Top considerations before buying a yacht
Buying a yacht is a pinnacle moment in life, offering unparalleled freedom, privacy and satisfaction. However, a luxury yacht is a significant investment that should not be taken lightly. Working with an experienced yacht broker is essential when buying a luxury boat, delivering proactive and professional services from the initial consultation to after-sales support.
Before contacting your chosen brokerage and starting the yacht acquisition process, read on to discover the most important things to consider before buying a yacht.
A knowledgeable yacht broker has an invaluable role when it comes to buying a yacht. Reputable brokerages boast an incredible global fleet of vessels, including classic sailboats, explorer yachts, and state-of-the-art superyachts. Yacht brokers will also help to understand your preferences, purpose of the purchase, destination and budget to source you the ideal vessel that is tailored to perfection.
A yacht broker’s role is not only sourcing possible yachts for buyers to view, but also handling negotiations, drawing up legal documents, and giving expert industry advice beyond the acquisition.
Always work with a broker that is a member of key industry bodies, such as the Yacht Brokers Association in America, the Mediterranean Yacht Broker Association, The Worldwide Yachting Association, and the International Yacht Brokers Association. Members of these leading industry bodies must adhere to high standards of expertise and possess significant industry knowledge.
Before buying a yacht, it is a good idea to understand what type of vessel you wish to buy to narrow down your options. Motor yachts are a popular choice, offering unparalleled privacy and freedom. Larger vessels offer uncompromised levels of luxury that rival even the most exclusive hotels. These sublime vessels are well-equipped with state-of-the-art amenities and are a perfect choice if you are looking to explore the world’s idyllic hotspots.
Alternatively, you may have a genuine enjoyment and passion for the elements and are looking to get involved in the rigging and sailing aspects of yachting. A sailing boat offers the complete 360° sailing experience, allowing individuals to participate in regattas and races.
Or, explore remote destinations aboard a trailblazing explorer yacht, offering unbeatable comfort in the harshest environments.
The size of the vessel depends on the yacht’s purpose and how many amenities you wish to add. If you are looking to use your boat for intimate holidays with family and friends, you may require a classic sailing boat or a small motor yacht equipped with the standard amenities.
Alternatively, you may wish to use your vessel for large group holidays, in which case you may wish to have a well-equipped boat with state-of-the-art amenities. Some of the most frequently used amenities include an on-deck Jacuzzi, gym or fitness equipment, sauna or spa, and chipping greens.
Before purchasing a luxury yacht, consider where you will be taking it and what the boat’s purpose will be. Knowing what you want from your yacht will help you narrow down your location options.
Bluewater havens such as the Mediterranean or the Caribbean are perhaps the most popular locations amongst yacht owners, offering a more relaxed and exclusive experience for everyone on board. Alternatively, you may want to charter a path unknown and experience harsher environments in the arctic circle and beyond. Wherever you take your new boat, a trusted broker can organise berthing options and anchorages.
The cost of ownership can vary considerably depending on the size of the vessel and what amenities you wish to have on board. As a starting point, recent yacht builds for sale in the 40-70’ range anywhere from $500,000 to upwards of $10,000,000, depending on size, year, and model.
You will also incur additional costs for insurance, mooring, maintenance, fuel and other expenses, which will amount to approximately 10% of the vessel’s overall value. Before purchasing a yacht, ask your broker what vessels are available within your budget and what hidden costs you may incur.
Yacht management is essential, providing stress-free yacht ownership. A yacht management company will help manage the boat’s day-to-day operations, helping to ensure its smooth running while mitigating legal and financial risk. These can include crew, finance, compliance, maintenance and refits. They can also help you secure a berth at your chosen location.
Contact a reputable luxury yacht broker today if you are thinking about buying a yacht.