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Owning a boat and realizing your dream living at sea

Boat Ownership In Singapore

Change your way of life, buy a yacht and move to live on the sea. Being a boat owner does not require extraordinary spirit of adventure, not only the lifestyle of a socialite, but also not necessarily more expensive than living on land.

In fact, Singapore is surrounded by the sea and enjoys a tropical climate all year round, and its inherent conditions have already taken advantage. Recently, as more and more high-net-worth individuals move to Singapore, real estate prices have risen sharply, and it is difficult to find a house in the rental market. In addition, working from home has become popular, and moving to live on a boat has become an increasingly possible alternative.

Dione Schick, co-founder of the yacht trading platform BASCO Boating , conducted an email interview with us to share the reasons and views on owning a boat.

Why should I own a boat?

Owning your own boat is a wonderful experience, bringing joy, adventure, and relaxation to your life. Here are a few reasons:

• Get away from the hustle and bustle of the city, sail lakes, rivers, oceans, and explore hidden beaches, islands, and caves.

• Spend quality time with family, friends and family in private space, fishing together, picnicking, sunbathing on the deck.

• Breathing fresh air, relieve stress, good for body and mind.

• Gain new knowledge about the sea and yachts for an unforgettable experience.

• Overall, owning a boat is a good investment that enriches life.

Is it possible to live on a boat?

Living on a boat is actually perfect for those looking for an alternative lifestyle, or those looking to reduce their living expenses. The cost of living on board can be significantly lower than traditional housing and you may not have to pay rent or mortgages, real estate taxes, utility bills.

Of course, living on a ship also faces different problems. Boats require maintenance and repairs, berthing or marina fees, insurance and other costs associated with owning a boat. Living on a boat also means living in a confined space, which can be challenging for some individuals or families.

Still, for those willing to adapt to a different lifestyle, living on a boat can be a great experience. You can freely travel and explore the different waterways, enjoy the beautiful scenery and immerse yourself in nature. It can also be a great way to simplify your life and focus on what really matters.

Charter or buy a boat? How much should I prepare for?

Charter or buy a boat, on a case-by-case basis, depending on personal preference and lifestyle. While renting a home offers stability and comfort, living on a boat offers a unique and adventurous lifestyle compared to traditional housing.

Costs depend on the size, type and condition of the boat, as well as the location and season. Some of the costs associated with owning and maintaining a boat include mooring or dockage fees, insurance, fuel, repairs and upgrades. Additionally, living on a boat requires certain skills and knowledge, such as navigation, safety and boat maintenance, which may incur additional costs.

How to own a boat in Singapore?

1. Obtaining a boat license: To drive a boat in Singapore, you must first go to the Singapore Maritime and Port Authority to take a class and obtain a recreational boat driving license (Power Pleasure Craft Driving License).

2. Find a mooring marina: Singapore has several marinas that can moor private yachts, such as ONE°15 Marina in Sentosa and Raffles Marina in Tuas. However, some marinas do not allow liveaboards, or have certain requirements for the type, size, value, etc. of the boat.

3. Calculate the cost: Living on a boat requires certain expenses, including berthing fees, maintenance fees, insurance, etc. Remember to calculate all possible additional costs in advance.

4. Join the boating community: Join a yacht club or community to get resources and knowledge about life on board in Singapore, participate in related activities, and meet new friends.

5. Understand the rules and safety of boats: Familiarize yourself with the regulations and safety rules for sailing in Singapore to ensure that you can operate boats safely and legally.

How to buy and sell boats?

As a buyer, it's important to think about what kind of boat you're looking for, what your budget is, and what other features or amenities you'll need.

As a seller, you need to have a thorough understanding of the boat's condition, market value, and any necessary repairs or upgrades. There is also a clear understanding of the legal and financial aspects of the transaction, such as registration, taxes, financing options, and more.

Partnering with a reputable boat broker or e-broking platform provides the resources and expertise to make the buying or selling process easier and more efficient.

How long does the boat last? Is it a good investment?

The lifespan of a boat depends on a variety of factors, including type, use and maintenance, environment in which it is used, and more. Generally, with proper care and maintenance, they can last for decades.

Whether it's a good investment depends on several factors, including initial cost, ongoing maintenance and repair costs, and resale value. Plus, the fun and adventure that comes with a boat can be priceless. In the final analysis, boat ownership is definitely a worthwhile investment for boat lovers, and the valuable experience has surpassed financial considerations.

How do you decide what boat to buy?

Before starting to buy, ask yourself 4 questions and choose according to your own requirements.

1. What is the purpose of the boat and what activities are planned on board? Such as fishing, water sports, sea cruise and so on.

2. Sailing location, such as offshore, inland sea, lake, river, and related docking fees. How far it needs to sail, and how much it will cost to run.

3. How much time do you plan to spend on board? How often do you go on a boat?

4. How much is the budget? Calculate the cost you are willing to pay, in addition to buying the boat also need to cover other related costs, such as maintenance, berthing, insurance and so on.

What other considerations should be made before making a lifestyle change?

Overall, moving to live on board is a fulfilling and enjoyable experience, however, before making an important decision, please carefully consider the cost of living on board and the changes you will have to face in your life.

Enjoy a carefree life at sea, but also face other problems, such as the first outlay when buying a boat, long-term maintenance and repair costs after owning a boat, potential risks (such as weather and accidents), living space Restricted, must often go out to sea by boat, and live a wandering lifestyle with no fixed place.

Before deciding to buy, it may be helpful to speak with the current boat owner, or seek professional advice from a boat broker to better understand the costs and requirements of living on a boat.

Source: https://www.pinprestige.com/sg/lifestyle/boat-ownership-in-singapore/