Owning a boat is one of the most fun things a person can do if you like to fish, sail, water-ski or just be out on the open water with the force of the wind in your face. The only problem that comes with owning a boat is that your expense extends far past the boat itself. Boat insurance, boat maintenance, storage, and docking fees are all expenses that are a constant reality for boat owners. Here are a few overlooked factors to consider when buying a boat:

1. Boat maintenance

There are various types of maintenance that your boat might require. First is the annual maintenance that covers any damages that might have occurred during a season of use.

Next is semi-annual and quarterly maintenance, which covers parts of your vessel such as engines and mooring poles. However, the most crucial maintenance to include in this factor is the weekly inspections that would ensure that the boat is still in good shape and has no damage. Besides that, you also need to consider the availability of the spare parts required to maintain your make and model of boat.

2. Gasoline costs

Boat engines are typically large, powerful, and fuel hungry. So, it is crucial to consider the amount of gas you will use on your boat and how you can save on these costs. The simplest solution is to buy smaller boats. You can also opt for electric boats, which are becoming increasingly popular since they require only a small battery pack to run. Older, outdated motors require more gas than new ones. So, if possible, opt for a boat with a newer engine.

3. Dry docking

Dry docking is needed to leave your boat on its own when it’s not in use. Many boat owners dry dock at marinas, boatyards, or specific boat storage facilities that could be indoor or outdoor. Boats require different amounts of time before they can be considered dry docked. Boats with fiberglass hulls can sustain longer dry docks, while those with metal and wooden hulls should not be left unattended for too long. If you plan on leaving your boat unattended for an extended period, you should go for a boat that has a fiberglass hull.

4. Boat insurance

Boat and yacht insurance is a must for everyone, and likely the most expensive part of owning a boat. Like your auto insurance, boating insurance protects you from any losses that might result from sudden accidents, theft, or unexpected situations or damage during your water excursions. The amount of insurance payable varies from boat to boat, depending on its type and size. If you buy a larger and more expensive boat, you will most likely need more insurance coverage with higher premiums.

5. Mooring or towing via trailer 

Mooring a boat at a marina or storing your boat on land in a storage facility will come with various costs that differ between facilities. You may opt for secure storage, municipal marina storage, private marina storage, or exclusive yacht club membership. These costs can range from a hundred dollars to above thousands of dollars each month. Fees are typically charged monthly, yearly, and also consider the size or footage of your watercraft. Also factor in additional fees, such as live aboard fees, car parking, and utility fees for electrical power and fresh water supplies. If you own a smaller boat, you can likely get away with storing it in your garage or driveway, however, you’ll require a trailer purchase to haul your boat in and out of the water.