Buying a yacht for the first time isn’t a walk in the park. Without prior knowledge or experience on how to buy a yacht, you can be led astray into buying a boat with technical capabilities you’ll never use or innovative yacht concepts by designers who wish to push boundaries.
As experts of yacht care, we know a thing or two on how to buy a yacht. In this article, we outline tips on buying a yacht such as what to consider, what to avoid, and how to ensure you buy the vessel you really want.
Buying a Yacht: Tips for First-Time Owners
Buying a yacht is a serious undertaking. It’s more of an investment than a purchase, so you’ll want to conduct research to narrow down your options.
Before you start looking at all the yachts available on the market, check out our yacht buying guide to ensure smooth sailing ahead.
Think about what you’ll do with your yacht
When buying a yacht, remember that each category of yacht has its pros and cons. One boat can be perfect in a specific situation, but not suited for others. For instance, if you plan on sailing the open seas, you will not have the same needs as someone looking for a catamaran to explore the shallow waters of nearby islands.
So, the first step on buying a yacht is to determine where you are heading to with your boat and what you’re going to do most of the time. Choose a yacht that matches the destinations you want to go to and the extra activities you want to do when you’re on your boat.
You should also factor in the amenities, such as the kitchen and bathroom space. You will need these when you plan on embarking on long journeys. But if you’ll only be sailing in familiar waters where docks are close to one another, a smaller yacht is ideal so you can maneuver easily into any marina.
Decide on the performance you want
Not everyone is looking for a fast yacht but speed can be one of the most addictive parts of sailing. Keep in mind that some boats are suited for just cruising around, while others are better for long distance voyages. Many yachts are a balanced mix of the two.
So, you can choose to compromise on performance in favor of vessels that are ideal for long-distance destinations and cruising, or you can simply pick the fastest boat in your category. The choice is yours.
Consider your budget
Buying a yacht isn’t just about the amount of money you pay for it upfront. Over the years, additional costs will pile up such as maintenance, surveys, insurance, and mooring fees.
Yacht maintenance and cleaning costs for new yachts are comparatively low during the first 2-3 years but as a general rule, your boat will need significant repairs or replacement parts within 5-7 years. Before buying a yacht, it’s best to factor in these costs so you prevent your vessel from becoming a money hole.
Figure out where to buy a yacht
Once you decide the type of yacht you want to buy and how much you’re willing to spend, it’s time to decide where to buy a yacht. Right now, the first place most people head to is the internet. After a quick Google search, you’ll find thousands of yachts for sale either by private owners or through brokers on numerous sites.
Of course, it’s best to see how the yachts listed look like in real life, so you can visit a few showrooms before making a deal. You can also take a tour through marinas and look at older boats of the same models you’re interested in to see how they hold up after several years of use.
Conduct a professional survey and settle the paperwork
Conducting a professional survey on the yacht you wish to buy is highly recommended. A survey will show potential maintenance issues, which will help you negotiate a better price.
Additionally, check all the documents and the VAT status of the yacht. The original VAT paid invoice is required if you want to sell the yacht in the future.
Once you’ve concluded the survey and settled the negotiations, you should receive all the necessary documents such as the proof of ownership, proof of VAT status, Certificate of Registry, etc. Keep all these documents in a safe place as they are not easily replaceable.
Enjoy Smooth Sailing with Marine Care
Once you’ve gone through our yacht buying guide, it’s time to start looking for the perfect boat that will take you on many wonderful trips.
However, don’t rush into anything! A yacht is a big purchase and you want to be certain that you find the right yacht for all your needs. Take your time so you don’t rush into a purchase and regret your decision later. As the old adage goes, good things truly come to those who wait.
In the future, if ever you face any issues with your yacht, don’t hesitate to contact Marine Care. As a trusted yacht care company, we have extensive expertise and experience in yacht repair, maintenance, and cleaning. We’ll help you experience smoother sailing so that you enjoy each second you spend on your beloved boat.