My husband and I are contemplating the purchase of a 1 year old catamaran in BVIs. Our plan is to sail it part time (8 weeks/per year)in the Caribbean for approximately 2 years (we are 2 years from retirement), then through the Panama Canal and if we are enjoying the cruising life, on to the South Pacific and if not then North up to the Pacific Northwest where we will sail that area until we have had enough sailing. We have a retirement home in the PNW.
We are trying to decide whether or not to put a boat into charter or simply store it while not in use. Of course it is appealing to place into charter as it offsets our costs while we are waiting to retire. If placed in charter, where - less use versus more use depending on the area - BVIs, Grenada or somewhere in between.
Would love to hear the pros and cons of putting a boat into charter short term. The appeal is the storage and "maintenance" of the sailing vessel, but there are negatives as well.
Any owners out there who would share their experiences with yacht ownership in the Caribbean, charter versus non-charter would be greatly appreciated. Or if anyone can point me in the direction of online resources available so that I can properly research before we make the plunge.
The other option is to wait until we retire and purchase the boat at that time. But we do charter 2-3 times per year and purchasing now saves us this cost. Any thoughts?
Hi... We purchased brand new and placed Jeannius in charter with TMM way back in 2002, can't believe it is nearly 15 years ago! Our plan from the start was to have the boat in charter for five years or so and then go sailing ourselves. It worked out very well with Jeannius being a very busy boat and earning plenty of money and we did eventually, after nearly seven years, go off sailing first around the Caribbean and then around the world.
It all worked well for us but charter boats do get a lot of hours put on them and do sometimes get beaten up resulting in surface scars that are difficult to hide.
I don't know the history of your boat but, if it has only been used privately, then I wouldn't put it in charter just for a year or two. You'll not recoup the financial depreciation that a charter boat suffers just by being an ex-charter boat if you only charter for a year or two. If it is already a charter boat then, yes, leave it in charter, get some revenue, have some fun and learn what changes you'll want to make when the time comes to go cruising.