There are a few steps that you should consider when deciding on what vessel to buy.
Nine Steps on How to Buy a Yacht
#1 Choose the Kind of Yacht You Want
The very first step is to decide what kind of vessel you want to purchase. Are you looking for a sailing yacht or motor yacht, new or used, what size and what features you are looking for? When making the decision new or used yacht, you should consider timing. Depending on the size of the boat you want to purchase, if you choose new construction, it might take from a few months to a few years if the particular model is not in stock.
#2 Decide on the Yacht Size
Larger yachts will need more maintenance and a larger berthing area. Choosing extra amenities can make the yacht more valuable for future sale as well.
#3 Determine Your Budget
Once you have answered the questions above, you should determine your budget. How much are you willing to spend? Be sure to calculate your estimated expenses after the purchase. Your budget may also determine your future boat’s age if you decide to go for a used one. You can now start your search.
#4 Work with a Professional Yacht Broker
Choosing the right broker might lead to a better deal than searching by yourself. They will make the process hassle free. Whether you choose to work with a yacht broker or not, take a quick look on YATCO.com. There are hundreds of boats listed every day, and you never know when your dream boat will be offered on the market.
#5 Don’t Rush
Visit boat shows and take the opportunity to get on board as many boats as possible. There is a big difference between seeing a boat online and getting on board. Visiting a few yachts might change your mind about what you would like to purchase.
#6 Narrow Your Vessel Options
After searching, narrow your options and try to visit the particular boats you have liked. Then make an offer. Most of the time, buyers try their best by offering a lower price than what the yacht actually costs. If you work with a broker, he/she would advise you on the best offer.
#7 Pick and Check Out the Vessel
If the offer is accepted, be ready to give a deposit and have a surveyor prepared to check the vessel. The buyer usually pays for the survey, 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. Don’t be afraid to ask for a better price.
#8 Negotiate and Insure
When both parties agree with the price and conditions you have negotiated, find an insurance company for your yacht, and then close the deal. Make sure you check all the paperwork.
#9 Get the Boat to Your Marina or Private Pier
The final step is getting your vessel to your marina or to a private pier. Will you need to hire a crew or maybe send her to a refit center first to make any repairs? Your yacht broker can help you answer all these questions.
Quick Checklist on How to Buy a Yacht
- Decide what you want and need to purchase
- Do your research
- Work with a yacht broker
- Visit as many yachts as possible
- Narrow down your options
- Try to visit the yachts you have liked
- Make an offer and have your surveyor ready
- Go through the survey process and sea trial
- Be ready with yacht insurance
- Close the deal
- Enjoy your new yacht!