When buying a boat, most buyers only budget for the initial cost of buying the boat. Some buyers may also budget for the cost of working with a marine surveyor Fort Lauderdaletrusts. What most people never think about is the ongoing costs of owning a boat. As you prepare to buy your first boat, here are some of the costs you have to keep in mind.
Insurance
While it is not mandatory, getting your boat insured will protect your investment. However, how much you pay in premiums will depend on where you live, the condition of the boat, the type of boat, its size, and your boating experience among other things. Considering southern states have longer boating seasons, insurance premiums in these states tend to be higher. You can thus, expect to pay higher premiums in Florida than you would in Washington D.C. A marine surveyor Fort Lauderdale will not only help with an insurance survey but also help you know how much coverage to get and point you in the direction of the best insurance providers in the region.
Storage
Another expense you have to prepare for is the cost of storing your boat. Most storage lots will charge depending on the size of the boat. They basically charge by the foot. In a boat lot, you can expect to pay about $75 per month for a 20-foot boat on a trailer. Storing the boat at the marina will cost a lot more mostly because of the convenience of the water. Shopping around for storage options can help find the most affordable and convenient boat storage option for you.
Maintenance
Every now and then, your boat will require maintenance. This includes oil changes, buffing, tackling minor repairs, and so on. While these costs may be small, they can add up, especially if you own a really old boat. It is always good to work with a boat surveyor to help you understand the condition of the boat and the average cost of maintenance. The size of your boat will also determine how much you spend on fuel.
Taking time to understand these costs will help you avoid buying a boat that is out of your financial reach. Liaising with other boat owners will help you understand the real costs of owning a boat. You must also consider getting expert advice from a marine surveyor. Their input will not only help you understand the fair market value of the boat but also help you know if you are making a good investment or not.
Marine Surveyor Fort Lauderdale