Buying a yacht is similar to any big and important purchase. Being mindful and able to think things carefully is essential in the entire yacht buying process to make sure you get what you pay for. Here are tips to help you make a smart decision when buying a yacht.
Identify the purpose of your yacht
If you plan to buy a yacht, think about the different purposes it will serve. You have to consider if you will take on passengers, and if you do, ask how many, how long and how often people will be joining onboard.
Attend Boat Shows
Boat shows are the perfect event to be in if you are interested in buy a boat or a yacht. The event showcases a wide range of popular boats. Every year, there are several boat shows that are hosted.
Key boat events to attend include the Dusseldorf Boat Show in January, Paris Boat Show in December, and Southampton Show in September. Getting on a plane and grabbing the opportunity to see different boats in just one place will be a great idea – that is if you will also be out on a mini vacation. It’s hitting two birds with one stone.
If you don’t want to fly out, you can always check out boat shows around the country that showcase second-hand choices. These events are hosted by marinas and individual brokers so be on the lookout.
Be familiar with yacht prices
Spending on a yacht is no joke as it is an important investment. That said, you need to expect to shell out a considerable part of your savings. Production yachts, those that are mass produced and have general specs and requirements usually start around $100,000 but they can go beyond $5million. Semi-custom or full custom yachts are even more expensive. On average, a semi-custom yacht could cost around $25 million while fully-customized ones can cost a whopping $100 million.
If the price is too expensive, there’s always the option of going for a second hand. The price is low for this one but there is always the risk of buying one that is too worn out. You’ll end up spending a lot more for maintenance and upkeep and upgrades. While a second-hand yacht is not entirely a bad purchase, you should only consider one if you are experienced or you have someone who knows a lot about a second-hand yacht.
Work with a broker
First-time buyers need all the information they can get before making that big purchase. There are tons of questions to ask when you plan to buy a yacht and you need help in that department.
Work with a reputable broker and form a relationship with them. They can help you answer the important questions and guide you to make that purchasing decision.
Bring the yacht for test ride
Once you’ve made a decision on which yacht to buy, take it out for a test ride. The purchase involves a lot of money so it’s important to be vigilant. Make sure it is the vessel you want and handling it feels right to you. Once you’ve signed the deal there’s no really going back.