Have you ever been on a yacht for a vacation?
The freedom and outright luxury of cruising through the ocean on your own floating castle are incomparable. Everyone would love to have a yacht, but few can afford it.
There are a few reasons for this, and many of them revolve around cost and practicality. However, when you charter a yacht, you skip over all those issues. For far less than it would cost to own a yacht, you can rent one and live out your luxurious fantasies on the high seas.
The process for chartering a yacht is more straightforward than you’d think. That said, it does require some planning and knowledge. Check out our guide below for everything you need to know about charting a yacht.
Chartering Versus Owning A Yacht
A private yacht can set you back even as much as $31 million for a world-class vessel. It’s a big chunk of change that not everyone can afford. The cost to charter a yacht similar to the $31 million yachts can usually fall in the neighborhood of $245,000 – $285,000 a week.
This fluctuates depending on the season and the boat in question. Owning a yacht also comes with added costs like maintenance and docking it at the marina. Not all of us have a private island mansion with our private boatyard.
Most people pay a significant monthly or yearly fee for the privilege of parking their yacht. The costs of this and everything else associated with owning a yacht, including insurance, goes up with the size and level of luxury. By comparing the cost difference, you can see the appeal of chartering versus owning.
The numbers we mentioned are for high-end, top-of-the-line type yachts. You can always find ones that exceed $31 million, but there are plenty more affordable yachts. A reasonable purchase price means a far more affordable chartering cost as well.
If you want the experience but not the responsibility of owning a yacht, you should charter. It’s also easier on your finances and gives you the same taste of the good life without drawbacks.
The Benefits of Chartering a Yacht
We’ve talked about the cost factor, but why else would you bother chartering a yacht? The yacht experience, in general, is a liberating one.
When you charter a yacht, it’s like you’ve embarked on a floating 5-star hotel cruise. The bonus is you pick the passengers and your level of comfort: no screaming kids or bustling tourists in sight.
You also get to set the destination and plan your day however you want. It’s possible to follow an itinerary provided by your charter company, but you don’t have to. You’re free to explore, lounge, and make stops wherever you please.
You can also charter a yacht with a pool or recreational activities you like, such as a billiards table. Most mid-size yachts and above have Wi-Fi, state-of-the-art kitchens, hot tubs, and saunas. Remember that chartering a yacht is like renting a vacation home—the simplicity of a log cabin versus the luxury of a mansion is up to your discretion.
Things to Consider Before Chartering
When you charter a yacht, you rent it from a charter company. By doing this, you’re, in essence, agreeing to a set of guidelines and expectations.
To start, there’s the flat price for chartering the yacht itself. This can range from as low as $10,000 a week to around $80,000 or even $150,000 per week. The $245,000+ level is only for the most luxurious in the world and thus out of reach for most mere mortals.
Another thing to consider is the taxes and tolls applied based on where you are and where you’re going. Those looking to charter a yacht for a trip in foreign waters will have to consider this as well as local laws. Another aspect will be the length of your trip.
You aren’t renting the boat indefinitely when it comes to a yacht charter. Some companies might have strict limits that bar you from renting consecutive weeks. The best charter companies are competitive and have long waitlists, which is understandable.
If you plan a long trip that will extend past a week, you’ll need to find a company to accommodate that. Some also have insurance or other red tapes that limit your pool of destinations. If you want total freedom for your trip, do your research and talk to several companies.
Picking Your Charter Experience
When asking how to charter a yacht, the last but most important thing is considering how involved you want the charter company to be. Most yacht charters will come in one of two categories: inclusive and expense-based. Both give you the ability to rely on a crew provided by the company but work in different ways.
An inclusive charter is more expensive but includes a provision for all the extra costs. Your captain, crew members, and staff all need payment, and the cost is then included in your price. If you want to fill the fridge and kitchen with gourmet food and ingredients, that’s included too.
A good ballpark estimates 30-35% added cost for a fully staffed and crewed yacht. This money is only a provision, so you’ll get refunded the difference if you don’t use it all. The second category, expense-based, gives you the freedom to play with this more.
Expense-based is often cheaper because you can choose to do it alone or with a smaller crew. You pay for any expenses you incur later rather than upfront, so you can save money and spend more. This flexibility makes it a favorite, especially for those wanting to feel like the captain of their ship.
Some charter companies will only offer you inclusive options. Others let you customize with expense-based addons. You need to look into it before agreeing to charter any yacht.
Know What to Expect When You Charter a Yacht
Everyone would love to be on a yacht, but owning one can be expensive and impractical. Deciding to charter a yacht is more economical and very easy. All you need is a budget to plan for your trip and shop around for reputable charter companies.
It pays to know what to look for when it comes to luxury. At Luxtionary, we provide all the up-to-date news on the latest in high-class living. Discover Our Website and join the club.
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