Jump to content

Pro's and Con's of Shared ownership


Rob and Heather

Featured Posts

Hi all,

 

Well we had our first weeks holiday on a NB and we both thoroughly enjoyed the experience, so much so, that we are considering purchasing a share in a shared ownership boat, with a 1/12 option, giving for weeks holidays per year.

 

We have scoured this web-site for as much information on this topic as is possible. It would appear to us, that most postings would appear to be relevant to Time Share Schemes, not Shared Ownership.

 

Any advice on this, subscribers views and experiences etc, would all be gratefully received.

 

Regards,

 

Robert and Heather

Link to comment
Share on other sites

Hi all,

 

Well we had our first weeks holiday on a NB and we both thoroughly enjoyed the experience, so much so, that we are considering purchasing a share in a shared ownership boat, with a 1/12 option, giving for weeks holidays per year.

 

We have scoured this web-site for as much information on this topic as is possible. It would appear to us, that most postings would appear to be relevant to Time Share Schemes, not Shared Ownership.

 

Any advice on this, subscribers views and experiences etc, would all be gratefully received.

 

Regards,

 

Robert and Heather

We have had owned a bit of about for about 15 years now and it works for us although it might not work for everyone. It is much cheaper than hiring and you know the boat you will be holidaying on and you have that feeling that a bit of that boat is yours. However, because the boat is shared, you can't just decide one sunny Friday that you will go boating as another owner will probably have booked that week. I can only speak for OwnerShips who manage our boat but they are engaged by the owners of the boat to manage it to the owner’s instructions. This means that the owners decide where the boat will be based and whether she will be painted tartan or a lovely shade of pink and OwnerShips will carry out the instructions. Why not visit the OS message board and ask questions there? http://pub2.bravenet.com/forum/show.php?se...ernum=153944258

Hi all,

 

Edited to take out most of the typos caused by my cat sitting on the keyboard

Edited by haggis
Link to comment
Share on other sites

Go on do it, I did and I have never regretted a moment. I works superbly for me, I only get a months holiday from work so there would be little or no point in owning outright apart from bragging rights " I have a boat", as for eleven months it would be moored up. We are a private group and yes we have had a couple of problems but then there are twelve of us to share the worry, twelve of us to share the bills, etc.

 

I have hired over the years and it was great but expensive where as now I pay £750 for the year which gives me at least 4 weeks cruising, and for those 4 weeks it is MY boat with all the associated bragging rights. One day when retirement arrives, which has been much delayed because of the actions of Robert maxwell, I will own my own boat outright. Then I will have the time to use it and spent countless hours fixing and fettling and driving down to the mooring on a cold, wet winters day to check the boat is OK, which I have been told is part of the fun? :)

 

P.S. I believe ther is a share for sale in our group at the moment.

Link to comment
Share on other sites

Hi all,

 

Well we had our first weeks holiday on a NB and we both thoroughly enjoyed the experience, so much so, that we are considering purchasing a share in a shared ownership boat, with a 1/12 option, giving for weeks holidays per year.

 

We have scoured this web-site for as much information on this topic as is possible. It would appear to us, that most postings would appear to be relevant to Time Share Schemes, not Shared Ownership.

 

Any advice on this, subscribers views and experiences etc, would all be gratefully received.

 

Regards,

 

Robert and Heather

 

 

I do not want to put a dampener on it, but we have friends who were looking at boast at the same time as I was. Unfortunately (for them) they got seduced by one of the better known operators in this field and have not had a happy experience.

 

It seems that a few "strong voices" dictate where the boat will be based from year to year and it also looks as if assurances about maintenance fees may have been selective.

 

What I can say is that they tend to borrow our boat in preference to their allocated weeks on the shared boat.

 

I suspect a private share (no commercial involvement) between people you get on with may be better, but please take care. It may be more expensive (or not - depending upon standing charges and maintenance fees) to hire, but you go where you want to and when you want to. It will certainly be cheaper than paying to maintain a boat that you can not use because of its location etc.

 

Tony Brooks

Link to comment
Share on other sites

I have a balanced view on this and given that we are considering selling our beloved 3 berther due to an imminent arrival is an option we have considered.

 

Some very good (now liveaboards) friends are very pro-shared ownership and have given us a good overview of the pitfalls and benefits.

 

Pro's

 

-cheaper than hire

- shares don't hugely depreciate

- large bills are shared

- option to move each year and see different canals (one of the big drawbacks of ownership if only use is a couple of weeks hol + weekends)

- community approach and meet like minded people

- option for spare weeks at nil cost.

 

Con's

- strong personalities

- no drop of a hat boating

- possible abuse of 'your' boat by the group

- having to pack up everything everytime - we currently leave lots of basics/books/cds on the boat so can essentially pack an overnight bag and boat.

Link to comment
Share on other sites

I have a balanced view on this and given that we are considering selling our beloved 3 berther due to an imminent arrival is an option we have considered.

 

Some very good (now liveaboards) friends are very pro-shared ownership and have given us a good overview of the pitfalls and benefits.

 

 

Con's

- strong personalities

- no drop of a hat boating

- possible abuse of 'your' boat by the group

- having to pack up everything everytime - we currently leave lots of basics/books/cds on the boat so can essentially pack an overnight bag and boat.

 

Re strong personalities deciding moorings etc. I can't see how this can happen, at least with OwnerShips, as each owner has an equal voice and items like this should be decided on a majority vote. However, with Copperkins (we have had share in her for about 15 years now), we have never had to have a vote as we discuss things and when we have all listened to other points of view, we come to a decision. We have also agreed that "things" which we all might use are left on board. Things like tea, coffee, coal, sticks, loo roll etc are all kept on board and we have a” library" which one of the owners replenishes every year. I suppose every boat is different but we as a group are all now great friends and we never pass up an opportunity to meet up although we live all over the UK.

Re possible abuse of the boat, this sometimes happens but when the other owners point out that more care should be taken, it usually is. A log is kept on board for everyone to write trio reports etc in.

Be careful, however, when shopping around shared schemes, either private or from one of the big companies and check the agreement before signing. One company I know retains a share in every boat which means that they can dictate what happens to that boat and another company doesn't allow the boats to change base every year.

Link to comment
Share on other sites

We've just sold (STC) our share of a 2003 Ownerships boat, having had four seasons of use. It suited us well at the time (especially since it is a 'special' school holidays share, for which you pay a premium).

 

We had a lot of good experiences (it's a really nice boat) and a few duff ones. At the risk of repeating some of what has been said above:

 

Advantages:

Very good looking, reliable, well designed boat

A lot cheaper than owning your own, much less capital involved

Can move it around from one season to another (by mutual consent) and get to see lots of the network in the process

There is pride in ownership, when you have the boat

Always comes with a full diesel tank and gas bottles when you pick it up (in theory, anyway)

Predicable costs: cheaper than hiring (though not all that much cheaper)

Fairly easy to sell on when the time comes

 

Disadvantages:

Varied wants and aspirations of co-owners can cause friction (some can be excessively anal)

You have to return boat early on the last day or you get grief from the Ownerships rep

You have to book your three weeks up to 18 months in advance, which can be inconvenient, and when you finally get there, it might be persisting in down with rain

Need to clear all your possessions out: you would leave most of them on your own boat

 

We've moved on because of changes in circumstances and a different life/work balance. The ability to get on our boat whenever we fancy was the clincher for us, and no shared ownership scheme will offer that. But you pays your money and you takes your choice.

 

Ian

Link to comment
Share on other sites

I'm impartial because I have my own boat but shared ownership is a completely dumb idea in my view. I cannot understand this weird desire to be in the hands of 11 or whatever other people when it comes to deciding on a whole load of factors like where the boat is moored, when you can use it and so on. And of course you are liable for your share of the outgoings all the time. Why on earth would you seek to be shackled to one boat in one place like that? The lack of freedom and flexibility is overwhelming. Want to go and explore a bit of interesting canal that's some way from the boat's base? Forget it you can't because you don't have the time to get it there. Want to go on certain dates? Forget it because some other greedy overbearing bozo has already taken it. Want out? Forget it, you're trapped until the boat is sold, and morevoer you have no control over when that might be. The only other way is to find some other mug to take your place.

 

Hire is the obvious way to go. It buys you total freedom to go where you want, when you want without begging permission from others. Importantly in my view all this is achieved without having any continuing commitment to share in the boat's costs. You pay only for what you use. If it costs more then it's well worth it in my opinon.

 

regards

Steve

Edited by anhar
Link to comment
Share on other sites

Having hired for several years, we've now decided to go down the shared ownership route. I'd say RichardH seems to have the pros and cons about right (and Steve has exaggerated the cons and hardly considered the pros at all).

 

Having done lots of research and talked to lots of people, we discovered there are big differences between the various schemes. Some make you use the same weeks each year, or limit you to off-season weeks unless you pay a lot more. Some won't let you change the boat's base. Some are little more than pay-in-advance hire schemes, where you never actually own part of the boat.

 

If you can't afford a whole boat, or if you couldn't make enough use of it even if you could, then shared ownership is well worth considering. But make sure you investigate the pros and cons of each scheme before making up your mind.

Link to comment
Share on other sites

The lack of freedom and flexibility is overwhelming. Want to go and explore a bit of interesting canal that's some way from the boat's base? Forget it you can't because you don't have the time to get it there. Want to go on certain dates? Forget it because some other greedy overbearing bozo has already taken it. Want out? Forget it, you're trapped until the boat is sold, and morevoer you have no control over when that might be.

 

The only other way is to find some other mug to take your place......

 

I can't see that its any cheaper than hiring either when the hidden costs are considered........The lost interest on your capital invested, depreciation.

Link to comment
Share on other sites

Just some thoughts:

 

Shared/co ownership you still pays your money, if you cannot use the boat.

 

Not ideal for those with fixed holidays.

 

Yes it is a way to get a better boat than hiring (possibly) as the joint/share owners are more likely to care for the boat than some hirers but the boat works 48 weeks a year (hire boats do not).

 

You have to be certain that you can use all of your weeks every year or you start to lose.

 

Not for me, I am biased, as plan to live aboard. B)

Link to comment
Share on other sites

One thing that always struck me about shared boats: take the typical 12th share giving you 4 weeks. Now most people get 4 - 5 weeks holiday which means you have to commit all your holidays to boating (yes I know - what else would you do?). You have little flexibility and if one of your weeks doesn't suit, you lose out. When all the costs are added up, it doesn't seem to be a lot cheaper than hiring, especially as you can usually negotiate a decent rate out of season.

 

I would also find it difficult to share "my" boat with other people. I know some shares work well, Copperkins is one of them, but many give rise to all sorts of grief for people.

Link to comment
Share on other sites

"Disadvantages:

Varied wants and aspirations of co-owners can cause friction (some can be excessively anal)"

 

 

Go on - give us a laugh - what did they want?

 

A flavour, no more...

 

"We'd like some brackets welded in the foredeck so that we can padlock our bikes to them"

..and the rest of us can systematically remove skin from our knees whenever we want to put water in the tank.

 

"We never use the microwave, so can it be removed and the space used for a bread bin?"

..why not keep yer bleedin' bread in the microwave?

 

"The new mobile phone mounting should be in the forward saloon, not near the rear hatch"

...thus making sure it can't be heard by the steerer under any circumstances. On the other hand, you could just leave it switched off...

 

"the consumption of diesel fuel seems excessive"

...not surprising judging from some of the diary entries - you must have been averaging at least 5mph

 

I'd better stop now in case any of the co-owners recognise themselves.

Link to comment
Share on other sites

Some comments on some of the points which have been raised.

 

You are not restricted to cruising one area. The owners agree every year where to moor the boat for the following year and this gives an opportunity to see the whole connected system. But even if the owners don't agree to change moorings, you canal arrange with fellow owners to do away from base changeovers and the boat can actually be away for ages if several owners decide to do this. OwnerShips will arrange servicing etc round where you want to change over. With you own boat, if you want to cruise another area, you have to move the boat there and back yourself, probably using up scarce holiday time to do this. I am not talking about liveaboards or continuous cruisers here who are definitely not candidates for shared ownership of a boat.

 

As I said at the beginning, shared ownership suits some people and not others and that's fine. Life would be boring if we all wanted the same thing.

Link to comment
Share on other sites

Hire is the obvious way to go. It buys you total freedom to go where you want, when you want without begging permission from others. Importantly in my view all this is achieved without having any continuing commitment to share in the boat's costs. You pay only for what you use. If it costs more then it's well worth it in my opinon.

 

regards

Steve

 

The cost differences can be huge though. The boat we're buying into has annual running cost contributions this year of just over £600. (We're paying half that because of joining halfway through the year). We're buying a share with two weeks booked in September, and another in October. I've just looked at the hire prices for a similar sized boat from a nearby company which we've used a couple of times. The price for the exact same two weeks in September comes to £1865. So for us who will make use of at least two weeks a year, and probably a couple of weekends at least in addition, shared ownership makes good sense.

Edited by adam1uk
Link to comment
Share on other sites

I can't see that its any cheaper than hiring either when the hidden costs are considered........The lost interest on your capital invested, depreciation.

 

I have spent close on £15000 hiring in the last 10 years.

 

For the same amount i could have had a share, on a better boat, had 33% more weeks, and i could have then sold the share recouping more than 50% of my initial outlay.

 

So to summarise, more weeks, less money....and the boat will always be in a better condition than some of the shite ive ended up with from hire companies.

 

For me, its simple.....

 

if you only want to go for a week a year, hire.

 

If you want to cruise more, but are limited due to work (i.e i get 6 weeks a year, and dont want to use them all for boating) and funds....get a share.

 

If you CAN cruise more than say 6 weeks a year, AND have £20k+ handy....and can afford to pay more than £100 a month to maintain........buy a boat.

 

For the last 10 years i have hired.

For the next 15 years i'll have a share

Then i'll buy one...

 

Unless i get made redundant or get the sack, in which case i'll buy one!!!!

Link to comment
Share on other sites

At todays prices for an 8% share you'll pay 9,600 + 1200 per anum average running costs. I feel it unlikely the boat would only loose half its value over the 10 years. I can't see how a 10 year old high usage boat will be worth 60K residual.....and some people even service a loan to buy their share.....

Link to comment
Share on other sites

We've had an Ownerships share for the past 7 years after hiring for over 20 years. At £6000 plus the annual costs of around £900, it is the best thing we've done. A guarantee of 3 weeks a year plus as many others as you can fit in. If you like winter cruising, that can be quite a lot.

 

Yes, there is some debate on mooring sites, but it is usually a sort of North/South divide. The Southerners don't like traipsing up the M1/M6. As it is, most mooring locations are well North of the M25. For myself, living in Southampton, I am happy to go anywhere. And yes, it is a majority decision.

 

We have just sold our share for £3000 as we have bought our own boat, so my total costs for 7 years are £9300. I estimate we have had 26 weeks cruising. 15 years ago we were paying Alvechurch over £1000 for a week on a 6 berth boat.

Link to comment
Share on other sites

You have forgotten the £2,500 interest your 6k would have earned you over the 7 years..... B)
This is correct in principle but I think the £2,500 is well over stated. However as I see it there is much more to the argument than mere money.

 

Freedom is the key to this really. The enormous lack of freedom, indeed shackles, that come with sharing are so negative compared with hire that no mere financial comparison even if it shows sharing to be pecuniarily advantageous can compensate in my view. The terrifying commitment to tying up that lump sum at the start for many years and paying annual maintenance for the same term whether you use the boat or not. The total lack of being able to use the boat where and when you like. These are the reasons why sharing is such an appalling prospect. No amount of saving is worth enslaving your boating freedom in that way in my opinion.

 

regards

Steve

Link to comment
Share on other sites

You have forgotten the £2,500 interest your 6k would have earned you over the 7 years..... B)

 

Please tell me where I can get £2500 interest on £6000 in 7 years, and I'll move all my money there immediately.

Link to comment
Share on other sites

I've said it before, and I'll say it again.

 

I'd rather have my cruiser, and own it outright, and be able to do what I want with it, when I want to do it, than have one 12th of a narrowboat.

 

I just can't see the point of taking up a hobby that's all about freedom, and then accepting such constraints as shared ownership.

Edited by fuzzyduck
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.