If you’re the type of person who needs to be able to go an impromptu cruise after looking out the window at a beautiful sunny morning, sole ownership is definitely for you. Sole owners can personalize their boats to their heart’s content–taking pride in its uniqueness right down to that special name on the transom. But, if this isn’t all that important to you, there are other alternatives.
The Fractional Alternative
One alternative is fractional ownership. It is not a boat timeshare program where a corporation owns many yachts at multiple locations, and each shareholder has the rights to use any of them. Nor is it a boat club, where boaters pay a fee for unlimited access to a fleet of boats at one location. Fractional owners actually own a share of one boat–possessing equity in that purchase.
Fractional ownership plans offer a more affordable way for a person to get out on the water. "It’s a great alternative for people who love to boat but can’t use the boat often enough to justify the cost, time or commitment, and is ideal for people who don’t like the hassles of maintenance," says Great Lakes BoatShare president John Pas. "Also it’s a more affordable alternative for boaters who want to move up into a larger vessel, but might not qualify for a higher loan."