Most Commonly Overlooked Boating Expenses

Owning a boat is effectively the same thing as flushing your money down the toilet, but if you buy a boat you have the luxury of funding the boat mechanic industry before it goes down the drain for good. Of course, owning a boat does provide you with endless opportunities to create lasting memories with family and friends.

The process of buying your first boat is an exciting process which can cause you to overlook some major expenses involved with owning a boat. The most commonly overlooked boating expenses are boat taxes, moorage fees, having a marine survey, and hiring marine electric services to fix electrical issues.

When you buy a boat in Australia you will have to decide if you are going to sail it locally, or take it on the open waters. If you sail your boat to other countries you must understand that some places have extremely high boat taxes. In some U.S. states, you will be taxed as much as 10% of the value of your boat. To avoid these costly fees, you should thoroughly research your destination before you set sail.

One of the most overlooked expenses is finding a marine surveyor to perform an inspect on your boat before it hits the water. To hire an inspector to look at your boat will cost between $22-30 an hour. Keep in mind that an inspector is not a mechanic and will not be able to fix the damage they report.

There are a handful of mechanics that have dual credentials, but they charge between $95-125 an hour. If the surveyor reports that your vessel is unfit for the water, then you will have to fix all the required issues or risk a several-hundred-dollar fine for being on the water without the proper paperwork.

For a first-time boat buyer, you wouldn’t believe how much electrical work goes into a boat, and how important it is for your trip to run smoothly. Navigation is one of the most important tools for any boat. When you are out on the ocean with nothing but blue in sight, you can become easily disoriented and you will have to rely on navigational equipment to get you home safely. Don’t go cheap on your electrical equipment because it could leave you stranded in the ocean.

Storing your boat is the single biggest expense to owning a boat other than the initial purchase. For those of you who aren’t lucky enough to store your boat at home, you will have to find a storage facility to keep it protected from the elements.

It’s nearly impossible to find an open slot on a dock, so these high commodity spaces cost as much as $2,000 a year. If you can’t find an open dock slot, then you will have to store it in a dry dock. These ridiculously expensive facilities cost you upwards of $600 a month! Don’t be stuck paying these outrageous fees, and make sure you have a place to store your boat before you make a purchase.