Co-Ownership Question . . .

[tpenfield]

I know this question comes up now and then, but I wanted to get some specific input. . .

I have 2 siblings that we share a family summer house with. Each of us have family/friends come and stay, party like rock stars, etc. We all either beach and/or boat depending on the weather and what individual preferences may be. Sometimes just one group of family/friends are there and sometimes 2, or occasionally all 3 of us siblings have family/friends there (full house ).

My boat (Formula 330 Sun Sport), being the largest of the 'fleet' generally serves as the vessel of choice and all-round party platform when we go boating. 1 sibling keeps a small skiff at the summer house, and the other does not own any boats, never has. So, it is pretty much my boat for boating activities. No worries. . .

My non-boat owning sibling has suggested that we all (3 siblings) collectively buy a 'new' ('new-ish') boat, and he is willing to put up a hunk of cash to facilitate the decision & purchasing process. The other sibling is OK with the idea in concept, but has a 30-ish foot boat of his own at his home in another state. . . he'd probably have the least interest in having a newer boat at the family summer house.

Presumably, the idea would be to use our collective resources and buy a new(er)/bigger boat to replace my Formula 330. Not sure we could manage 2 big-boy boats

I've been a bit cautious on the idea because of the potential to have nightmare experiences as a result of joint ownership a boat. I would probably be doing most/all of the maintenance, and in turn probably get much of the use, but I still see the potential for problems.

Thoughts/experiences? TIA

 

[alldodge]

Knowing how your sibs would respond is most important. Getting into things with money IMO is hardly ever good unless you really, really, REALLY know how folks deal with money, including your self. If everyone is in similar financial position

Don't need to get into the current cost of boating know, you know how it is. What would the difference be between now and after the new boat with; repairs, maintenance, gas, taxes, etc. Again don't need to spell it out here, just the understanding

Everyone gets to use your boat now and all is good with you I am assuming. What changes after it goes joint?

I got into an issue with my sibs on the house were in now. To keep it short, all wanted to go in, but very few could actually pay their part, so over time (about 3 years) we wound up buying everyone out and feelings were hurt. If I had to do it all over again, I wouldn't do it

 

[tpenfield]

Thanks, AD good comments.

I think what would be different then vs. now is:

Now: 1 Owner, 1 Captain, I'm the only one that takes the boat out (at the helm), everyone else is crew.

Then: 3 Owners, 3 Captains, any of the 3 could take the boat out for their use. All would be fine until the first disagreement or mishap . . .

I might be less adverse to the idea if the collective 'we' were to get a second (somewhat smaller) boat for when we have a large number of people at the summer house.

 

[skuhleman]

Our family shares a pontoon at our shared lakehouse...
Every time I go, the boat is left with an empty fuel tank, and not very clean. And atleast once a year there is something that gets beat up or broken by others.
On a new boat, no way... I am anal about keeping my stuff in excellent condition. The rest of my family no so much. So new stains, scratches, stuff lost out of the boat, broken stuff... no thanks.

 

[JimS123]

See previous posts.

A bad idea. It will start a family feud. You buy yours and maintain it as you like. Let Bother and sister do the same.

You do your maintenance and they do theirs.

We have 3 family campsites on the same property. Since I'm a nice guy (and have a tractor) I cut their grass too. Do they ever cut mine? (yeah right) If we are boating and don't cut the grass, I get yelled at why didn't you cut my grass?

Co-boat-ownership is just as bad as loaning money to a relative...

 

[mr 88]

Let the non boat owner buy his own boat . Nothing good can happen with 3 owners . Who takes responsibility when brother # 1 is driving and the engine seizes up bc the oil wasn't checked . Sibling # 2 comes in hot to the dock after a few cocktails and takes out the rubrail and adds a few gouges to the glass . And winterizing falls on who's shoulder. ? I could go on but you get the message. I think you have answered your own question a few times already. NO I would not do it , too much animosity can result from this that might not ever be patched up.

 

[jhande]

Sole owner, sole captain = equals tranquility.
3 owners, 3 captains = nightmares.

 

[Sea Rider]

Yep very bad idea in Co-Ownership just about anything along lending big money to a nice relative...

Happy Boating​

 

[GA_Boater]

There is an unwritten rule that should never be broken - Never sell a used car to a friend or relative. I think shared boat ownership falls under the same rule.

It may be worse. 3 people own a boat. Number 1, 2 or 3 has an accident resulting in lawsuit - Will all three have to pay for 1 owner's liability or pay a share of the deductible?

 

[southkogs]

I sort of co-own several smaller boats up at our cottage in Michigan. None of that is a big deal. The most expensive of them is replaceable for $1,500.

Big boat like yours I'd be hesitant. Mainly because if my family and I were fighting of $1,500 ... someone could wind up sucking it up and probably get over it. Blow a motor on a 30 footer and feelings could get ruffled quickly. Tough spot.

New boats sure are pretty though, aren't they?

 

[JimS123]

Wow. We seldom get unanimous responses.

 

[racerone]

Co-ownership usually results in tension / arguments.

 

[jhande]

Sole owner, sole captain = equals tranquility.
3 owners, 3 captains = nightmares.

I should have added...
3 owners, 3 boats = tranquility.

 

[FunInDuhSun]

Agree with the others here.
Keep and continue to enjoy your 330. Maybe he could get his own boat and keep it at the summer place, since he has a ‘hunk of cash’. That way he can use it, break it and fix it - all by himself, just like you have for years!

 

[tpenfield]

Thanks everyone. My initial inclinations are well supported by your unanimous responses. I may tell my sibling if he is that anxious about getting a 'new' boat, he can loan me some cash.

 

[Texasmark]

I know this question comes up now and then, but I wanted to get some specific input. . .

I have 2 siblings that we share a family summer house with. Each of us have family/friends come and stay, party like rock stars, etc. We all either beach and/or boat depending on the weather and what individual preferences may be. Sometimes just one group of family/friends are there and sometimes 2, or occasionally all 3 of us siblings have family/friends there (full house ).

My boat (Formula 330 Sun Sport), being the largest of the 'fleet' generally serves as the vessel of choice and all-round party platform when we go boating. 1 sibling keeps a small skiff at the summer house, and the other does not own any boats, never has. So, it is pretty much my boat for boating activities. No worries. . .

My non-boat owning sibling has suggested that we all (3 siblings) collectively buy a 'new' ('new-ish') boat, and he is willing to put up a hunk of cash to facilitate the decision & purchasing process. The other sibling is OK with the idea in concept, but has a 30-ish foot boat of his own at his home in another state. . . he'd probably have the least interest in having a newer boat at the family summer house.

Presumably, the idea would be to use our collective resources and buy a new(er)/bigger boat to replace my Formula 330. Not sure we could manage 2 big-boy boats

I've been a bit cautious on the idea because of the potential to have nightmare experiences as a result of joint ownership a boat. I would probably be doing most/all of the maintenance, and in turn probably get much of the use, but I still see the potential for problems.

Thoughts/experiences? TIA

Nope. Too much "Stuff Happens" on the water and following you on here for years, tells me you are fully aware of that sort of thing and the person having the happenings forgetting to tell others, not realizing what they did to other things, how it would affect the next user, bla bla......

 

[racerone]

Each initially pays half.------One party #1 puts on 75 hrs.-----Party #2 puts on 25 hrs.------Party #1 might expect party #2 to pay half of the expenses on insurance , dockage , oil etc, etc.------It will lead to friction.

 

[briangcc]

I'd say no for the following....you know how you do your maintenance. What happens when someone else decides to pony up for the bill? Will they use the same mechanic/parts/procedures OR will they cheap charlie it?

Too many what ifs. My cousins all have their own boats for just that reason.

 

[topgun3690]

Big NO! Found out the hard way with my brother....I love him, but NO. Shortly after "buying in" to a relatively new Celebrity ski boat I had, he damaged the lower unit badly....he tried to fix it cheap...ended up spending big money at a marine repair shop.....there were maintenance/insurance/storage issues as well....would never do that again!

 

[Lowlysubaruguy]

If all can deal with it what’s the worst that can happen

people do this with planes all the time. My step father partnered on three logs were kept hours used costs beyond the purchase were split various ways depending on the hours and use insurance and upgrades were all hashed out. One of those planes got tossed around in a freak storm and they had enough insurance to upgrade into a much nicer plane.

with the price of a new boat in something bigger than your already have the costs split three or more ways might work.

then the other things partner A broke something partner C always leaves a mess low on fuel wants to use it last minute on partner Bs dates. None of you will ever slip up with another’s wife or husband right a property I have dreamed of owning for twenty years has been locked in a three way feud because one of the investors was not thinking about their investment enough and the bitter legal battles have left the negotiating table closed it sits with four foot tall weeds. I have given up on it and am looking for retirement strategies.