Your Boat Share Questions Answered
What is Smart Shared Boat Ownership?
It is a professionally run boat share or yacht syndicate arrangement.
You purchase equity in a boat and pay a share of the maintenance expenses and running costs.
If you own 10% of a yacht you pay only 10% of the running costs.
Boat share and yacht share ownership is becoming more and more popular for good reason… it makes financial sense to share the cost of owning and running a boat and still get all the use you ever wanted.
Where are our Sydney yacht shares based?
Our yachts are based at Bayview Anchorage Marina at Bayview on Pittwater overlooking one of the world’s finest cruising grounds. This thriving full service marina is the best place to simply stroll aboard your vessel and cast off on a journey of fun and relaxation.
Here’s more about Pittwater Sailing
How much time can I reserve on the boats?
A 10% boat share entitles you to 10 weekend days and 24 mid weekend days per year.
These are split over the summer and winter seasons to ensure year round use of your boat. Owners with 2 x 10% stakes (or a 20% stake) enjoy 68 days access entitlement per year.
How do I schedule time aboard my Sydney boat share?
We have designed a simple to use online booking service where you can check availability of your yacht and make bookings at any time.
What if I want to use my boat for more than 34 days per year?
You can either own 2 units and enjoy access to your boat 68 days a year or you can book your yacht on Standby by calling the office anytime after midday the day before – a nominal daily fee applies for this facility.
Can I cancel my booked days?
Of course you can, we realise sometimes even the best laid plans need to change!
If you’ve given us at least 72 hours notice we’ll make the day available for another owner and re-credit the days to your entitlement. However, within the 72 hour deadline you do lose your allocation.
Do I have to do anything at the end of my use?
All we ask is that you ensure your boat is properly tied up, that all the hatches are closed, the sails are stowed, the batteries are switched off, that you have removed all your own possessions, left the boat as you found it and if after hours that it is securely locked up.
What does SmartBoating do at the end of my use?
Our turnaround service includes hygiene cleaning (head and galley), filling the water tanks, topping up the fuel and gas, laundering the linen and other valuable routine checks on the engine, sails and rigging.
Can I use the boat overnight?
Yes you are encouraged to book consecutive days and stay overnight on your boat – this is the best way to truly appreciate the lifestyle benefits that boat share ownership provides.
What about times when the boats are not booked by owners?
Any down time is used for maintenance and upkeep and occasionally by SmartBoating for promotional purposes – other than this the boat is only ever used by its owners – it is never hired or loaned to anyone else.
Am I limited to where I can go in my boat?
No. It is your boat and is not restricted like charter boats so you can choose to venture into any
cruising ground that your booked time permits.
I am new to boating – will you teach me?
Yes, we want to make boating available to more people so we actively encourage new ‘boaties’.
Your boat share time starts after a familiarisation session on board your new syndicate yacht.
This is included in the cost of your yacht share.
And if you want to learn more later… our learn to sail owners workshops are secifically designed to help our boat share owners move forwards with confidence.
What if my situation changes and I want to sell my boat share?
Your unit in the Trust is a tradable asset which you are free to on-sell at any time to anyone for any price.
However, the new owner will have to satisfy certain conditions to protect the remaining owners and pay for his familiarisation session on the boat (cost of $250 incl GST + expenses).
SmartBoating will broker a unit for you for a 5% + GST share of the sale price achieved.
How long is the ownership agreement?
The yacht syndicate agreement runs for 3 years, at which point the boat is sold and the net proceeds are then returned to each owner according to the equity they hold. This has the benefit of giving you the best resale value and is before maintenance costs would start to increase on the boat. Many owners stay with us and move on to a new yacht or upgrade to a larger model.
Are there any hidden costs?
No, basically everything is included. The only additional costs to bear in mind are the cost for acquiring and installing additional equipment voted upon by the owners themselves, any insurance excess payments that may become due following a claim, standby use fees, any contingency fund top ups needed and for motor boat owners the cost of fuel used.
How are the boats equipped?
Every boat is comprehensively fitted out with all the necessary equipment and luxuries, including cooking utensils, bedding, hot/cold showers, stereo with CD player, IPOD connection and cockpit speakers, barbecue, electric fridge and icebox, bimini and boom awning, wind, depth and speed instruments, electric flush toilet, electric anchor winch and safety gear.
Who pays if another member damages the boat, or for other unexpected breakdowns?
In the unlikely event of damage, each owner has signed an agreement to pay for any damage they cause to the boat. The boat will be fully insured which should limit this liability to a maximum insurance excess of $2,000. The boat and equipment are initially covered by a manufacturer’s warranty and there is an allowance in the monthly fee that goes into a sinking fund for unpredictable expenses.
What are the advantages of having your boat share managed by SmartBoating Group?
- We use carefully selected brands and boats which are ideal for multiple owner use and which we believe will achieve the best resale values in 3 years time
- We have an office open seven-days-a-week where your boat is berthed and have a team available for any assistance required with berthing or the boats administration and operation.
- We offer the full range of maintenance services from the marina, which prevents having the unreliability of contractors who will not care for your boat as we would.
- We can offer all syndicate owners additional training from qualified instructors.
- We have an on-water breakdown service available to you throughout Pittwater / Broken Bay / The Hawkesbury River (Note – charges may apply for this service)
- Your boat will always be cleaned and prepared for your use before you arrive with the tanks full, fridge cold, hatches opened and batteries charged – simply walk-on and sail-off.
How do I apply?
Decide which boat share will suit you best then complete an application form and lodge a $2,000 deposit to secure your place in the next syndicate. You then have 7 days to review all the documentation and complete a test sail.
The purchase price will be due in installments with the first payment due upon confirmation the syndicate is sufficiently full and the boat is being ordered.
The final payment is due prior to delivery of the boat which gives us time to set up the Unit Trust plus commission, equip, register and insure the boat prior to initial hand over.
smart-boating-group-shared-boat-ownership-application-form You can download an application form here.
We look forward to welcoming you to the world of fractional sailing in Australia from SmartBoating