If you are in the market for a luxury motor yacht, and have thought about the possibilities of placing her into a charter fleet to earn income, and offset expenses – good for you! Deciding to place your yacht in charter, can be a very smart decision, but here are ten things you should consider before doing so.
Do I want a sailing Yacht or Power Yacht? – Sailors are a breed unto themselves, and sailing, while it can be a wonderful experience, requires a fair amount of skill. Unless you are an experienced sailor, or want to spend a fair amount of time learning about how to sail, you probably are more inclined to want a motor yacht. There are many more advantages of a luxury motor yacht – from bigger cabins, room for more water toys, to a lot more deck space for sunbathing!
What Size Yacht Do I Want? – “Does size matter?” When it comes to purchasing a motor yacht, it can! The most popular sized yachts for sale are between 70 – 140 feet. Within that range, of course, prices can vary greatly, so your budget will largely dictate the size you look for. However, there are other factors to consider about size. For example, the larger the yacht, the more likely you will need a captain and crew. Larger yachts require more fuel, and the cost of dockage goes up proportionally to the size of the boat.
Should I Buy New or Used? – There are advantages and disadvantages either way when considering buying a new or used boat for charter. Of course, pre-owned yachts will be generally lower in price, yet, on a new yacht, you can have her built to your exact specifications. Check out our previous post on the complete breakdown of new vs used.
Try Before You Buy – Many boats that are up for sale, are already part of a charter fleet. This is great for you, because you can charter the yacht for a unique “try it before you buy it experience” – and if you decide to purchase it, you can just go ahead and keep her in the same charter income program!
How Can I Find a Good Crew? – Again, not all yachts will need a crew. The bigger the yacht, the more likely you will need a crew for your personal use. However, if you indeed are planning on putting the yacht into a charter program, you will need to have a well vetted, professional crew for each time a charter is booked. Our On Demand crew solution, makes finding a crew easy and hassle free!
Where Will I Dock My Yacht? – Where you will dock your yacht is very important, particularly if you want to earn charter income. The Greater Ft. Lauderdale Area is an ideal place to keep a yacht if you are planning on maximizing charter income. There are many options for day charters in and around the waters of Ft. Lauderdale, and you are in close proximity for longer charters to popular charter destinations such as Bimini and the Bahamas.
Do I Need a Yacht Broker? – Absolutely! A yacht broker will help you through the entire shopping and purchase process. And, once you decide to purchase a yacht, a good broker will be able to help your place you yacht into a reliable yacht management service and/or charter income program.
We Can Help With Your Charter Decision
After considering all of the above, if you believe that buying a yacht for charter is right for you, we can help! We can let you know about the sizes and models that do the best, and the kind of itineraries that will maximize your charter income.
There are actually many different types of yacht charter income programs available, and we will match you to the one that is best for your needs and lifestyle. While the programs vary in design, they all have one goal in common: to remove many of the hassles of yacht ownership, while maintaining your opportunity to enjoy your yacht whenever you desire!
Having your yacht in a charter program can typically help you defer many of your motor yacht’s “operating expenses,” particularly the costs of “high ticket” expenses such as dockage, routine maintenance, and fuel.
Choosing the right charter experience can be challenging. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Charter Specialists, or call us at 954-235-3468