My answer to I'm considering buying (in cash) a yacht instead of a house. Is this a good idea? What should I expect?
Answer by Desmond Last:
Much as I love yachts I have to say that the house is a better investment. Most used Yachts that are over 5 years old, if bought carefully, will return you the original investment less your maintenance costs.
If you buy very carefully you will even make money. I have bought both; homes and Yachts. The homes I have bought have always outstrpped the capital gains of the yachts. A home can be rented out and will pay for the cost of your yachting odyssey and it does not sink.
However in terms of excitement and something to look back on you cannot beat the Yacht.
My advice would be to buy a home and raise a loan on it for a Yacht. The rent will pay the Yacht payments and help with the upkeep.
Desmond Last's answer to Why is owning a boat very expensive?
Golden rule which must never be ignored even if Hell freezes over ‘Do not buy a Yacht without an out of water survey by a Marine Qualified Surveyor’
Second Golden Rule never be to be ignored even if Hell does not freeze over ‘ Make sure you can get Marine Insurance before you buy the Yacht’.
I'm considering buying (in cash) a yacht instead of a house. Is this a good idea? What should I expect?