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Do you live near a large water body, or willing to travel to one soon? Boat ownership can be a ticket to a fun summer. Whether you’re a veteran boater or getting started, there are a couple of factors to consider before purchasing a boat. First-time buyers can find the boat purchasing process complicated. But like purchasing a house or vehicle, following the right steps can simplify the process. Here are tips to help navigate the seemingly complicated boat ownership journey.
Boat Type
Boats are available in different types. Common types of boats for sale include trimarans, catamarans, dinghies, cabin cruisers, houseboats, sailboats, and trawlers. Other factors worth considering include the tow and trailer weight, the construction material, engine options, and the electronic package. Knowing these things will help you understand what to expect during the purchase process and the post-purchase experience.
Financing
The continued innovation in the boating industry has made owning a boat easier and more affordable than ever. Statistics show that more people are shifting to boat ownership, with the U.S. alone having over 15 million recreational boats. However, still, a lot of people view boat ownership as a costly journey. Most people lack enough information regarding the available boat financing options. People can now access personal loans and leverage home equity loans to purchase a boat. Boat dealer-financing options have also simplified the boat ownership process.
Legality
Boat ownership involves some legality. Firstly, the government requires all boat owners to register their vessels with the relevant authorities. Boat owners should also familiarize themselves with federal and state laws for proper compliance. Someone planning to cross borders to purchase a boat should also be aware of boat ownership laws governing other states. As such, it is crucial to consult an experienced professional for advice on purchasing a boat outside your state.
Insurance
Boat owners will need to obtain a boat insurance policy for protection against wreck removals, physical damage, medical expenses, or theft. However, boat coverage may vary across providers but ask about the minimum protection you can get from a policy. You may consider applying for towing insurance along with your other policies. Insurance companies consider factors such as navigational equipment, type of boat and age, where the boat will be used, and its value and style in determining the insurance cost.
Inspection
Don’t make a hasty purchase decision. A boat could be having some underlying mechanical issues that can only be spotted by a professional. Let a professional carry out an in-depth review of a boat before making your final purchase decision. You don’t want to incur costly repairs or miss out on a weekend outing due to a mechanical breakdown. A professional boat inspector will help determine the seaworthiness of a vessel for minimal repairs and an optimal boating experience.
Size and Purposes
The intended purpose and size of a boat are also important factors to consider when buying a boat. You want to be sure that the boat you’re purchasing fits your intended use. Its size should also fit your storage and transportation needs. Maybe your goal is to purchase a boat that can accommodate every family member during weekend outings or fishing trips. You could also be planning to explore the world in your boat. All these factors should be considered when choosing a boat. You want to buy a boat that can always serve your purpose.
Choose between a Pre-Owned and New Watercraft
Purchasing a boat is similar to buying a house or a car in that you have the option to choose between a pre-owned or new boat. However, the most important part is determining which route to take. There is no specific approach to this. Your choice will depend on price tags and personal interests, but both options present varied pros and cons.
New boats come with a reasonable warranty and a lot of specifications and features. However, new boats are often costly than pre-owned ones. But worries about costly maintenance and repair costs aren’t a concern with new boats. But this doesn’t mean there are no pre-owned boats in superb condition. You can easily find a pre-owned boat in excellent condition from a sales ad or friends.
Owning a boat provides opportunities for memorable moments and great experiences with your friends and family. However, the boat buying journey isn’t always smooth. By considering the above factors, owning a boat shouldn’t trouble you at all.
