Hey cruisers,
Short question: When would you consider
buying a boat that's in
charter (and leaving it there) if it's the only realistic way you can own it? And it's the perfect
boat for you?
I'm looking for some input into a decision I'm looking at. It's a biggie.
By way of background, I'm approaching 40, have a wife and a one-year old son, and few land ties that I care about. My wife and I have skills that allow either of us to earn over $100k (Canadian), but not lots more, and I can
work anywhere I have an
Internet connection. For now I'm being a stay-at-home dad, and have been using my idle time to shop for
boats.
I've been interested in sailing since my youth, and have been active at my local yacht club for over a decade
crewing on cruisers and racers, lately foredeck during
spinnaker races. The last, and only,
boat that I've owned is a Hobie 18. I've been reading the boat owner's library - Practical Sailor, Nigel Calder's
books, etc over the years. I am very certain that I want to
live aboard for as long as practical, starting with journeys for a few months, then a year, and then multi-year.
The thought of trading up through
boats as I undertake this just fills me with dread. Getting to know a ship, with all its quirks, ironing out the ones that bug me, only to
trade it out for something bigger and better sounds like a great way to be annoyed and spend
money.
We've chartered in the
Caribbean, and my wife has announced that the only type of ship she feels comfortable on is a
catamaran. Heeling is the main problem for her, and the main benefit is not having to scramble around collecting stuff before taking off in the morning. I've seen people swear they won't let their wives onto a cat for just such a reason.
I have come across a 10-year old cat that is intriguing. Just over 10 years old, a brand known for a well-built reputation. I've chartered the boat for a few days, and have convinced myself that it's solid, meets my needs
current and future, and is a hell of a lot of fun (10 kts in 20 kts of
wind with 2
reefs in). The list of deficiencies is modest, but it does exist; the worst is that the GPS/chartplotter is dated and an ill-considered vent in a
hatch that people obviously step on has cracked the
hatch. I am sure the boat has kissed the
charter dock a few times, but not humped it.
Its first 5 years were in
salt water, in the hands of someone not especially great at
maintenance. Typical example: The sacrificial bits on the outboards sacrificed themselves.. and weren't replaced. The
current owners picked it up and relocated it to the
Great Lakes, where it is in charter. As a cat, it's the busiest boat in the charter fleet and sees perhaps 7-10 charters a year. The charter company owner is picky, and required the current owners to invest significantly reviving the boat from its hard first five years. It is my view that the chartering area attracts a more modest sailor, not your typical 30-somethings on a booze
cruise in the
caribbean.
The boat's asking high in the $100,000's; the charter revenue after the dust settles produces
income of around 7% of that. While in charter the boat might cost me $3k a year; out of charter... closer to $20k. I'd better be having a hell of a good time for that kind of money!
I think the only thing giving my wife and I pause is the fact it's in charter about 5 hours away, and to pay it down I'll have to leave it in charter for another couple of years. The fact we need to take the boat out during the off-season for longer cruises is not a big deal.
I would welcome some input into this decision.