This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.
If your business is booming and you’re earning loads of money, you might decide that it’s time to start treating yourself to some luxuries. The pinnacle of luxury is surely your own boat. Getting out on the water is a great way to get away from all of the stresses of running your own business and relax. But buying a boat is a big investment and you need to make sure that you’re choosing wisely. Chances are, you don’t have much experience with buying boats so far, so here are a few tips to help you make sense of it all.
What Are You Going To Use It For?
This is the first thing you need to consider because it’s going to direct your choices a lot. For example, are you just going to use it for yourself and your family or are you looking at it as an investment that you can make money out of? If you’re just going to use it for trips with family and friends, you don’t really need to buy a huge boat and it doesn’t need to be that fast. But if you’re renting it out, people are going to be using it for all sorts of things. For example, people might want to hire it for functions and parties, in which case, you’ll need a larger vessel. Consider what the boat is going to be used for before you start looking so you can find one that fits your needs.
Set A Budget
This is so important because, once you start looking, it’s easy to get carried away and end up buying a boat that you simply can’t afford. Don’t let the salespeople define your budget, set yourself one before you go and don’t compromise on it. Work out exactly how much you can afford to spend without putting yourself in financial trouble and stick to that budget.
The boat itself is one thing, but a lot of people don’t realize that they need to look for marine batteries as well. You need a marine battery to power your boat and there is quite a large range. Before you decide on a boat, do some research into the most reliable marine batteries and find a boat that is compatible with them. If you’re using unreliable batteries, your boating experience will suffer so make sure that you consider it.
When you’re trying to work out what you can afford, don’t forget to consider the costs of boat ownership. Maintaining a boat is incredibly expensive because you’ve got to pay for all of your fuel, get insurance, find somewhere to store it when you’re not using it and occasionally pay for repairs. Those costs add up and if you don’t consider them when you’re budgeting, you might end up buying a boat that you can’t afford to use.
A boat can be an incredibly rewarding purchase but if you don’t pick the right one and consider all of the costs, it can be a big burden.