Aren’t we all awed by those who have the luxury of sailing on their own private yacht? Maybe just for a split second you might want to ride one too. Most of us are aware that the initial purchase cost of a yacht is no simple figure, but what we do not know is that even its maintenance cost can rip quite a big hole in the deepest of pockets. As a rule of thumb maintenance cost every year could add up to 10% of the boats initial cost. Perhaps you’ll be wondering how this becomes such a large number.
The costs of docking your boat can add up to a large sum. This included payments you will have to make to the place that you regularly moor your boat plus other costs you will incur when you take your yacht to competitions like Grand Prix. Mooring fees can go up to six figures.
If you live in a place where the yacht needs to be stored away during the winter months these will add to your costs. For regular customers yacht rental Dubai companies may offer discounted rates for off season storage.
This is the biggest cost every yacht owner will have to bear. Unlike docking costs, these costs cannot be predicted with certainty. The fuel consumption will depend on your usage and your engine’s capacity and other facilities available on your yacht. If you need to use fuel additives this too will be an added cost.
Party yachts will consume additional fuel to support all the appliances installed to make it more party friendly. Also, the fuel consumption of these additional facilities will change from event to event.
Advice on insurance must be taken from those that specialise insuring yachts. The terminology and facilities offered are quite different to regular insurance. If you have taken certain boating classes or a captain’s course some companies offer discounts. If you are knowledgeable about these then you should be able to negotiate quite a good rate.
Maintenance costs are difficult to predict. Sometimes even the most well-looked after of vessels can encounter unexpected problems. All vessels that ride on water need anti-fouling paints applied regularly. Every other item on the ship also needs protection from salty sea spray. These costs must not be underestimated.
Considering all these factors you would have realised that it is no easy task to maintain a yacht. The need for a permanent crew was not even considered here. So, if you have any idea of buying a yacht the wisest thing to do would be do the calculations before you make any payments. This way you can avoid a lot of unnecessary headaches.