Buying a yacht is not as complicated a process as many might think. There are a few steps that you should consider when deciding to purchase a vessel.
#1 What Type of Yacht Do You Want to Buy?
The first thing to do is consider what kind of vessel you want to purchase. Are you looking for a sailing yacht or a motor yacht, do you want a new or a used yacht, what size and what features you are looking for. These are all important factors to think about.
#2 Are You Looking For a New or Used Yacht?
If you choose a new yacht, construction might take from a few months to a few years if the certain model is not in stock. Any extra features will increase the price, but at the same time, will make the boat more valuable for future sale.
#4 What Is Your Yacht Budget?
Once you have answered the questions above, you should determine how much you would like invest in your yacht purchase. How much you spend will also depend on the age of the boat, if you go for a used one.
#5 Working with a Yacht Broker
Working with a yacht broker might lead to a better deal than searching by yourself. Plus you will make your purchasing process hassle-free. Whether you choose to work with a yacht broker or not, it doesn’t hurt to check as many offers as possible online via MLS (Multiple Listing Service) websites such as YATCO.com. Don’t rush when buying your yacht, visit as many boat shows as possible offering the type of vessel you are looking for and get on board as many boats as possible.
#6 Schedule A Yacht Viewing
After searching, narrow your options and try to visit the particular boats you have liked. Then make an offer. If you work with a broker, he/she will advise you on the best offer.
#7 Yacht Purchase Process
If the offer is accepted, be ready to pay a deposit kept by an independent third party in an escrow account and have a surveyor ready to check the vessel. The survey is usually paid by the buyer, and the sea trial during which the surveyor makes notes about the boat’s performance, is covered by the seller. After the survey is done, depending on its result, new negotiations might follow.
#8 Purchase Yacht Insurance
When both parties agree on the price and conditions, find an insurance company for your yacht, and then close the deal. Make sure you check all the paperwork.
#9 Yacht Storage, Repairs and Your Crew
It’s important to think about how you will get your boat to where you will keep her, whether or not you will need to hire a crew or maybe even send her to a refit center first for any necessary repairs.