How much does it cost?
As mentioned above, the initial payment for a share can be between £1,500 - £15,000 depending on share percentage. After this an annual amount will be contributed towards the canal boats upkeep, running costs and any administration charges for managing the syndicate. How much is budgeted is entirely up to the syndicate members, however mooring
s, licence, insurance, management fee (if applicable) and winter maintenance budget are a given. On top of this, as a syndicate, you may also decide to budget for a weekly cleaning service during handover between share holders; breakdown call outs; emergency repairs; gas; contingency fund for larger maintenance items e.g hull blacking, repaint, new engine or batteries etc. Some syndicates also chose to budget for diesel and pump out charges.
Every syndicate will have a different annual budget depending on the requirements of the syndicate and also the operational decisions made about the canal boat. If you are considering investing in a share boat it is vital you understand what your annual commitment will be to the operational costs of a share boat. Our research suggests you could be expected to pay around £1,500 for a 4 week share, but this will vary depending on number of share holders, age and condition of the canal boat. Considering hiring a boat for one week can easily cost around £1,000; it is easy to see why share boat schemes are popular with those regularly wanting holiday
Best practice is for each syndicate to have a bank account and to ensure each syndicate member has transparency of all financial transactions, this can be achieved by sending out a copy of the monthly bank accounts. All syndicates should have a formal agreement in place between each share owner and the syndicate to protect the interests of all owners.
If you are interested in a share boat, our services directory lists the UK share boat brokerages.
It is important you do your research to ensure you invest in the right share boat for you. There are so many options out there in terms of vessel size, facilities, cost and location. There are also canal boat share scheme
s available to suit all tastes and requirements such as pet friendly & pet free or smoking and non-smoking syndicates.