Another option you might want to consider when buying a boat is “boat sharing.” This is where you share ownership of a boat with friends or fellow boat lovers. There are a number of ways to do this and a number of factors you need to consider before deciding whether this option is right for you.
Shared or fractional ownership can be with one or a number of other owners. This arrangement can be organised privately or through a company which specialises in this type of ownership. Whatever arrangement you choose, you’ll need a document clearly recording the agreement you have on the ownership, use and operation of the boat. Sample agreement documents are available on the Internet, or through a shared ownership company.
Shared ownership can reduce the initial capital outlay, and may give you access to a larger, better boat than you could afford to buy outright. It may also give you more flexibility and allow you to reduce your boat ownership responsibilities by sharing costs and duties.
Fractional Boating Membership and Ownership programmes pair several “members” on one boat with an owner. They professionally manage the entire process from stem to stern. The fractional company typically provides brand-new, well appointed boats and takes care of most of the work (such as fuelling, maintenance, insurance, etc.) which allows members to focus on learning the ropes and enjoying the boating lifestyle.
Check out these local organisations to look at a wide range of boat sharing options: