Owning a boat affords the adventurous sailor a kind of freedom that many people never get a chance to experience. However, ownership of a yacht is more expensive than you may realize. Purchasing a boat is a significant expense on its own, but if you burn through your boating budget on the purchase alone, you may find yourself struggling to keep up with regular maintenance expenses. Keep in mind these 5 annual yacht maintenance costs, and be sure to leave room in your boating budget for future expenses.
- Cost of Fuel
Unless you’re sailing on wind power alone, your vessel is going to need fuel to keep running. Many amateur sailors don’t realize how much fuel a yacht can burn on a single day in the water, and the cost of fuel may become a significant expense for these seafarers. Your fuel budget will end up becoming a major factor in your boating schedule. If you can’t afford to spend much on fuel, you may have to restrict your outings to special occasions only.
- Hull Maintenance
The water is not friendly to boats. Paint may wear off quicker than you expect, barnacles may build up during periods of inactivity, and you may even have to repair weak spots and potential holes in your yacht’s hull. These can add up to take a large bite out of your boating budget. Having your yacht hauled out of the water, cleaned, treated, repaired and painted is not going to be cheap, and there is no way to get around these expenses. Be sure to leave room in your budget for these necessary annual maintenance costs.
- Mooring Expenses
Where will your yacht find its home when it isn’t carrying you out over the water? This may not be a worry if you have your own seaside home with docking space, but if you’ll be tying off in an outside mooring facility, you can expect to pay for it. Just as it costs money to park your car in a commercial lot, you’ll need to pay for mooring space in the harbor to park your boat. Call around to local harbors and yacht clubs to get an idea of how much mooring will cost in your area.
- Engine Repairs
Boats have many things in common with cars, especially in the mechanical sense. Just as your car needs periodic oil changes and tune-ups, your boat is eventually going to require some engine repairs. Boat engines often become flooded or clogged with debris after regular use, and this naturally leads to necessary repairs. Don’t forget about these mechanical expenses, or you could find yourself out of commission and searching for a Dollars Direct loan to finance your repairs.
- Sailing Equipment
There are a number of other expenses in the life of a sailor that may not be regular, or even predictable. Sailing equipment items like life jackets, rope, tools, safety gear, or even linens and cookware may be necessary for your yacht. You may be thinking of these things as one-time expenses, but they don’t last forever. Keep in mind the things that you’ll need to by several times in the future to best plan for your new pastime.