If you and your family love to spend time on the water, you may be considering buying a boat so you can spend as much time boating or yachting as you’d like. But for many people, this is going to be a very big investment of both time and money. Not only that, but the process of buying a boat or yacht can get very complicated if you’re unfamiliar with this world. So to help make this experience a little easier on you, here are three tips for buying a boat or a yacht to use on vacation or when traveling.
To Buy or Rent
Before you choose to buy a boat for yourself, you may want to consider if this is really going to be the best option for you. According to Jim Gold, a contributor to Money Talks News, many people who end up buying boats don’t actually use them enough to make them worth the purchasing and maintenance price. If you don’t think you’ll be able to take your yacht out at least a few times a month, you may want to consider renting instead of buying. By choosing to rent rather than buy, you don’t have to worry about any maintenance, storage, or additional fees associated with owning a boat.
Picking the Right Boat For Your Needs
If you do decide that you want to buy a boat and can handle the initial cost as well as the maintenance costs associated with this item, it’s now time to figure out what type of boat will be right for your needs. Carol Cronin, a contributor to Boats.com, reminds us that boats can be very specialized, so you want to be sure that one you buy can be used for your desired purposes. Consider whether you want your boat to be used to pull tubes or water skiers, to just cruise around the water, or to float along without much propulsion. How you plan to use your boat will help make your purchasing decision much easier.
Ideas To Minimize Costs
Once you buy your boat, you may come to realize that all the costs are higher than you anticipated. To ease this burden a bit, Chris Caswell, a contributor to DiscoverBoating.com, suggests a few ways you can get some potential tax breaks with your boat. Some options you may want to speak with your accountant or other financial advisor about could include categorizing your boat as a second home, using it as a business expense, or donating your boat to charity. Make sure you’re doing all of these things legally before you attempt to get these tax breaks.
If you’re planning to buy a boat or yacht, consider using the tips mentioned above to help you make the best choices along with this decision.