There are many factors to consider when buying a yacht. Because it is a significant investment, you have to know how much you can spare. Whether you are buying brand new or looking to save on a few bucks with a brokerage, it is imperative that you follow these steps to ensure that you won’t regret your purchase.
Step No. 1: Define Your Purpose
Yachting often comes with a connotation that you are after the luxury of sailing whenever you want. However, it can also be considered a business venture.
Because of this, the first step you should take before buying a vessel is to decide its purpose. If you plan on using the yacht for business, make sure you calculate the expenses versus the potential revenue. If you are after leisure, you should also determine the model of watercraft you need to provide you with optimum experience in the waters.
Step No. 2: Dedicate Time for Industry Research
Aside from deciding on a purpose, an aspiring yacht owner should also dedicate some time to researching the industry. Although this might seem like something only business-minded yacht owners can use, it is actually even more useful for those who are after the sheer pleasure of it. This is because yachting is more of a lifestyle choice rather than mere whim.
Some of the things you should do your homework on are the legal requirements of owning a vessel in your country, the cost of maintenance, potential storage facilities you can use, insurances, and taxes, among others.
Step No. 3: Know Your Income
Like cars, a yacht’s value depreciates over time. Because of this, some experts in the industry strongly believe that such vessels are deemed to be more of a lifestyle path than a business investment.
With that said, you should know how much you can and are willing to spare for your yacht. Some expenses you should consider are the yacht’s registration, insurance, taxes, storage, and maintenance.
Step No. 4: Be Aware of Your Options
Although it may seem unnecessary if you already have your eye on a specific model, it pays to know all your options before cashing in your first yacht. There are several options available as well as factors to consider, including:
1. New and Used
The decision of whether you should get a new or used yacht depends on different things. However, it should be obvious that there is no short answer for every person who plans to take on this journey.
For some people, it is best to stick with a brand new or custom-designed yacht. Although this will cost a whole lot more than brokerage, it has its advantages.
Used vessels, on the other hand, can cost cheaper upfront but may entail a lot more work not to mention the extra expenses. Even so, there are people who strongly believe that, if you have a vessel that is structurally sound, it is possible to restore an old vessel back to its former glory.
2. DIY vs. Crewed
If you are an experienced sailor or can easily navigate the seas, you should do it yourself. After all, it pays to be an expert at something.
Still, there are neophytes in the industry who feel strongly about the lifestyle but aren’t very good out in the waters by themselves. These people have the option of hiring crew staff who not only are expert in the sport but also fully understand the standard procedures and etiquette that should be observed while yachting.
Step No. 5: Look Around
Never buy from the first store you see. This rule also applies when you are shopping for a yacht. Make sure to check out different offers from dealers and used yacht owners. This way, you should be able to weigh your options that will help you choose the perfect vessel that will serve your purpose best.
Step No. 6: Read Reviews
Before closing a deal, make sure to understand everything there is to know about the vessel you plan to purchase. If you’re buying brand new, you should read reviews about the builder. The same goes for brokerage. The bottom line is that you should never take up an offer without knowing nothing about the vessel you plan to procure to avoid regret that often comes in hindsight.
Step No. 7: Do Trials
Like cars, yachts can also be put on a test drive. Aside from hiring a professional surveyor to nitpick on the vessel, testing out the feel of the yacht while out in the water is also an effective way of determining whether it is the perfect fit for you.
Step No. 8: Hire a Reputable Yacht Broker
Sometimes, it pays to have an expert mediating a yacht sale. It becomes even more advantageous if you, as a buyer, hire someone with a solid reputation and skill in the industry.
Step No. 9: Put It All Together and Buy the Perfect Yacht For You
After doing every single one of the first eight steps, you can now weigh your options and decide on a perfect yacht that will not only suit your purpose but will also provide you with a peace of mind you deserve.