Tips for Buying a Yacht

When buying a boat, there are a number of factors that should be taken into consideration before entering into a contract of sale with a yacht seller/broker. Whether you are an experienced boat owner or a first time buyer, obtaining the advice of a professional consultancy firm or independent yacht broker is important. Below we have provided some tips on what to consider when buying a vessel.

What to consider when buying a yacht

Buying a yacht is a huge financial commitment, and so it is vital that you consider all the below mentioned points, and follow our buying tips to ensure your yacht purchase is a successful one.

  1. Ensure it is the right decision to make! – go boating with family, friends or by yourself, to ensure that the activity really suits your personal interests and needs before committing financially to purchasing one.
  2. Research the financial and time commitments that will be required as a boat owner – it is important to realize that owning a boat requires a lot of time and commitment in terms of managing and maintaining the vessel.
  3. Attend boat shows- this is a great way to familiarize yourself with the type of vessels that may suit your needs and the market valuations of these vessels. You can also pick up brochures and talk to yacht brokers about your specifications.
  4. Evaluate what you want your new boat to be used for – the intended use of a vessel will ultimately determine the type and cost of vessel you will purchase.
  5. Use a professional! – as a boat buyer, it is prudent to use a professional consultancy firm to act as an introducer between you and reputable yacht brokers prior to entering into any form of sale of contract.
  6. Assess your financial boundaries – you must acknowledge that buying a boat is not a one off payment; you also have to consider the ongoing registration and other fees applicable, maintenance fees, insurance, and finance policies (should you require marine finance).
  7. Consider buying a boat as a partnership – it may be more sensible to buy a yacht as a partnership with another person or group of people. Not only will this ease the financial burden but it will also ensure that maintenance and other responsibilities are shared.
  8. Get a survey! – one of the most important things to do before buying a vessel is to contact a marine surveyor and have a full check carried out on the vessel. It is vital that you are aware of the exact condition of the vessel prior to purchasing it.
  9. Assess the boat’s history – find out if the vessel has a full maintenance log listing services, oil changes, repairs, dates, costs etc.
  10. Evaluate the asking price vs. market price – upon completion of a marine survey, you can assess whether the asking price is fair in comparison to the boat’s true valuation. Most vessels tend to be sold for less than the advertised price, thus it is important to give an ‘offer’ below the rate of the asking price and negotiate on a fair deal.