For many people, the idea of owning a sailing boat or a yacht is a total dream. The boating dream is to sail wherever you want at the drop of a hat, but with any kind of privilege, there is a cost involved. If you are looking lovingly at an amount of cash you have accumulated within a savings account, you might be tempted to make the investment. You should, however, be aware that the true cost of owning a boat goes beyond your initial purchase, and you'll need to keep these additional costs in mind.
Interest rates. It is possible to find financing for boats, just like houses, but with every loan there is an associated interest rate. The investment may still be worthwhile if you are going to use the boat a lot, but unlike a house, be aware that the value of a boat will depreciate over time rather than appreciate – so you need to think of this as a lifestyle investment as opposed to a financial investment.
Maintenance and repairs. In order for your boat to serve you well in the long term, you need to look after it well. Regular cleaning of the boat's exterior and interior, care for the battery, boat motor maintenance, and regular routine inspections all cost money. And if anything goes wrong, you will also have to invest some money in boat repairs as well.
Fuel costs. If you have a motor boat, remember that you won't be able to go anywhere without some petrol. The costs are dependent on the amount of time you intend to be out on the water, and when you are moored, or when you are anchored in one spot for something like fishing, you won't require fuel.
Storing your boat. You can't keep your boat just anywhere, and there is likely to be a cost, and a significant one, associated with the place you choose to moor your vessel. The cheapest way to store a boat is to keep it in your back garden, but this can be annoying if you want easy access to the water, in which case, paying a mooring fee will be necessary.
Insurance. Another way to pay for boat repairs if anything goes wrong is with boat insurance, which is another monthly or annual cost that you will have to consider on top of the actual price of the boat.