Boat owners who fell out of love with their vessel and lost a lot of money often tell a rookie boater that a boat is a “money pit”. This means that it drains someone’s financial resources instead of being a good investment. Yet, that’s not necessarily true at all. It could be that those boat owners don’t know how to take good care of a boat or they mindlessly spend money on boat accessories and equipment they don’t need.
The key to getting your money’s worth on a water vessel is to fully understand what boat ownership entails and be responsible for handling boat maintenance and its finances. If you’re looking for boats for sale in Townsville, QLD and plan to get one, here are some things you should know about the realities of earning a boat before purchasing one for yourself.
First, we’ll look at the advantages and disadvantages of owning a boat:
The Pros of Owning a Boat
- You will be able to use it anytime, even if you decide to go out at the very last minute.
- It will allow you to explore new and hidden places and access areas you cannot do on land.
- It allows you to have a great time on the water and bond with loved ones.
- You can make modifications on board to suit your needs.
- You know the boat and know its maintenance procedure, so you know whether it’s seaworthy for travel.
The Cons of Owning a Boat
- You will need to invest a lot of time and money into regular maintenance.
- Every time there’s a storm in the weather forecast, you’ll be worried about your boat’s safety, especially if it’s stored in a marina. However, you won’t need to worry about this if the boat is stored on your property.
While there are quite a few disadvantages to owning a boat, you can turn these around and make it to your advantage. After all, in life, there are always sacrifices to be made, whether it’s committing to a job, a relationship, owning a house, or running a business; so, you need to make sure all of the obstacles or hardships you’re going to face are worth it.
It’s also helpful that you are passionate when it comes to boating. The joy you’ll get from the time you spend out on the water will make up for the money and time you spend looking after it. If you’re unsure about getting a boat yet, try to join a lot of cruising trips, charter a boat, or go fishing with a friend, to get a taste of the boating life before you make any rash decisions.
Another factor to consider is not to overshoot your budget. Calculate how much it will cost you to run and maintain the boat after you’ve paid for it. Don’t forget to also take into account the expenses of maintaining a boat engine as well. If the costs make you chew your nails with worry, consider buying a smaller boat that can be operated by an outboard motor.
If you’re still undecided about committing to the looming costs of owning a boat, look into co-ownership. Ask someone you can trust, preferably a boater who has extra money on the side, to purchase a boat with you so you can split the costs.
Be aware though that boats will not retain their value. Just like any expensive and valuable object, boats go down in value as they age and the gear on board becomes outdated. As time goes by, you’ll need to replace some parts of the equipment or you might need to replace them altogether with a newer model. However, if you look after your boat well and maintain it regularly, you can retain its value a little bit longer. This is especially beneficial if you want to sell your boat.
Bear in mind that if you buy a used boat, you won’t likely be able to sell it for more than you paid for. The boat always depreciates after someone owns it.
So… Does It Make Sense to Buy a Boat?
Think of a boat similar to buying a car. You don’t buy a car assuming it will run smoothly for years without maintenance and that you’ll sell it for more than you spend on it. It’s not similar to a real estate property where the value gets higher as time goes by. So before purchasing a boat, you look into insurance and tax costs (if you buy a new boat) to make sure you can afford them. If you own a boat and maintain it well, however, you will be able to keep it for a lifetime.
So, if you’re able to afford it, a boat is a good investment, especially if you can use it for commercial purposes such as renting it out or using the boat to catch different species of fish. But even if you use your boat for recreational purposes, the good times you spent on water with your loved ones mean much more than any money can buy.
If you’re ready to make a new investment, contact us at 07 47754333 or fill out this form and we’ll be sure to get back to you soon.