When you buy an own yacht and let it to a charter company, consider the following points to take the best decision:
Usage: Discuss and decide clearly as to when and how long you want to avail own usage of the yacht every year. You should get the yacht for self-use at the right time. At the same time, your yacht should not be lying idle and earn you money. So deciding this clearly will avoid disappointments.
Visit boat shows: Before owning a yacht visit a few boat shows. This experience will widen your knowledge of the yachts. You can meet the sellers and get your queries answered.
Finding the best charter company: Find the charter company which offers the best revenue. They should be accommodative when you require the yacht for self-use and maintain your yacht with great care. You can find one such company here –https://www.4yacht.com/
Expenses: Be clear on who has to spend which of the expenses when you let your own yacht. Most of the charter companies meet the maintenance by themselves and do not bother you. They maintain it very well in order to attract their customers. The yacht which is often used on seas will require replacement of interiors and chains frequently. Painting is must to prevent corrosion. Hence clearly lay down the terms and conditions of responsibilities of the parties concerned in the contract.
Agreement for private locker: In the agreement ensure that there is a clause for providing a private locker. You can store your personal things like sea sports equipment etc in the locker so that you need not to carry it each time when you use it for your family vacation.
Terms of inspection: While letting out the Yacht be clear on when and how to inspect. Few charter companies agree for inspection after every sail. As a precautionary measure inspect the yacht and ensure that it is well maintained.
Insurance and warranties: While letting the yacht be clear on the sharing of insurance premiums and who will exercise the warranty rights.