June 23, 2020
Tips for the First Time Yachts and Boat Buyers
Purchasing a luxury yacht or boat is a serious matter. Whether a new or a pre-owned yacht, you will need to keep several things in mind while starting the purchasing process. While pre-owned boats and yachts have their fixed features, which can be upgraded based on your interests, new ones can be designed as per your requirement, right from scratch. The cost of luxury yachts and boats goes into hundreds of millions of US dollars. Not affordable for anybody who likes it, but a select few. Yes, some would buy for commercial purposes, but there are some for whom owning a luxury yacht worth hundreds of millions in USD is a matter of self-pride.
So, how would start it if you are a first-time yacht buyer? Anything that you purchase for the first-time needs an understanding of the product that you plan to purchase and if it is a million-dollar thing then you can very well understand the seriousness of the process. When you invest such a huge amount in buying something then you will need the expertise of knowing it thoroughly and not just experience of using it. This is when you will feel the need for a yacht broker or yacht brokerage companies who are industry experts and aware of everything about yachts and luxury boats. Yacht brokers can help you find the right yacht as per your purchasing capacity, purpose, and interest. Brokers are great assets for the buyers, whether a veteran one or a first-timer.
Some guidelines to consider when you plan to buy a luxury yacht for the first time.
Search for the Model You Want to Possess
This something that will help you understand boats better. If you go to buy without doing proper search then you might get confused. So, when even before you get serious about your yacht purchase, the first thing that you should do is try to find out what kind of yacht you would like to own. You can first check them online and then also plan to charter with family and friends. It will give a good idea if the boat your sail is right or whether you would like to have additional features. Especially, if you are planning to design your boat then this will help you plan your requirements. However, if you plan to just buy the readily available ones, even in that case chartering before purchase would help you decide which one to finalize based on design, performance, features, and capacity. Going personally to examine the boats before the purchase can help you understand your needs and wants.
Do Not Overlook the Desire of Your Partner
This is a very crucial factor. When you purchase a big item then it won’t be the right thing to keep your partner in dark. After all, it is going to be a prized possession. These kinds of assets are bought once in a lifetime by their owners. Only passionate ones buy them repeatedly, but in the case of yachts, it is not so easy to purchase yachts as and when one wants to. It is like purchasing a luxurious villa with everything is designed and fitted as per your likings. It is a very important decision in your life, so overlooking your partner’s desire would be a big mistake.
Think Well Before Making the Deal
Once the yachts are bought, many yacht owners keep getting dissatisfied with their yacht size. Most of them think they should have bought a little bigger one. But in an attempt to save little money, generally, people end up buying smaller yachts. You need to understand that you are planning to buy a big-ticket item, even the cost of small ones is many hundred million. You will be tempted to save money by purchasing a small boat, but then it is advisable that you do not compromise on size just to save a little money. If you can afford it easily to go for a bigger yacht, they are far more comfortable, spacious and safer too.
Do Not Rush When Buying a Luxury Yacht
Do not rush during the buying process. Your patience is key when you decide to make the purchase. Getting impatient might not help you make the right decision. You are making a big acquisition hence remaining calm and taking the right steps is very important. If you get restless, the process will be stressful for you. It is very essential that you enjoy the entire process. If you rush into the decision then you won’t understand the very technical matters. If you take your decision on haste then you might regret later. The right decisions do take time. This experience is not only exciting but a challenging and educative too. Ensure, your broker is professionally qualified and has got vast industry experience. Many decisions will be taken by them, you will only make the final approval. Understand every process properly, take your time and then make the final decision.