Many people love to go boating, says James Smith, but don’t do it often enough to justify buying their own boat. At the same time, chartering a boat every time you want to go out on the ocean can become prohibitively expensive. For such adventure lovers, James Smith has a few solutions.
For those who cannot buy their own yacht, James Smith suggests an option called fractional boat ownership. Fractional ownership is very similar to the concept of timeshares, explains James Smith, but it applies to ocean vessels rather than to real estate. James Smith says that a person who participates in fractional boat ownership has rights to the boat for a certain time of the year, determined by consensus among the other owners. While you have the boat, you may use it as you wish.
James Smith points out that a nice benefit of fractional boat ownership is that all of the owners share the cost of owning and maintaining the yacht. In this way, notes James Smith, the financial burden of insurance, maintenance, fuel, mooring, repair, and equipment are spread evenly among the fractional owners.
James Smith explains that to become eligible for fractional boat ownership a person must complete a boating safety class and orientation. In these courses, boaters like James Smith learn how to safely and effectively use all boating equipment, including charts, on-board GPS, and compasses. Additionally, boaters are taught various emergency procedures to deal with storms and unforeseen troubles out on the water. James Smith says that local yacht clubs offer these courses.
While on the subject of yacht clubs, James Smith comments that a yacht club membership is another great way to enjoy the benefits of sailing a yacht without the obligations of full or fractional ownership. Yacht club members do not own any boat or part of a boat, but they are privy to advanced reservations on yacht cruises. James Smith says that yacht club members also have access to a wide selection of powerboats and sailboats in addition to yacht cruises. The yacht club pays all maintenance expenses for the vessel, while the members simply pay their membership premiums.