3 Financial Benefits of Living on a Boat

There are plenty of pros and cons of living on a yacht. Many liveaboard boat owners choose the lifestyle because of the freedom it gives them, the freedom to travel and essentially live wherever they want. Another reason people choose to make a liveaboard boat their home is the idea of living on a boat to save money.

In fact, after the initial major investment of purchasing a vessel, there are a number of financial benefits of living on a boat. It can be considerably cheaper than living in a house on land. Here’s what you save by living on your boat.

Avoid Property Taxes
Unlike owning a house, boat living doesn’t involve any property taxes. When it comes to what you save living on your boat, not having to pay property taxes is a pretty major amount of savings. You get to own your residence while paying rental prices. Essentially, you get the best of homeownership and renting a home in one package with a liveaboard boat.

Pay Less in Rent Costs
The rent you have to pay when living on a boat comes in the form of slip fees or dockage rates charged by the marinas where you’ll be docking your boat. These monthly rental fees are usually much lower than the cost of renting an apartment. While prices vary based on area and the length of your vessel, average slip fees cost less than $1,000 per month. That fee often comes with gated security and amenities, while metered electricity comes at an extra, but still reasonable charge.

Decreased Insurance Fees
Another way you save money when living on a boat is having to pay much lower insurance rates. When comparing average homeowner’s insurance versus boat insurance, boat insurance is considerably cheaper. While average homeowner’s insurance can add up to thousands of dollars every year, boat insurance typically costs less than $1,000 per year. Your insurance rate will, of course, depend on the size and value of your vessel, but rates are, more often than not, still lower than they are on land.

Yacht Management South Florida, Inc. is a Fort Lauderdale yacht management and yacht maintenance company. At our Fort Lauderdale marina and full-service boatyard, we offer yacht restoration, refits, and regular maintenance packages that include boat bottom cleaning, boat hull painting, repairs, and other premier onshore or dockside services. Contact us or call (954) 941-6447 today!