Fractional Ownership

[B175Chris]

A friend of a friend that I don't really know has asked me (as resident boat expert?!) what the advantages and disadvantages to fractional ownership... he's given me this website as the kind of thing he's looking at: http://www.themarineclub.com/HowDoesItWork.aspx

I don't want to look completely clueless so I said I'd get back to him, but I don't really know anything about it /forums/images/graemlins/blush.gif

Reckons he has about 30k to spend, never done boating before, and his original idea was to buy an old 16ft Fletcher or something and do it up with some basic engineering knowledge, which i advised against... so anyway some clot has told him to get a bigger boat and start off big rather than in a small one like I think you should because he can 'afford it' (obviously not a clue how expensive things are in the boating world) - he has no quals but he seems pretty intent on getting a boat, are there any major pitfalls to look out for?

Thanks in advance for any info... /forums/images/graemlins/smile.gif

 

[sarabande]

until he has a decent amount of experience,and a few quals, no syndicate is going to take the risk on him.

I suggest he spends a thou or so on a decent training / residential course with one of the forum tutorial whizzes, and then the balance on the kind of boat that he is going to be happy in.

 

[EME]

Arent we mixing a few different issues up here?

- Noone is going to argue against qualifications and experience. Everyone has to start somewhere though - and maybe that should be the first bit of advice which is often given here. Try a few course / days with friends etc.

- Big boat vs Little Boat .... again it is often argued here. I suspect most of us would like 'Bigger than we can afford .. or anything!

- Syndicates dont necessarily demand experience. At least one frequent poster here had a syndicate member who chose to have his own skipper whilst other synd. members(s) were competent skippers.

- The concern about a mate and his £30,000 would be real. The options would either have to be a 1-2 week 'timeshare' or a smaller boat , and concerns about his personal acceptability in the latter might then become an issue as a pro-captain would probably not fit the bill.

- I know nothing about 'The Boat Club' but it does look like a cheap way to 'Try it - and -see' without the major capital outlay boat ownership inevitably brings. So might well be a good short-term solution ( plus training etc.)

Just my halfpenny's worth but I think its a case of sorting the guy's priorities and plans out rather than saying 'No'.

 

[bigfish]

the marine club and sailtime are not fractional ownership, as you do not actually own anything!!

and £30K is not much money to go into a fractional ownership scheme - does your friend also realise the annual fees, cost of fuel etc etc

if the scheme is on a bareboat, then he will need more experience than he has, although if he enrols on the courses, he could join, as he would need qualifications for the insurance cover (if overseas) and the t&c's of the management co.

fractional ownership is great as it allows you to enjoy ownership of a great boat but not the finance costs - this applies to buying a newish boat costing £100K+

as all costs are divided equally, the annual fees will be reduced over sole ownership.

The only downside really is the amount of time you would spend on the boat - if you live close and wish to use the boat each weekend etc etc, then FO is not for you. If you live some distance and perhaps want to spend one weekend a month for example, then it can work for you.

Actually owning a boat will encourage you to look after it much better than just chartering it or joining something like sailtime - I'm not saying that you won't look after it, but some people are like that, its human nature!

Let me know if you want ot know anything else....

 

[ari]

Fractional ownership - most of the disadvantages of charter with most of the disadvantages of ownership.

 

[Kawasaki]

That Operation is just round the corner from Me.

Haven't a clue how its doing!

Also on My doorstep.

www.seawake.co.uk

Seems to be doing OK!

 

[Solitaire]

Check THIS out. We have been doing their training for the last 4 years and are now the Hamble center. There are many satisfied "owners" and a lot have moved up in terms of size of boat.

This is true fractional ownership where you are a 25% owner and get any residual after the term.

 

[Kawasaki]

[ QUOTE ]
A friend of a friend that I don't really know. Obviously! has asked me (as resident boat expert?!)

[/ QUOTE ] :

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