Imagine spending your vacation cruising the turquoise waters in an exotic location while being pampered and not having to lift a finger during the entire trip. Days are spent on deck with the wind in your hair, or at shore exploring different islands. As the sun sets, your yacht pulls into a tranquil lagoon and moors for the night. There’s enough time for one last dip in the balmy ocean before pre-dinner drinks are served and the chef starts preparing the first course. You were planning to move on to a different island tomorrow, but this one is so beautiful you decide to stay for another day. And maybe try one of the local restaurants for dinner the next night. No problem. Your itinerary is entirely up to you.

Sounds pretty nice, doesn’t it? It is. And the good news is that it can be quite affordable too.

Luxury yacht charters come in all shapes and sizes, fully crewed, captain only, or bare boat (meaning no crew at all), sail, power, catamaran or gulets (Turkish motor-sailers); basic or with every amenity you can imagine. Most provide water toys such as kayaks, jet skis, diving equipment, windsurfers etc. And all have speedboats to take you ashore (or go water skiing). You can find a luxury yacht for less than $2,500 in the Caribbean, even during high season. That is bareboat though; if you want a crew you’ll have to spend a little bit more. But you can still rent a luxury catamaran with a crew of 4 and room for 10 in the Caribbean for less than $4,000/week per person, or a luxury sailing boat with a crew of 2 and room for 8 guests for less than $3,000/week per person.

And of course, the sky is the limit. If you want the ultimate in luxury, consider the Alysia, which cruises the Mediterranean for a bit over $1.1 million/week. But here’s what that gets you: 25,833 square feet of guest space, a crew of 36, a business center, health center, a beauty salon (with 2 beauty therapists), wine cellar, chefs, 24 hour laundry service, elevators, Bose surround sound system indoors and out, nurse on call 24 hours/day, cinema, a Yamaha grand piano, diving equipment (including waterproof cameras), waverunners, water-skis, helicopter deck, and more. It holds up to 36 guests, so if you find 35 people to share the trip with, it breaks down to a little bit over $30,000 per person.

No wonder luxury yacht charter is becoming increasingly popular. There are boats available to suit anybody’s taste and wallet, and unlike at a traditional cruise, you don’t have to stand in line for anything, you can eat dinner in your bathing suit, you don’t have to listen to intercom announcements, there is no rushing from port to port or back on the boat after a few hours on land – you’re in charge of the itinerary and everything else you feel like being in charge of.

If you’ve ever dreamed of vacationing on a yacht in the Caribbean but left it at dreaming, this year may be the perfect time to make that dream a reality.

Because of the current economic downturn, boat owners and charter companies all over the world are lowering prices, running specials, and throwing in extras to get bookings.

Moorings are currently offering $750 off on crewed charters, and 15% off PLUS free provisions or airfare rebates on bareboat vacations.

Boatbookings have some great deals available. How about 2 weeks for the price of one on the Symphony II, a beautiful motor yacht that comes with all kinds of water toys and a chef. If you can’t take two weeks off, they are also offering or 15% off on weeklong, all-inclusive charters on the Symphony II.

If you prefer state-of-the-art sailing, you’re in luck. The Dreamcatcher, a gorgeous crewed 82-foot luxury sailing yacht is available in the Caribbean at a reduced rate of $28,000/week (the normal rate is $42,000/week).

For even more savings, consider bareboat sailing. You can find deals of up to 30% off the regular rate this spring and summer. I recently saw a great sailing catamaran out of St. Thomas available for $6,000/week, bareboat. It sleeps up to 10 people, so that’s only $600/person.

Have a honeymoon coming up? Check out the luxury catamaran “Pas De Deux” out of Tortola or St. Thomas. It has air conditioning throughout, Bose surround sound system, staterooms with en-suite baths, flat screen TVs and even a washer/dryer! Their current “Honeymoon Special” includes among other things: private transfer to the yacht, champagne reception, beachfront sunset dinner at Anegada, and accommodation in the Owner’s master cabin.

Remember, if you have your heart set on a particular yacht but don’t see any specials for it – don’t hesitate to ask. You never know what you might be able to negotiate, even if you’re not dealing directly with the boat owner.

No problem. This is where a yacht charter broker comes in. Many yacht brokers are former luxury yacht crewmembers, and are well aware of the quality and level of service their customers expect. Much like a concierge, your broker will be able to find out-of-the-way experiences and places for you, and put together an itinerary entirely customized to your likes and wishes.

Some brokers specialize in the area where they live; others travel the globe inspecting yachts and meeting crews while looking for that perfect yacht match for you. If scuba diving in Thailand is your passion, they will find you a boat with a local dive master on board; if you are looking for an eco-experience in South America, they will match you with a ship that has crewmembers knowledgeable in the ecology of the area and include eco-sites in your itinerary.

And if you want to be at a certain place at a certain time, such as Cannes during the film festival, Monaco during the Grand Prix, or want to watch the America’s Cup from your own chartered luxury yacht, they can arrange that too. Your broker will also help you with any insurance needs and the yacht charter contract. And should any issues arise while you’re on your vacation, your broker will be there for you. The broker’s fee is almost always paid by the yacht’s owner, so all this comes at no additional cost to you.

Always ask your potential broker if they have seen the yacht they recommend in person and have met the crew. Conscientious brokers always do this, so if they say no, you’re better off with someone else. And ask for pictures! You want to see your “temporary home on the ocean” before committing to anything.

Whether you’re chartering a luxury yacht for the first, fourth or tenth time, a broker can be an invaluable source of information and help you plan the trip of your dreams.

With so many options available, how do you choose?

The least expensive option is a bareboat charter (sailing or motor). That means no crew, you operate the boat yourself. This of course requires some skills, and you will have to provide proof to the charter company that you know how to pilot a boat. Most will ask for your Bareboat Certification or a sailing certificate. If this is not something that’s issued where you live, you can ask if a reference (verifying your sailing abilities) from your yacht club will do.

In some countries (Greece for example), you are required to have two qualified sailors on board (which makes sense; what if something happens to your appointed captain?). There are schools all over the country where you can learn the basics of sailing and get an ASA (American Sailing Association) Bareboat Certificate. If you feel you need a bit more guidance before going out on your own, consider a skipper for a few days (see skippered charter below).
Pros: You’re in charge, less expensive
Cons: You’re in charge; you have to prepare your own meals as well as everything else

A skippered charter will provide you with the boat and a captain who essentially is in charge and will operate the boat for you. You and your guests will be the crew. This option is perfect if nobody in your party wants to have the responsibility for the boat and the navigation, but still wants a hands-on experience. Some companies offer you the option of a skipper for a few days in the beginning of your trip so you can brush up on your sailing skills and get to know your chartered boat before assuming full responsibility for it.
Pros: You don’t need to know anything about boating, an affordable option
Cons: You’re not in charge

If you just want to kick back and relax and enjoy spending time on the ocean without any responsibilities, a crewed charter is ideal. It is more expensive than the options above, but you get the boat, captain, full crew and a cook. The crewed boats tend to be larger (and therefore more expensive), since they have to accommodate not only you and your guests, but the crew as well.
Pros: You don’t have to lift a finger, everything is taken care of but you decide where to go and what to do
Cons: More expensive, you’re never alone

If you have a large group with varying sailing skills, flotilla sailing is a fun option. You charter several boats (usually 6-12) and the lead boat will have a skipper, mechanic and hostess who takes care of the itinerary and will help you out when needed. The other boats in the flotilla will each be skippered by one of your group, so you do need a few skilled people.
Pros: The skipper is there in case you need help or advise
Cons: Less freedom

Now that you’ve decided which form of charter is right for you (bareboat, skippered, crewed or flotilla), it’s time to focus on the type of boat you want.

I find sailing incredibly soothing and exhilarating at the same time. It can be still and quiet or fast and action-packed all depending on the wind and your choices. If you want to be able to hear the ocean and really be part of the environment, and view the act of sailing as the event itself (rather than a means to get somewhere fast), then sailing is for you. It does take longer to get anywhere than when traveling by motor; you are at the mercy of the winds; the boat will lean to the side when the wind is strong and you’re going fast; and there will be ropes and the boom to watch out for. Having said that, I think sailing can’t be beat and everyone should give it a try at some point.

If you want speed and prefer to go from one location to the next fast, a powerboat or motor yacht is for you. They do make a lot of noise, and you won’t feel as much part of the environment as when sailing. On the upside, you don’t have to mess around with sails and such, just turn a key and you’re on your way. They provide a more stable surface underfoot, usually have more spacious living quarters, and since they are fast, you will be able to fit more into your itinerary.

For even more stability, try a catamaran. Available in both power and sail, they are the most stable of all the options, making them a great choice if you have guests new to sailing or suffering from seasickness. They travel faster than monohulls, they provide lots of space both indoors and out, and with their shallow drafts they are able to go in closer to land and in areas where monohulls can’t go. One thing I love in particular about catamarans is the tramp or nets in front – a great place to relax and feel the spray of the ocean on your face while underway, and they provide a spectacular first-row seat when dolphins are around. On the downside, catamarans do take up more space, so if you’re in a crowded marina, that might be an issue.

Gulets are graceful, traditional Turkish two-masted wooden sailing boats. Originally used by fishermen, traders and sponge divers, gulets these days are designed with comfort in mind. Although mostly found in Turkey, they are becoming increasingly popular in the entire Mediterranean area. They are usually configured as motor-sailers, so while you can enjoy the peacefulness of sailing, you won’t be stuck in port on a calm day. Gulets are wide beam boats, which means you have lots of space to enjoy both on deck and below, regardless of whether you charter a comfortable 50-foot vessel or a 108-foot luxury gulet with dining room, en-suite bathrooms and walk-in closets. The aft deck on gulets is a particularly cozy spot, usually outfitted with a wraparound cushioned bench, perfect for a nap or taking in the surroundings while enjoying a pre-dinner drink.