Owning a yacht sounds like a dream for most people. Suppose you want to realize this dream by getting a yacht for your spring break holiday traveling and partying. In that case, you need to know the great and not-so-great sides of being a yacht owner. Let’s dive into it.

1. You Will Need to Research

The first step, like purchasing anything else, involves extensive research. You’ll want to establish the size of the yacht you want: a small yacht, a superyacht, or a mega yacht. Of course, this will primarily be determined by your budget.

Depending on how many people and how long you want to sail for, you can typically do with a midsize yacht. Superyachts can be expensive, but they’re still quite popular. As per Grand View Research, superyachts controlled the market and held a revenue share of over 31% in 2022.

2. It Can Be Expensive

It goes without saying that the yacht life will cost you an arm and a leg despite affording you a prime spring break experience. You must decide whether to buy a brand new or a used one. With a used one, you save money but may get a yacht with several defects.

3. It May Be Unsafe

Are you looking into living on it or just doing your holiday travels? Theft becomes a serious issue when you own a yacht, but vandalism can be worse because it can leave a big dent in your wallet. This theory cuts across industries. According to the ASCE Library, vandalism is more expensive for smaller construction organizations than theft is for large construction firms with $100 million or more in the annual volume of construction work.

4. Cost of Owning a Yacht

The mooring and upkeep will cost you the most if you plan to live on your yacht or cruise around. However, you’ll eventually save money on rent, mortgage, and other utilities. Your overall cost of living will go down dramatically.

It’ll also teach you to be more space-conscious and less wasteful. The limited space means you’ll spend less money and have less tolerance for amassing clutter. Plus, since there’s less space on board, you’ll spend more time considering your purchases, cooking, and consuming all the food you bring.

5. Remember to Be Responsible

Just like owning a car, owning a yacht can bring its own share of liability issues in the case of an accident. You must show your sailing license if hiring a yacht to take out for a sail. Owning one gives you free rein. You don’t really need to know how to sail like an expert.

A lot of responsibility comes with owning a yacht, for you’ll have to ensure it’s always in good condition. This includes ensuring you have the appropriate safety gear. Even smaller yachts must comply with federal and state boating safety laws and regulations by having a variety of safety gear on board, including flares, fire extinguishers, whistles, and life jackets for every passenger.

6. There’s Liability After Accident

If you decide to sail without the skill, accidents may happen that you’ll be liable for, and lawsuits may follow. Suppose you crash into another yacht or a sailboat while out there sailing. In that case, the opposing party can sue for damages, and you may have to pay compensation for any injured people onboard.

If someone is hurt on your yacht due to your irresponsibility, they’re entitled to compensation, just like in a vehicle accident lawsuit. Per a Forbes Advisor article, settlements are reached in 67% of personal injury cases. You should, therefore, be prepared to compensate them for their pain and suffering.

The view of the ocean and a great time with your friends over spring break is guaranteed if you decide to buy that yacht. Plus, looking out over the huge ocean and watching the sunset is a spectacular experience at any time of year. Life is simply better on a yacht.