If you’re in the market for buying a yacht, whether it is new or used there are some golden rules that you need to follow to make sure that you are not only buying the vessel that is right for you, but that you also don’t make some horrible mistakes along the way.
There are of course lots of different ways you can go about buying a yacht, but what we’re going to cover are the kinds of things you need to pay attention to and identifying what will be best for you as an owner of your new purchase.
So, how do you go about buying a yacht, here is our guide.
Research, research and more research
Doing your research when it comes to buying your yacht is essential. First time buyers may not know about the kinds of things experienced owners do know, but what it boils down to is, what kind of yacht do you want to sail in, and what kind of yacht do you want to live in?
Currently, there are hundreds of models to choose from and the used yachts market is adorned with choice, especially for those who have either decided to upgrade their vessel to searching for something more suited to their own personal needs.
What this means is, the market has the supply, it comes down to knowing yourself what you want from your vessel and what you can also afford.
Go to boat shows
This will be a big part about buying your yacht and part of the research phase as well. Here you will learn about the latest and see, possibly an opportunity to identify what you’re looking for and from here using your new found information and logic to spot deals, or possibly future plan the yacht you will buy when it becomes available on the second hand market.
Boat shows will also teach you about the industry, the players in the field and give you insights into layouts of different yachts that you can purchase in due course.
Look out for all of the costs!
Whether you are using a broker, (a recommended avenue for novice and amateur alike) or going full throated into a purchase, there are so many different things you need to consider.
Cost of maintenance, cost of repairs, cost of moorings and so on. You want to get fully equipped with all the details and make sure that you factor costs into your plans to own the vessel. Don’t forget, you will need insurance, something that many don’t research.
Brokers can be your best friend
Tell brokers from the outset where you are in the purchase cycle. If you are looking at buying a yacht in a few years time, it is better they know that from the beginning. This has nothing to do with time wasting as such, this is more to do with them understanding your needs and advising you accordingly. From yards and shows to the kinds of coverage and also advice in how to maintain these great vessels are all essential.