Jump to content

Looking at a boat share


Onionman

Featured Posts

After yet another excellent hired narrowboat break (this time along the Kennet & Avon) we're looking to buy a share in a boat.

 

In the long-term, Mrs Onionman and I see ourselves spending a great deal of time on a boat. I run a business that requires me to be at home for three weeks out of six and we think we might end up with two of the three "free" weeks on board. In that period, I'd need access to a laptop for about an hour a day along with phone and internet access. Then when retirement beckons (six or seven years) plenty of time on the water.

 

In the short term, however, our kids are in the last couple of years of school so we ideally need school holiday dates for our trips.


So, we're considering a 12th share in one of the many boats offered by Carefree (largely because they offer school holiday shares which would guarantee us a fortnight in the summer). In a couple of years when the kids have gone, I see us possibly sticking with a share for another year. If at the point we're chafing for more time we'll look to buy a boat and sell the share. If we're finding ourselves not using it, we'll probably consider selling the share and not buy a boat. If we just like doing four or so weeks a year we'll keep the share.

 

I don't know how unusual it is to think of buying a share for maybe only three years. Can anyone see any particular pitfalls with taking that approach?

 

Thanks.

Link to comment
Share on other sites

It seems like a sensible plan to me.  We had a share before we bought our own boat; you have to accept that there are some frustrations such as other owners moving everything in all the cupboards each time they're on board (!) but it's a cost effective way of getting several weeks a year afloat, and certainly a lot cheaper than hiring.  You can often get more than your allocated weeks by bidding for extra ones,  At the end of three years you can sell your share and are likely to get most of your initial layout back.

 

Don't limit yourself to Carefree Cruising.  Virtually every boat has shares for people who want school holidays.  For ex-OwnerShips boats they're called Special Shares, and pay a bit extra in running costs each year in order to get school holidays.  The way it works is that where-ever you are in the rota for selecting dates, you get first pick for school holidays.  Look at the BCBM website for example, and look for boats with Special Shares for sale.

  • Greenie 3
Link to comment
Share on other sites

4 hours ago, Onionman said:

After yet another excellent hired narrowboat break (this time along the Kennet & Avon) we're looking to buy a share in a boat.

 

In the long-term, Mrs Onionman and I see ourselves spending a great deal of time on a boat. I run a business that requires me to be at home for three weeks out of six and we think we might end up with two of the three "free" weeks on board. In that period, I'd need access to a laptop for about an hour a day along with phone and internet access. Then when retirement beckons (six or seven years) plenty of time on the water.

 

In the short term, however, our kids are in the last couple of years of school so we ideally need school holiday dates for our trips.


So, we're considering a 12th share in one of the many boats offered by Carefree (largely because they offer school holiday shares which would guarantee us a fortnight in the summer). In a couple of years when the kids have gone, I see us possibly sticking with a share for another year. If at the point we're chafing for more time we'll look to buy a boat and sell the share. If we're finding ourselves not using it, we'll probably consider selling the share and not buy a boat. If we just like doing four or so weeks a year we'll keep the share.

 

I don't know how unusual it is to think of buying a share for maybe only three years. Can anyone see any particular pitfalls with taking that approach?

 

Thanks.

It is quite a common thing to find that people buy a share for a couple of years or so before purchasing their own boat. It is quite often the case that they hadn't intended to but that the bug had bitten!

 

i have to say, though, that if a new share owner let it be known that this was their intention from the outset, it may irk their fellow owners because they might be considered not to be taking their joint ownership seriously. The best syndicates run because everyone treats the boat as their own property (which, of course, it is as far as their share goes. ). The worse attitude is to treat the boat as a hire boat.

 

Howard

 

 

  • Greenie 2
Link to comment
Share on other sites

Go for it - welcome to our world - you wont look back - look at all opportunities though not just Carefree - IMHO if you are "certain" that you will sell pretty quickly look for the cheapest shares that will keep you happy as there is less risk on resale - yes it will mean an older boat but so what you will not be keeping it very long 

Edited by Halsey
Link to comment
Share on other sites

As with a boat that you solely own, the newer the boat the more it will depreciate, so I suggest you look at the older boats with a cheaper share. There are plenty of decent boats available for just a few grand a share. On an older boat the running costs may be a little higher but it's still far cheaper than hiring. Shared boats tend to be very well looked after and maintained, probably because each share owner is only having to pay a twelfth the cost of everything.

 

In 2009 we paid £3,500 for a 12th share in an 8 year old 58ft and sold it 4 years later for £3,250, and got 4 weeks a year use of it for less than the cost of one week's high season boat hire.

Link to comment
Share on other sites

15 hours ago, adam1uk said:

It seems like a sensible plan to me.  We had a share before we bought our own boat; you have to accept that there are some frustrations such as other owners moving everything in all the cupboards each time they're on board (!) but it's a cost effective way of getting several weeks a year afloat, and certainly a lot cheaper than hiring.  You can often get more than your allocated weeks by bidding for extra ones,  At the end of three years you can sell your share and are likely to get most of your initial layout back.

 

Don't limit yourself to Carefree Cruising.  Virtually every boat has shares for people who want school holidays.  For ex-OwnerShips boats they're called Special Shares, and pay a bit extra in running costs each year in order to get school holidays.  The way it works is that where-ever you are in the rota for selecting dates, you get first pick for school holidays.  Look at the BCBM website for example, and look for boats with Special Shares for sale.

Look at as many share offers as you can. Here are a couple of other sites where you can find shares for sale.

Boatshare

 

http://boatshare.co.uk/

 

BCBM

https://www.bcbm.co.uk/

 

Re the comment above about school holidays as an example, our self managed boat currently has one "special share" which give the owner guaranteed holidays in school holidays. We allow a maximum of two such shares  out of the total of twelve shares; some boats have three such shares available.

 

Good luck.

 

Howard

Edited by howardang
Link to comment
Share on other sites

We started by hiring and then a private share boat. We were responsible for setting up the share with a group of friends, we had shares in this boat for 10years when we bought our own. The share boat is still going with new owners. There are advantages of a private share rather than with one like Carefree:- maintenance may be done by shareholders which keeps the costs down, you also get to know how boats work which will help when you come to buy your own. We used to decide on a loose itinerary for the boat each year and handovers where made wherever the boat was so you don't end up cruising the same canal each time you go out, that way we got to boat most of the main cruising areas in our 10years. You also get to know what you like/dislike in the way boats are laid out which will help inform your choice when you come to own your own.

We don't regret being in the share as we got a tremendous amount of enjoyment from it and the experience gained means that I am not phased by problems on our boat.

I agree with the comments about looking for an older baot.

Link to comment
Share on other sites

Boat share is a good entry without the major outlay and useful if you are still working or limited to the amount of holiday time including, as you mentioned kids school hols. This was my route to boating some years ago.  Personally I'd go for a members/private syndicate as to avoid management fees, although a managed syndicate is preferred by some folks.   Important to have a sound and clearly understood weeks allocation arrangement and most of all a stone wall disputes resolution procedure. 

Like having the fire brigade, will probably never need it but good to know it's there.

 

As others have said, take a good look around for the arrangement that suits you and go for it.  Best of luck

 

 

 

Link to comment
Share on other sites

Thanks to you all for some excellent suggestions.

 

I see it as a way to go from our occasional weeks to a cheap few years with the kids then a way to test the water with Mrs Onionman to see if four weeks away is blissful (as we hope) or puts us at risk of killing one another (I'm fine, she's the weird one). I wouldn't mention the possibility that we might sell soon; after all, four weeks a year might just turn out to be what we need long-term.

 

I hadn't thought about the "learning maintenance" benefits of private shares but I can see it could teach us a great deal - also the reduced cost appeals.

 

I'd written off private ownership by means of a decision a few weeks ago that had led me down that path. We dropped that requirement but I seem to have been mentally stuck with it. So private is definitely an option. Plenty to look at!

 

Link to comment
Share on other sites

Another advantage of shared ownership over private ownership for a holiday boat, is the ability to move base every year and thus see most of the connected system in a fairly short space of time.

 

I had shares in boats for 22 years until I retired and bought a while one.  Owning a boat and only using a boat for 3-4 weeks holiday per year just didn't make financial sense to me, hence the reason why i waited until I retired and could spend more time on it.

Link to comment
Share on other sites

4 hours ago, cuthound said:

Another advantage of shared ownership over private ownership for a holiday boat, is the ability to move base every year and thus see most of the connected system in a fairly short space of time.

 

I had shares in boats for 22 years until I retired and bought a while one.  Owning a boat and only using a boat for 3-4 weeks holiday per year just didn't make financial sense to me, hence the reason why i waited until I retired and could spend more time on it.

Same as us but only 8 years

Link to comment
Share on other sites

As many others have done, we started off hiring. We then had a share for some 4 years or so before buying our own boat when our personal circumstances allowed.

 

I would definitely recommend shared ownership. Its a very cost efficient way of getting around 4 weeks a year cruising and a stepping stone between hiring and owning your own.

 

It helps if you have a good syndicate. As someone mentioned previously, you want members who treat the boat as their own, rather than like a hire boat. We were lucky in that respect. But generally, you don't know what they are all like until you have committed. In an earlier life, I did quite a bit of gliding. I joined a glider syndicate, but knew all the members beforehand. That's probably why I found joining an unknown syndicate a bit strange

 

Shared ownership gives you a good insight in to what is involved with boat ownership. Maintenance, licensing, insurance, mooring fee's, budgeting for contingencies etc. These are all discussed throughout the year and at the syndicate AGM.

 

The biggest drawbacks we found were having to lug everything on to the boat each time you used it. Then unloading and cleaning throughout ready for the next owners to come aboard. Also, obviously, you can't just go out for a weekend on a whim. But then, you get what you pay for! 

 

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.