The lifestyle and business of luxury yachting

Even during ancient times, men dared to conquer the open seas through an engineering marvel that changed the course of history – ship building. At present, the same idea of exploring the ocean or even just enjoying the freedom and fun that it has to offer has attracted people from different walks of life to invest in designing, building, and owning a more stylish and luxurious counterpart—luxury yachts.

 

Image source: northropandjohnson.com

 

Yachts come in different shapes and sizes. For instance, super yachts are designed to cruise islands and even countries on longer durations while others are just perfect for a day’s worth of recreation.

Many of those who are in the circle of owning this type of recreational vessel agree that it takes a lot of work, commitment, and money to maintain a luxury yacht. Even those who are engaged in the yacht charter business have pointed out some challenges that are unique to this industry.

 

Image source: businessinsider.com

 

For instance, if you are planning to own a yacht for business, there are several things that you should keep in mind.  Experts estimate that the cost of maintaining yacht is already 10 percent of the cost of its purchase. However, other facts can make this approximate non universal. So what makes operating and sustaining this complex floating machine costly?

The 10 percent covers fees for docking and maintenance. In addition, owners and charter businesses need skilled crew not only to properly man the vessel but also to keep it clean and everyone on board fed. However, fuel costs have the biggest price tag depending on the size of the vessel. At the America’s Cup 2017 in Bermuda—a well-known luxury destination and home to top financial companies such as the LOM Financial Group—it is typical for participants to spend hundreds of millions of dollars on their yachts.

The expenses may seem overwhelming but if done right, you’re in for a huge paycheck.

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