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Charter Ownership
At Bellingham Yacht Charters we're aware of your concerns. After years of successful management of charter boats, we've learned how to MINIMIZE your risks and MAXIMIZE your returns. Whether you need revenue to own the yacht of your dreams, or whether you simply want to see your yacht maintained and moored in beautiful Bellingham, let us show you what successful yacht charter is all about.
Why Chartering your Boat may be right for you...
- Vessel Use - It is more beneficial for your yacht to be used and maintained regularly rather than allowing it sit, unused for long periods of time.
- Revenue - With the revenue that accumulates from charting your boat you can pay your annual expenses (such as moorage, insurance, maintenance, etc.) and have money left over for new equipment or to even put towards a loan.
- Tax Write-Off - Depending upon what your individual situation or preference is you can write off your chartered yacht as a second home, write off equipment purchases as well as other tax write-off options. More details can be found at Yachts Tax Advisor
- Ability to Own a Boat- Have you been daydreaming about that perfect yacht, the ability to cruise the great Pacific Northwest waters on a warm summer day at your leisure but can't fathom all of the expenses that come with being a yacht owner, for example moorage, maintenance, etc? Chartering is the answer...it can assist you, and often exceed, the expenses of yacht ownership.
- Better Maintenance and Local Support- Some owners, especially ones that reside out of state, find that a charter fleet is a fantastic way to have their yacht professionally maintained, serviced and taken care of by a company. Without the care of a local charter company, out of state or area yacht owners run the risk of obtaining service from a service company that may not have the highest standards. Sometimes putting a boat in a charter fleet is just a great way to become a part of the a local community and have your boat well cared for.
Why Chartering is not For Everyone...
- Older Boats - Why not put it into charter? It is not a good plan. Not only do old boats cause frusterations and headaches for the owners due to the need for copious amounts of repairs but it is also not a pleasant experience for customers.
- Additional Effort and Flexibility - Honestly, chartering your yacht does take extra effort and flexbility. There is a need to have specific equipment aboard your yacht, communicate vacation plans clearly so that the charter fleet manager can plan accordingly, have your boat ready at a certain time each year, file additional paperwork with the state and keep detailed/accurate documentation for tax purposes, etc. All of these tasks are doable and easy to learn however it is more work than just purchasing a boat and placing her in a slip.
- If you Cannot Handle Sharing or if You Have Unrealistic Expectation- Every fleet tries to keep damages to a minimum but the truth of the matter is that it is a possibility that damages may occur (as with any piece of property) however if a fleet is managed properly owners will not pay for any damages not done by themselves and most customers are a joy much more than they are a burden. If you have expectations that cannot be met (ie. if a coffee mug gets broken and you want the charter fleet manager to charge $20 for it- it won't happen) you should not be in charter. Minor wear and tear should be expected, having things out of order is normal (such as customers moving equipment around, etc.). If you are capable of patience and have a good attitude, chartering would work well for you!
Why We are Different Here at Bellingham Yachts...
- Moorage - We provide moorage here at our docks. Most companies probably do so however Squalicum Harbor is NOT easy to find moorage in and ours (being that we have our own gate) is preferred.
- Damage Deposit vs. Non-Refundable Daily Rate - If a customer is charged a flat fee per day for "insurance" that is non-refundable there is the chance that they could easily damage things and walk away regardless if the daily fee covers the damage or not. Our customers put down (IN CASH) the insurance deductible for the boat up front. This way they pay for what they damage. We reward responsible/good customers by refunding their deposit back to them and we make those who have had an accident or been neglectful pay for their negligence.
- We are Small and Personal- Our Charter owners work primarily with one person, the Charter Fleet Manager, Elaina. They get to know Elaina and develop a personal relationship with her. They also have the pleasure of getting to know our other employees and feeling at home amongst us. Since our charter fleet is small, the owners are not just a "number", they are part of our family
- We Have Our Own Service Crew- Most charter companies hire everything out. Not only could this be bad, as who knows whether the company they hire is honest/good, but it could also be annoying. If the company hired does a job poorly- does the charter company go to bat for the owner to get the refund or service they deserve or does the customer have to take it on themselves? With our own service department not only are we consistent, we also work directly with our customers instead of being a middle man.
- We Charter "Quality" Boats- People charter from Bellingham Yachts due to the higher end yachts in our fleet. With this said, higher end, quality yachts often times attract people who are of the same standard, leading to less negligence or damage incidents.
- Experience- We've been doing this for 24 years!
- Quality not Quantity
Other Advantages to Having your Boat in Charter...
- COST - The typical charter boat owner can reduce the net cash requirement of owning and operating a boat by 30 to 80 percent. This percentage depends upon the yacht's popularity, the original cost, and the age. You cannot "pay" for a yacht by placing it into charter, but charter revenue should pay for annual expenses. Please see our Cash Flow Projections for details:
33' Back Cove Cash Projection
36' Fast Trawler Cash Projection
38' Sabre Express Cash Projection
40' Queenship Cash Projections
42' Grand Banks Cash Projection
43' Sabre Cash Projection (Sea Boss)
43' Sabre Cash Projection (Tabasco)
- HARBOR MOORAGE- No waiting lists, no hassles, and your boat will be moored behind a secure, locked gate that is monitored Monday through Saturday by our staff. On Sunday and during the evening hours the Port of Bellingham has security guards 24 hours a day monitoring all gates.
- ABILITY - The dream of owning a boat becomes a reality through yacht charter. Whether you will be purchasing your first yacht, or whether you plan to upgrade to a larger boat that will accomodate the whole family, putting your yacht into a charter fleet provides the means necessary by offsetting the costs of ownership with charter revenue and tax benefits.
- REGULAR MAINTENANCE - Having your boat in charter means it will be used and professionally maintained by our staff here at Bellingham Yachts (or you may use your own maintenance crew if desired). The usage and regular maintenance provided by putting your yacht in charter secures your investment and allows for piece of mind. You will know that when you wish to use your boat, it will be ready, and you will know that when you wish to sell your boat, it will be in great condition.
- TAX BENEFITS- When you purchase a boat and place it into our charter fleet, you are automatically exempt from paying sales tax in Washington State. To add to this, you should also be eligible to recieve deductions from interested paid and boat depreciation. Please talk to your accountant to discuss further tax benefits for which you may qualify.
- ENJOYMENT- Beyond everything else, owning a yacht is a lot of fun! It allows for recereation and entertainment whether you are with your family or friends. Boating is something that should and can be enjoyed by almost anyone.
- RELATIONSHIPS - By placing your boat in our charter fleet, you instantly gain access to our network of contacts. Because we have been in business for almost 20 years, you know you can trust our recommendations for service companies, sales representatives, and other boating enthusiasts. These relationships that you will acquire will play an active role in successful yacht ownership.
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