In the modern age, more and more people are looking into purchasing property rentals abroad. Thanks to the boom of Airbnb, we’ve all seen the light, and, most importantly, realized how much money we could make. While there’s no denying that holiday rentals are good investments, this influx could spell problems. After all, everything becomes less valuable in a saturated market.
Instead of jumping into the popular rental business, why not think of lesser-known alternatives? Taking your rental to sea, for example, could be an excellent way to make more money. By investing in a luxury yacht, you can offer an exclusive experience, and see huge returns.
But, as this option is spoken about less, you may not realize the technicalities involved. As you can probably guess, renting a yacht isn’t quite the same as property. For one thing, it’s called chartering. And, there’s the noticeable difference of being at sea.
To help you get your head around the differences, we’re going to look at the steps you should take before your charter goes off the charts.
Pick your destination
The main difference between yachts and buildings is that yachts can move. As such, you get your pick of holiday destinations. It’s worth doing a little research to find out where you’d make the most money. The French Riviera is an iconic chartering location. Spain’s Balearic Isles is also worth attention. They recently changed their laws to allow chartering of larger yachts.
Make sure, too, that you always get the correct permissions. You need to apply for any necessary licenses beforehand. It’s also worth understanding the law in each area to ensure your operations are above board.
The correct condition
In a rental property, a landlord has a responsibility of maintenance. The same can be said in a yacht. As well as general checks, you need to ensure the inner-workings are in top condition at all times. You can do this with help from the marine electrical services offered by companies like TESS. This way, trained professionals can ensure general maintenance. They can also deal with any issues. Regular checks are essential. Otherwise, you could face lawsuits and unhappy customers should anything happen.
Go it alone, or get a little help?
When renting a holiday property, you have the choice of playing the role of a landlord or passing the buck to estate agents in the area. You get the same choice with your yacht. There are various chartering companies out there, who will list your yacht and take care of bookings. The main benefit here is that you won’t need to worry. You can just sit back and watch the money coming in. Of course, you will need to pay some commission to the company in question. If you want to keep all profits, you could take this upon yourself. Renting to friends, or listing your yacht privately online could still lead to custom. Bear in mind, though, that you would become the first port of call this way.