The purchase of a yacht can be accomplished in varied ways. Buying with a partner is one way. Sharing of yacht ownership is an easy option for buyers looking to own luxury yachts with a smaller personal investment. Although it can work well in some partnerships, it may not always be the case for others.
There are advantages and disadvantages in sharing ownership of leisure watercrafts. It is wise to keep in mind that in buying a yacht, luxury on the waters is one of the major reasons, which most buyers seek to experience. There are individuals who are very particular about their yacht, they want to apply their own luxurious taste in every part and they want to be in charge. In short, they want it personalised to suit their taste and needs. In this case, shared ownership may not work well.
In some cases, joint ownership of a yacht works well provided both parties commit to a sharing agreement.
Setting a specific percentage share of ownership between partners should be defined first. It is an essential basis for establishing costs for the major aspects such as repairs, maintenance, scheduling and taxes, among others.
Owners should be involved in determining the model, size, price and purpose of the purchase. It should be a vessel that all parties can handle and enjoy.
The purchase of luxury boats involves serious financial commitment. In a joint ownership, the need to discuss financial obligations should be one of the top priorities in making an agreement. Whether it is a new or used boat, maintenance is always a requirement to keep the yacht running it perfect condition and this can add up to the costs. Other related areas of concern would be insurance, damages, storage, schedule and other incidental costs.
Gulf Craft is a world-renowned yacht and boat builder since 1982. They have been building top luxury yachts for the Middle Eastern and European millionaires. If you’re a first-time buyer and need help with finding the perfect yacht, you can book a visit to one of Gulf Craft’s shipyards. For more information, please visit http://majesty-yachts.com.