Is Buying a Boat the Right Investment?
Decide On What is Best For Your Wallet
Are you a lover of water and sun and all the fun activities that go along with it? Have you wondered how would it be like to own your own boat or you even considered buying one but you’re just not sure if it’s the right investment? Well, purchases such as this one surely take a lot of debating and calculating because a boat is by no means a cheap thrift. Read about the things you need to take into consideration before you decide whether you will buy a boat
How Often Will You Use the Boat
Boat rides are undoubtedly enjoyable and fun, and they offer many activities for the whole family. That rings especially true if you live by the sea or a lake. Having a boat can be a great investment for you. Whenever you feel like escaping the reality for a while or just wanting to enjoy some time off with your crew, you can hop on your boat and unwind. However, if you don’t live as close to the water, you may not be able to use the boat as often. If you don’t have enough free time to properly enjoy your boat, you should definitely think about renting a boat instead of buying one if that’s the case.
Maintaining Your Boat
Like any vehicle, boats also need servicing and maintenance. The price for this varies and depends on the size of your boat and whether you will store your boat in freshwater or saltwater. Seasonal boat maintenance can be pretty expensive and time-consuming. When you are a boat renter, your experience will be entirely different than the one of an owner. Apart from cleaning and fuel expenses, or expenses for maintenance and repairs from time to time, you have to pay for boat insurance and dock fees, which can be quite high. However, you can offset the costs with the help of a Boatsetter platform after buying a boat.
Rent Out Your Boat and Earn Money
One option for you to offset boat costs is to rent out your boat. Whenever you don’t use it, you can rent it out and earn some money from it. The price for the rent will depend on the type of your boat and the location but you can surely earn a good deal of money from it. At least surely enough to cover some of your boat expenses so that the boat ownership isn’t a financial burden. You can even make it a side business and pay off your boat entirely. There are obviously some issues with this as well. You might be scared to give your boat to anyone and have it returned in poor condition. However, if you set some basic rules and use Boatsetter insurance, there shouldn’t be any problems.
Money Pit or Not
When you calculate everything and take all the pros and cons into consideration, ultimately you will come to a conclusion about whether buying a boat is a money pit or an excellent investment. That entirely depends on you and your point of view. With purchasing a boat, you get not only an endless resource of fun experiences but also a means for making money. However, if you don’t have enough time to enjoy your boat ownership, you can always use the failsafe solution and rent a boat from time to time.