Appreciate it, I would've never known the service existed, thank you all.That is an excellent idea. A great way to dip your toe in with no long term commit or huge up front investment.
Yes understood on the burden of just getting coverage and I need to a few years to work on that. But how do most yatch owners finance $2million dollar plus vessels? During low interest rates, they could just borrow against their assets, which made sense.I would say don't do it. In every case, I would say don't buy a boat unless you can afford to pay cash for it. Also, you need to really drill down on what is available, and how much it will cost for insurance that covers Hurricanes on PR.
In my personal experience, everyone that I know that bought a 2 million dollar boat could easily afford to pay cash for it. They might not have due to some tax reason, or something, but it wasn't because they didn't have the cash. I had one friend with a boat that was valued right around 2 million, used (it was 3.5 new), and his insurance was $50K a year!Yes understood on the burden of just getting coverage and I need to a few years to work on that. But how do most yatch owners finance $2million dollar plus vessels? During low interest rates, they could just borrow against their assets, which made sense.
Doesn't it make theoretically more sense to get a loan, if you can write off the interest expense?
It will be achievable to have a monthly income to cover something like this, but to pay in one lump that could mean savings of 20 years? Is that really necessary if it was treated as the primary residency? That is another struggle to deal with.