A boat can charm you with its looks or catch your attention with its price, but will it be right? It’s important not to get rushed or caught up in the excitement of purchasing a boat which does not fit your intended needs, or that may have hidden issues. 

Key decisions

What is your intended boating activity? This will largely dictate the type and style of boat best suited to your needs and focus your search. Boats have evolved to very much suit the purposes they are intended for, which is why there is such a wide variety.

The second consideration is of course budget. There is a very rough rule of thumb that suggests you should budget 10% of your purchase price as an annual running cost. In reality, there could be quite a wide variance in that ratio, up or down, depending on the boat's value, where you keep it and how often you use it.

Marina, moorings and storage

This is often the highest annual cost item to consider. It is typically a cost that rises with the size of the boat. The very best marinas will typically provide an excellent service but at a price. You can defray some of the cost by choosing a more basic arrangement for mooring your boat, such as a buoy mooring if available, or perhaps a less popular area.

If you do your boating in more extreme climates, then you'll need to factor in off-season storage in a protective facility. Typically most GRP / plastic boats benefit from being lifted ashore for a spell. 

Trailer boating is typically much cheaper than a marina berth, provided you have space and permission to store your boat at home and the right vehicle to tow it with. 

The increasing number of boat parks being built, where the boat is launched for the times you need it, is another option worth considering for smaller boats.

Maintenance and servicing

Maintenance and servicing costs are greatly influenced by the style of boat you buy, how it is powered and what size it is. For example, a lift ashore will cost more the heavier and longer your boat is. For larger motor yachts it also pays to check there is a lift facility near to where you are mooring that can cope with your vessel.

Different types of engines and drives will have variable requirements too.

A golden rule of thumb is trying to do basic maintenance frequently, rather than letting your boat get out of hand and accumulate more expensive issues. Many things you can do yourself if you choose, like keeping the boat washed down and investigating early any small faults before they become big ones.

New boats will bring a certain amount of surety, but will still be needing to be maintained as soon as you take delivery. For pre-owned boats, it's best to employ a surveyor to get advice on any areas of the boat that need to be remediated. This almost always can be dealt with before you part with your money, or factored into the final price.