Most yacht owners have had the thought whether to sell his vessel or charter it. It all depends on a variety of factors.
What are the reasons to sell your yacht? Well, maybe you need the money, high maintenance costs, you want a new one or you don’t use your yacht enough. If you need the cash for a life-changing event, it is good idea to consider selling your yacht and invest the income in something that would bring you more satisfaction. Depending on the size, type, and region your yacht is located, the period to sell your yacht might differ from a few weeks to a few years.
If you want to keep your yacht but feel your maintenance costs are too high, turning your yacht into a charter vessel might be the way to go. An initial investment for licenses and surveys will need to be made. These initial costs will eventually be absorbed and your charter vessel will make a profit. It is important to explore your market before putting your yacht up for charter. Answering these questions will assist with this. Does my yacht match the market demand in this location? Is this a location where people can afford what I am ready to rent my yacht for? Is there is a need for the specific type of boat? It wouldn’t make sense to offer a cruiser yacht with extended sunbathing areas in Alaska, right?
Know your market and do your research. Rarely, charter yachts make a huge profit. In the majority of cases, yachts are offered on the charter market to cover their running costs. Very often, superyacht owners visit their floating beauties maybe two weeks per year during the summer season. Let’s take the Mediterranean season – it starts in May and finishes in the end of September. If only two weeks or even a month, the owners are on board, the yacht is still available for four other months. However, crew on board usually stays full-time throughout the year, maintenance costs are running, and berthing is necessary. In these cases, a charter would help to decreases expenses.
On the other side, your yacht will acquire some additional wear and tear, including increasing engine hours from being run more often.
Selling or chartering your yacht is a personal choice. It is not a bad idea to put your yacht for charter while waiting to sell. This way, your vessel will always presentable and proven to be running well. Very often, buyers fall in love with the yacht they have rented and then want to make her theirs. Do your research, check procedures and licensing needs and consider the market, so you don’t experience losses or disappointments. Whatever decision you take, it should be the best one for you.