It could be as simple as a new coffee pot or it could be the latest in boating technology such as Satellite TV, FLIR or Underwater lights but at some point one partner will want to add something to the boat that another may not want to?
So how do you handle it?
The first thing to decide is if the new item going to become a part of the watercraft or is it a portable item? For example, if you are looking at adding underwater lights to the back of your boat…this is not something someone will take with them later if the boat is ever sold.
For all items that become a part of the boat as a whole, it is important that all partners agree and share in the cost of the upgrade. If you can’t get everyone’s agreement, it is really best to pass on this particular upgrade as it becomes difficult later on to assess a value of that upgrade separate from the boat when it comes time to sell it or trade it in.
For all other items, such as a new coffee pot that also doubles as an espresso machine. First, see if all the partners are willing to go in on it. But if one states, he is not a coffee drinker and will never use it. Then you need to consider if it is an expense you are willing to do on your own. Or split the cost of the new item between the partners willing to share in the cost.