There are few experiences more glamorous than spending time on a yacht in a beautiful location.
Unless you are fortunate enough to have boating friends who invite you on board, you’ll need to either consider buying or chartering a yacht in order to have access to these exciting days on the water.
But which option is best for you, owning or chartering?
Each of these options have their own pros and cons, which, depending on their level of importance to you, should be factored into your decision. In general, there is no right or wrong choice, it is simply one which is more suited to you as a boater!
Before we get into the pros and cons of each option there are a few factors which should be taken into consideration. These factors vary widely for each individual and can be influential on which choice is right for you.
Factor 1
Which type of boat do you enjoy?
This is a good place to start. Knowing the type of boat you enjoy and how you intend to use your new craft helps decide whether chartering instead of buying is even a possibility.
Do you prefer to hoist the sails, or do you feel the need for speed? Will you want to spend weekends away, or just head out on the occasional day sail? These are some questions which you should ask yourself in order to begin making a mental picture of your ideal boat.
When advising clients, who are either looking to make a purchase or charter a boat, these are amongst some of the first questions which are usually asked. Understanding their boating preferences and expectations has great influence on our recommendations.
Factor 2
How often do you hope to use the boat?
Another deciding factor is the time you have available to be on the water.
If you are planning a seafaring retirement, maybe even living aboard, then undoubtedly the obvious choice is to purchase your own boat.
Should you find yourself with less time on your hands then chartering a boat may be more appropriate. You may find that the cost of chartering a boat for those few days of the year is less costly than the yearly marina mooring costs and annual maintenance expenses of owning a boat.
Chartering also gives you the added bonus of having a selection of boats to try out and gain experience on. This bring us to the next point of consideration.
Factor 3
How experienced are you on the water?
Experience on the water can only be obtained by… you’ve got it, time on the water! Theory basedlessons can and should be learnt on land, in a classroom, or online. However, some skills can only be learnt through practice. To become a notable sailor you will need to have a variety of experiences in order to build your confidence on the water. It can be a fun and rewarding learning experience if done responsibly and with skilled guidance.
Your level of experience and confidence can also influence your decision as to whether you charter or buy a boat. As mentioned above, one of the advantages of chartering is that you can try several different boats to find the right fit for you. By chartering you can also gain experience as you spend a greater amount of time at sea alongside seasoned skippers.
Before making a considerable investment, chartering allows you some time on the water to figure out which genre of boating really suits you. Whether sailing is something you wish to pursue wholeheartedly, or maybe you are not in it to become the next Robin Knox-Johnston and would prefer to be on the water relaxing whilst someone more experienced takes the helm.
Factor 4
Where do you spend the majority of your time?
Your location will affect how often and in which way you will be using your boat. You will need to take into consideration the length of the boating season in your area along with local weather, type of coastline and anchorages. This is where chatting with local boaters will help you to get a good idea as to the reasons for their choice of boat and in turn will inform your decision as to the boat best suited to yourself.
You can sometimes even identify trends such as many boats of the same style, type or brand. These observations can provide handy hints as they are most likely to be well suited for your area. This may be due to natural conditions such as the coastline and weather, or maybe just because
maintenance support and parts for them are more available and affordable.
Location can also influence your decision over chartering versus buying simply because there may or may not be many good chartering options in your area.
Here in Lagos, with Yachitng Lifestyle, our clients have a variety of boats to choose from that suit most styles and expectations. From leisure day sails on a catamaran to exciting expeditions along the coast on a fast RIB. With this service our clients can get the real feel for what is right for them
before making the big decision.
Factor 5
What is your budget?
Your budget is something that cannot be ignored. Boats are generally not considered an affordable endeavour and are even less commonly considered a good investment. Nevertheless, time spent on either your own or a chartered boat can be considered by some as a priceless experience.
Not only does buying a boat have a considerable starting cost, owners will need to consider the cost of maintenance, marina fees and a whole lot of unexpected surprises. Without the time to spend on your boat you will most likely need to budget for yacht management. Therefore, if you do have the time and the money, owning your own boat can be a wonderful experience, but if one or both of these are lacking it can easily turn into an expensive headache.
If you are determined to own your own boat, one way to offset costs is to hire a company to manage and charter your boat whilst you are not using it. Although this option may seem to be the perfect solution, less flexibility and availability of your boat will need to be tolerated. You will also need to
consider purchasing a fairly new boat that is indeed “charterable” and in demand.
At Yachting Lifestyle, when offering consulting services to clients looking to purchase a boat, we provide local insight into which boats work best as a charter in the Algarve. If these options align with the kind of vessel which our clients are thinking of purchasing, we can make owning a boat considerably more affordable
Taking these factors into consideration here is a simplified list of the Pros and Cons of each option:
Chartering
Pros:
- Charter anywhere in the world
You are not limited to where your boat is located - No maintenance
Maintenance and repairs are up to the crew and not you - More affordable than owning a vessel
If you are a casual boater, chartering will most definitely cost less than owning a boat - Wide variety of boats to choose from
You get to try out a variety of boats to suit the type of day you wish to enjoy - Add crew, catering and activities to your charter
If you prefer to just sit back and relax, add a crew and food for the day
Cons:
- Subject to availability
The specific vessel you wish to charter may not always be available - Booking required
You will need to reserve in advance, especially in high season - Cost can add up
If you end up chartering regularly, this can become an expensive option
Owning
Pros:
- Sense of ownership
Although all the chores and headaches that come with owning a boat may be seen as a negative, the experience gained from these will heighten your confidence and lead to a wonderful sense of
achievement and ownership that comes with owning your own boat - Set sail anytime
You will be able to take your own boat out anytime it suits you at the drop of a hat. Just be sure to check the forecast! - Liveaboard if you wish
Whether it is for a couple of weeks in the summer or all year round, it is your home on the water. If your boat has a cabin of course! - Give it your personal touch
When you own a boat you can customise it to your preferences, both in appearance and in equipment.
Cons:
- High initial purchase cost
This is undoubtably a barrier for many. The purchase of a new boat can be very costly and even a second hand vessel can come with initial costly surprises - Running costs can add up
If you are only using your yacht a handful of days out of the year, but the running costs such as mooring and maintenance stay the same, it may not feel like you are getting a great deal. - Time spent on upkeep
At times you may find that you spend more time on your boat fixing issues and maintenance than out on the water enjoying yourself. - Geographically limited
Unless you can easily put your boat up on a trailer, or have time and experience to venture into unchartered waters, you will be limited to your local area to cruise. - It is a depreciating asset
As well maintained and upgraded as you keep your vessel, generally speaking your boat will depreciate in value over the years.
In Conclusion
Deciding whether to buy or charter a boat is very personal and there is no single right choice.
However, by weighing up the various factors with the pros and cons listed above, you can get a better idea of the best direction for you