There are plenty of costs in building your own yacht that can become excessive if you are not careful with your spending. Building your own yacht can be fun, especially if you are a boat enthusiast. These vessels come in all shapes and sizes. A standard yacht may accommodate up to six guests and span up to 78 feet, whereas a mega-yacht offers room for more than a dozen people with its 200-foot length. Perhaps you want to craft your own custom yacht and bring your nautical vision to life. Although figures vary, you can expect to spend about $25 to $35 for each pound of a newly-constructed mid-level yacht.
Building Your Own Yacht: What to Know
Consider these four cost criteria to get a better idea of how much your yacht may cost.
Yacht Builder
The most important determining factor in your yacht’s expense is the builder you choose to go with. Not all yacht builders are equal, and some will charge substantially more than others. For this reason, it’s imperative to do your research and read plenty of reviews before committing to a builder. You should also ensure that you partner with a professional who values your vision. Moreover, you will need a yacht policy that covers your designs.
Material Quality
You should also consider the cost of quality materials when building your yacht. Often, you’ll have the chance to choose between lower-quality materials that may be more affordable and higher-end materials that will cost more. Staying on budget is essential, but you should be mindful of the long-term durability you could lose if you opt for the cheapest materials available. It’s best to find a balance that will allow you to retain your yacht’s quality without compromising its cost.
Details and Decor
The aesthetic appeal of your yacht is arguably just as important as its functionality. The details and décor you invest in will ensure that it looks incredible. Likewise, you should not cut corners with the paint job, interior design, and other details that will significantly impact the appearance of your new yacht. It may be the most expensive portion of the project, but it’s often worthwhile to invest a little extra to see your unique design materialize.
Additional Features
You can add additional features such as pools, bars, or gyms to your yacht. Your ability to do so, though, will depend on the available space and your budget constraints. You should also choose features that do not impose any watercraft liability. If installing a bar introduces the temptation of drinking and boating, skip it. Your yacht insurance should provide adequate watercraft liability for your new yacht, but you don’t want to unnecessarily do anything that will exacerbate liabilities. Choose features that are safe and fun.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
