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Co-Ownership: An Affordable Way to Own Your Own Boat

Co-Ownership: An Affordable Way to Own Your Own Boat

Sep 16, 2019

Owning a boat is a lifelong dream of many people; one that’s unfortunately not actualized as often as people would hope. People wait until they have enough saved up to make a down payment on their dream boat, or wait until they hit retirement and no longer have to pay for other responsibilities.

It’s not about a one-time purchase either; boat ownership is a long-term cost. Once you acquire the boat, you have to pay for maintenance, upkeep, storage, docking, fuel, licensing and so much more that you might not have thought about!

So what’s an affordable way of owning a boat?

You don’t have to give up on your dream of owning a boat just yet, though. There’s a solution that doesn’t come as instinctively to people, but it’s actually a great solution to fulfilling your dream:

It’s co-ownership!

People co-own assets all the time, from properties, to businesses, accounts and more. So it comes as no surprise that boats are no exception. Co-ownership is an effective solution to dealing with the financial burden.

How can I co-own a boat with someone?

It depends on the route you wish to take; you can choose someone you know personally or professionally or even co-own it with a stranger. It comes down to how comfortable you are with them.

Talk to friends and family that might want to be a part of this and see if they’re on board for this. The better you know someone you want to co-own the boat with, it might be easier to sort out how you use the boat.

Another way to find another interested party is to reach out through mutual interests and communities. Boat owners and boating communities are open to welcoming new members, so you can find someone who’s looking for the same boat as you with ease. You can discover these communities via social media, advertisements, and social clubs.

I’ve found someone to co-own a boat with. Now what?

Find a lawyer who can help you draw up a contract for your co-ownership agreement. Decide the terms of your agreement and don’t be afraid to voice your opinion if you find it unfair. Cover the various aspects of boat co-ownership in detail, such as the division of costs, maintenance, a schedule for when either of you gets to keep the boat, how you’ll go about selling it if it comes to that, and so on.

Get your agreement for damages in writing, in case either owner causes them, insurance for the boat, incidentals like fuel, refreshments, other supplies, storage and any other possible issues. It’s important to have it all in writing, since verbal agreements alone can’t safeguard your rights to the vessel.

It’s also important to get your certification and licensing in order to own a boat. Boater’s Academy offers a boater safety course online, that you and your co-owner can take before making the purchase.

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