Buying a boat is a bid investment, even a small boat is likely to cost you at least £20,000 while large sailing boats and yachts can run into the Millions. Firstly you must assess your finances to make sure that you can realistically afford to run a boat. Along with buying your boat their are other things you will need to take into account

As a rule of thumb the yearly cost to run your boat will be around 20% of the purchase price. This should be forecast into any large boat purchase as if you don’t maintain your boat it will depreciate quickly and you could potentially be left out of pocket from your investment.

Predicting the level of service for your boat can be different depending on locations, age of vessel but the below should be factored in to ensure your boat remains in good condition.

Engines and Generators: 20 years
Mast and boom: 20-30 years
Standing rigging: 5 years (racing); 10 years (cruising)
Running rigging: 10 years
Deck gear: 20-30 years
Upholstery: 10-15 years (20+ years for foam)
Liferaft: 12 years
Lifejackets: 10 years
Batteries: 4-7 years
Electronics: 8-10 years
Sails: 2-5 years (racing); 10-15 years (quality cruising sails)
Teak decks: 10-15 years (potentially 20+ if never scrubbed)
Canvas work: 15-20 years

Financing your boat

Specialist finance is available and there are specialist financial brokers that can help with arranging the correct finance for a large purchase like this. interest rates will vary depending on your circumstances, we spoke with a specialist finance broker from get me my mortgage about the best route to purchasing a boat who told us ‘there are several options that you can choose from when it comes to purchasing a large asset, the traditional route would be through a loan or finance policy on the boat, these can sometimes have a high interest rate which can greatly increase the cost. Another option is using the equity within a property to secure a home loan. These types of loan carry far less risk as they are secured on a high value asset and can mean a lower interest rate (depending on your circumstances), to find out more about this option click here.

purchasing a boat is a big descision not matter what kind, Depending on your experience with boats it may be an option to rent a boat for a year to get a feel for what owning a boat is like and see if you enjoy it as much as you think you would.

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