Buying Boats & Yachts

How to Successfully Share a Boat with a Partner

Oftentimes, individuals who love boating are interested in saving money by purchasing a used boat in San Diego with a friend, family member, or trusted business partner. While this can be a very cost-effective maneuver, it is also a process that can generate misunderstandings, confusion, and fracture relationships. To ensure that none of these possibilities comes into being, be sure to implement the following tips for successful boat sharing.

1. Be Clear About Costs

This is typically the most important and effective strategy to implement in order to make your boat sharing plan work. There are a plethora of costs involved with boats, including the initial purchasing fee, maintenance pricing, damage costs, insurance fees, and much, much more. Before purchasing a boat, it’s imperative you and your boating partner(s) discuss which fees will be paid by who, when (as soon as the bill is delivered, on a weekly/monthly basis, etc.) and how (check, cash, money order, credit card, etc.).

2. Discuss the Storage Plan.

A big part of successfully sharing a boat is devising a plan for storing the vehicle. When boats are not stored properly, they are susceptible to weather damage, theft, and other adverse outcomes. With this idea in mind, it’s critically important that you and your boat sharing partner sit down and have a clear conversation regarding the storage plan. Some questions to raise during this discussion include whether there will be a penalty for a boating partner who leaves the boat exposed to the natural elements, or if there will be a designated central location where the boat will be stored so that each partner can easily access it. Attaining clear, concise answers to these important questions can save you a great deal of confusion, money, and stress in the future.

3. Get Everything in Writing

No matter how many conversations you have regarding the care of the boat, the conclusions you draw will not be binding until you get them in writing. Unfortunately, there may be instances in which your boat sharing enterprise becomes a legal matter. If this were to happen, you need a contract indicating the terms and conditions of the boat sharing endeavor to clearly indicate that someone has violated those terms and conditions. To recognize the importance of this principle and to prevent future headaches, be sure that you get everything you and your partner agree to in writing.

If you are ready to move forward with a boat-sharing venture and are looking to secure boat financing in San Diego, turn to the trusted professionals at Ballast Point Yachts, Inc. We’ve been helping new and experienced boat owners secure financing, select boat insurance, and purchase quality used boats for over two decades. Give us a call at (619) 222-3620 or contact us here for more information on how we can assist you.