Three Things To Budget For When Buying A Boat

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Three Things To Budget For When Buying A Boat

10 January 2020
 Categories: Recreation & Sports, Blog

Getting a boat can be really exciting, allowing you to enjoy extra time outdoors and on the water with friends and family. However, it can also be an expensive hobby. This short guide aims to explain three things you should budget for when buying a boat, in addition to the actual cost of buying the boat.

Consider Initial Repair or Renovation Costs

If you're looking at boats, you should be thinking about the initial repair and maintenance costs. Some boats being sold will be new or in great condition, but others will require some work. You can get a survey on a boat before purchase to find out what needs to be done, and then you can enquire about costs at various places. Hopefully, you will find a reliable company that can handle regular boat servicing as well as repairs. If you're lucky, a boat may require only a little work. Consider painting the interior, renaming the boat or reupholstering the seats and other soft furnishings to really make the boat feel personal.

Think About Boat Servicing

You will need to get regular boat servicing and have any suggested repairs done quickly. It is best if you have a regular boat service provider, as they can get to know your boat. Search for providers in your local area, look at reviews from other customers and call them to ask for quotes. The Department of Transport recommends that you have your boat serviced at least once a year, even if you don't use it very often. It also explains what should be looked at when your boat is serviced, including the engine, electrics, propeller and fuel, so make sure that your service is thorough, as this will stop problems from arising later, thereby saving you time and money.                                                                                                            

Decide Where to Keep Your Boat

You will also need somewhere to keep your boat when not in use, and this can be a large expense. Different areas have different rules, but typically you will need to pay to stay at a mooring or marina. If your boat is quite small, you can put it on a trailer and transport it to storage over the winter if you won't be using it. Spend some time researching the laws in your state and area and looking at moorings and marinas near you. Each has different prices and different facilities, with some being more rural and some offering a more social atmosphere, so think about what would suit you. Write down some prices to get a good idea of what you'll end up paying per week or month.

By taking into account the initial costs of making the boat run well and feel personal, the costs of annual boat servicing and potential repairs and the cost of storing a boat, you will get a more realistic idea of what owning a boat might cost.