There are hundreds of makes and models of yachts to choose from. Doing your research is extremely important if you are thinking of buying a yacht so make sure to explore all the different types of yachts available.
For the first time buyer it is sometimes hard to know what questions to ask when buying a boat. Whether this is your first yacht, or you have owned one or many before it is very important to understand how you want the yacht to work for you, both in terms of sailing, as well as how you live on board to make the most of its features.
Knowing its purpose will assist you in choosing the right one for you. This can be influenced by many things:
Do you prefer speed or a luxury cruise?
How many people will be sailing with you and how many people do you intend to sleep onboard?
How much living space do you require?
How much time do you plan to spend onboard - is this a boat just for weekends away or do you intend to carry out some long-distance cruising?
Are you going to charter it out?
Where do you plan to use the boat? Think about factors like, mooring, tide, weather and traffic density etc.
What technology & equipment will you need? Options include bow thrusters, stern thrusters, electric winches, in-mast reefing, self-tacking jibs and advanced navigation technology.
Yachts can vary wildly in price and prices will differ depending on style, size, age and condition. The great thing about boating is there is a boat to suit every budget meaning that everyone can have the opportunity to own a yacht.
As you narrow down your search for your yacht you can expect to find manufacturers offering similar boats at seemingly quite different prices. Make sure you are comparing like for like in terms of spec and equipment levels etc. And remember there is always some room for negotiation on price
Once you have decided the type of yacht you want and how much you want to spend, you can start looking. The first place to go is the internet; you will find thousands of yachts on sale either through brokers or by private owners. Using a good brokerage company when buying a yacht can have many advantages. They will have lots of experience in buying yachts for customers, thus enabling them to detect a good deal when they see one. They will also have a variety of boats in one location and they can help to make it as stress free as possible. Find a good broker either through referrals or by checking their advertisements and previous customers.
Alternatively, you can buy through a private seller or dealer. You will always get more information on the true nature and quirks of a boat from the owner themselves and they are often more flexible. Avoid private sellers and dealers without a credible reputation though.
It is advisable to take the time to visit a few showrooms or take a tour through a marina and look around as many boats as possible in order to have a better picture.
Like with any type of boat, the costs will vary from boater to boater and boat to boat but working out the average running costs of owning a yacht and how you plan to use it is especially important. Buying a yacht is not just about the money you pay for it. Additional costs can include:
Insurance
Surveys
Mooring Fees
Maintenance
Fuel and Heating
You will need to find a place to keep your yacht. Some marinas may not have available berths etc and mooring fees will vary considerably. Maintenance costs for new yachts are relatively low during the first three years but, as a rule, major machinery will require significant repairs or replacement within 5 to 7 years. So, before anything, include these costs in your budget.
When buying a second-hand boat, it is highly recommended that you conduct a professional survey on the yacht, this should be done by a qualified marine surveyor. This will be useful with insurance companies, some of whom will not insure a yacht without understanding its condition. A survey will show any potential maintenance issues, faults on the hull and with the boat’s internal systems and highlight any issue the boat may have so you have peace of mind that you know exactly what you are buying. It can also help you to negotiate better the price.
Having the correct paperwork in place when you buy your yacht is important.
Check all the documents and the yacht’s VAT status. You should receive the original VAT paid invoice, which is essential if you want to sell the yacht in the future. Once the survey has been concluded and the negotiations settled, you should receive the proof of ownership, Bills of Sale for the last 5 years at minimum, Certificate of Registry, if any, and proof of VAT status. Keep all these
documents in a safe place since they are not easy to replace. Make sure you have all of these in place when you buy.
