some
items are on those lists just in case the list maker
gets lucky with the Powerball or Lottery, while
others have high potential of being accomplished.
Vic and I meet people all of the time who have a
boat on their bucket list. Sometimes they already
have a boat and want a different one, and sometime
they’re looking for guidance or opt to charter one
of our power or sail yachts, kind of like trying on
the shoes before you buy them. We get that and
encourage it. Buyer’s remorse is not a good thing,
so trying before you buy is a smart move.
We’ve had a way to make boat ownership on that
bucket list more of a possibility and we’ve been
doing it for as long as we’ve been in business and
that’s three decades come next year. The option I’m
talking about is putting your boat in charter. But
before making your plane and room reservations to do
that, let me share some facts about the charter
option for you to mull over.
Not any boat will work in a charter mode, and even
if you have the right model and size of vessel in
excellent condition you can make some money. Please
note that I said “some” not “a ton” of money. We
find sail and power yachts ranging in length from 30
– to 50-feet to be ideal for chartering. Sailboats,
both monohulls and catamarans from 34-to 42-feet,
are especially attractive. Frankly, we need both
power and sail yachts for our charter fleet.
No, your yacht does not have to be new. It must be
the right model and size and in great shape, but it
does not have to be new.
Basically, charter revenue helps offset the cost of
yacht ownership. Again, please note that is some of
the cost of ownership. For example, let’s say you
spend $20,000 annually for dockage, insurance and
maintenance of your boat. If you can bring in
$15,000 from charters that goes a long way toward
helping you cover your out-of-pocket expenses. Let’s
look at some facts that relate to this discussion.
Think about how much you are using your boat now.
Probably not much. The worst thing for a boat is to
just let it sit. If it’s the right boat in excellent
condition, it won’t just sit in charter. If you’re
an absentee owner, that’s probably worse since you
leave your boat for months at a time and probably
find yourself spending most of your “vacation”
cleaning and repairing your boat when you return to
it. Not the best way to get that much needed “R &
R”. Having your boat in charter also means having it
ready for you when you want to use it. Just get on
board and cast off. I doubt anyone would object to
If you’re a new boat owner or considering retirement
in 3- to 10-years, placing your boat in charter will
give you several years to get to know your boat and
equip it the way you want. That means when you take
the boat out of charter or retire and go cruising,
you will do so on a nice boat that you feel
comfortable with and it’s all set to go?
If this is beginning to appeal to you, we would be
delighted to have a discussion with you. I encourage
boaters to talk with and visit different chartering
companies. Check their charter fleet out, pay
attention to their charter agreements, including the
fine print. There are some potential tax advantages
that you will want to explore with your tax advisor.
Be sure you proceed with your eyes wide open.
We’ve worked with many yacht owners over the years.
They have benefited in a variety of ways by putting
their yachts into charter. Think about it and give
us a call or check with another charter company. You
might be that much closer to checking “Own a boat”
off your bucket list.