Exploring the world via a luxury yacht is a wonderful and truly unique experience. However, plenty of people do not have the means to own a yacht. The cost associated with buying and maintaining a yacht can be very high, so it is more common for people to charter a yacht rather than purchase one. While chartering as opposed to owning may be easier on some budgets, potential yachters must understand each option's pros and cons to make an informed decision.
Yacht Ownership
Pros:
1. You have the freedom to go wherever you please when you please.
2. You have complete control over all the decisions regarding your yacht, from paint color to selecting an array of soft goods and everything in between.
3. You can be as involved or uninvolved as you choose; if you choose to take on a large renovation project, you can do it without being told no by an owner above you who has differing ideas about how the yacht should be run.
4. If there are disputes within your crew, it is up to you to resolve them if there is not a management company in place.
5. When selling your yacht, you can do so without any outside interference.
Cons:
1. The cost of upkeep and maintenance can be high, even if you are not renting the yacht for long periods.
2. You may need to engage with a management company and yacht crew. Whilst owning a yacht is supposed to be an enjoyable experience, managing a crew may needed. As well paying for a full time crew, a management company will be an additional expense for the owner.
3. You will pay for the yacht insurance. Insurance premiums will vary depending on captain experience, performance of yacht and the value of the asset.
4. If a problem occurs with your vessel, there is little recourse; the only person who can help you is yourself unless you contract a third party.
5. A yacht typically is a depreciating asset. If you need to sell your yacht, there may be some cases where you sell for less than what you purchased it for..
Charter
Pros:
1. You can take your time when planning what and where you want to go; you do not have to spend weeks planning an itinerary on how to get from one country to another.
2. You can ride along with other yachters for company and knowledge of local customs, culture, and cuisine, which will enrich your experience greatly.
3. You can choose the specific type of yacht, or the exact make and model, for your trip, allowing for a much more custom and enjoyable experience when sailing on one of these vessels.
4. At the end of the charter, you don't have to sell your yacht; you turn in the keys and go home.
5. You need to do little to no maintenance on your yacht.
Cons:
1. You do not technically own the yacht, so if anything goes wrong, you have to call the charter company to take care of it, making them responsible for everything.
2. You have little control over the route taken by your captain and crew when going from location A to
B. Sometimes, even the exact day you start and finish your trip is out of your control.
Bottom-line
Buying makes the most sense if you have the money to purchase a yacht and are looking for complete freedom. Whether you are looking to purchase or charter, BARTON Yatchs is the best-in-class yacht broker on the market and focuses on providing unmatched luxury, service, and experience. We value and enjoy a transparent relationship with all parties involved and it is this approach to our business that we are incredibly proud of.