September 27, 2021
Yacht Buyer’s Guide- Tips to Buying a Your First Yacht
Contemplating buying a motor yacht? Well, whatever expensive asset you plan to acquire, the process itself is pretty demanding. Additionally, you are both nervous and excited at the time if the purchase is going to make you richer by 100s of millions of dollars. You may be shelling out a massive amount, but at the same time, you will be a proud owner of a luxury yacht owned by just a selected few across the world. The first thing to note before you proceed further is not to give up on the indications of stress and excitement. The fact that you are on this page, reading this post, is that you have taken a step forward in the direction of buying your first motor yacht.
Here are a few more steps you must follow to make your yacht buying experience a smooth and easy affair:-
What Type of Luxury Yacht is Right For You?
There are thousands of choices in luxury yachts for sale, waiting for selection when buyers approach them. So, you will have to decide what type of boating do you want to do. Usually, vessels happen to be of three categories: Cruising yachts, fishing yachts, or watersports yachts. So, before you choose, you will have to see what activities are on your priority list. This will help you find the right type of boat for your need.
Some Questions You Must Ask Yourself
- What is the purpose of buying luxury yachts? Just for sailing with your beloved, or entire family and close friends? Or are you planning it for commercial purposes?
- What are the areas of your interest? Simply cruising, or love to spend leisure time in the middle of the water, or you are a water sports enthusiast.
- What is the size of your family? Is there any plan to grow your family further?
- Are you looking for long-distance cruisers or the ones that are good enough for a day cruise?
The answers to all the above questions will help you decide what type and size of yacht you need.
Take a Trial of Your Yacht
Visiting yacht for sale boat shows regularly can give you some idea. If you have already decided which boat you are buying, see if somebody knows you own it. You can request a ride on it to assess its features and performance. You can also try a charter or book a rental to learn about the performance, comfort and other necessary factors. No doubt, in a boat show, you can experience an onboard sea trial of all the available brands in the same category. Companies invite buyers for the yacht demo, which is an added advantage.
Consult a Broker Who Understands Your Needs
When you meet yacht brokers, the first thing they will ask is, “What type of yachting do you enjoy?” Next, they will ask the size of the boat you are looking for, or the number of people you plan to cruise with and what type of cruise you envision embarking on. Yacht Brokers are experienced people who are aware of many things which you are not. Therefore, they will strike a pleasant conversation with you and will make the process enjoyable too. In addition, yacht brokers will try to understand your lifestyle to guide you in the right direction for the purchase through the discussion.
Know Your Budget
It is quite natural for an enthusiastic buyer to get carried away after visiting an inventory of elegantly designed sea beasts. You might fall in love at first sight with some yachts, which may not meet your purpose or may exceed your budget. You need to remain calm and hold your breath before you get distracted and end up investing in something that is not your requirement. Always do proper homework before visiting any yacht broker. You will get approximate prices of maximum yachts online, along with a description of their features. Make sure you have done complete research covering maintenance costs, fuel costs, insurance, repairs, and storage. This can also guide you to decide whether you should go for a new or a preowned yacht.