Buying a yacht can be incredibly exciting and often life-changing but there’s a lot to consider when it comes to buying one.
Fortunately, the joys of owning your own yacht and joining the community of enthusiastsgreatly make up for any initial difficulty.
What Will You Need to Consider Before Buying A Yacht?
To ensure that your first yacht will be the perfect one for you, there are a few things to be taken into consideration. There are hundreds, if not thousands, of types of yacht out there. The best way to filter through them is to think about exactly what you’re looking for in your boat before you get started. Whether you’re considering buying from the manufacturer or a dealer, the easiest way forward is to go in with a idea of what you want to come out with.
New or Old?
The age of the yacht you choose will usually depend on your budget, but it might also be down to how much work you want to do.
A new yacht will come in pristine condition and will have a warranty for extra security. However, you will have to wait for it’s arrival and the up to date fittings will be costly.
The less expensive option would be to buy a pre-ownedyacht. Many older yachts are in excellent condition and won’t come with the added premiums. You might even have room left in your budget to upgrade the equipment yourself.
The size you choose will depend on how you plan to use it. Daytime only yachts can be much smaller than one you intend to spend nights in or use for long distance travelling.
You’ll also want to think about the number of people you want on board too. If you plan to set sail all alone then you won’t need nearly as much space on board as you would if you want to share your time on the water withall of your family and friends.
The size of the yacht you buy may also be influenced by where you want to store it. Docking a large yacht in a marina will be more expensive than a smaller one. You could also choose to keep your boat on a trailer to allow freedom of movement, but the bigger the yacht the harder it will be to travel with.
Financing, Insurance and Regulations
Making a big purchase, like a yacht, always requires extra considerations. Not only does your budget need to be carefully set, but you have to remember to include additional costs such as maintenance, storage, and insurance. Mortgages are available for yachts, which may allow you to increase your budget but will require more administration work.
Owning a yacht requires a few legal considerations and essential steps that cannot be ignored if you want a long, happy life on the water. You will have to consider:
Management of any on-board crew
To save yourself the stress of handling the complicated but unavoidable parts of buying a yacht, you could enlist the assistance of a Corporate Service Provider who specialise in the Yachting sector, such as Affinity Group.
Picking Out Your Yacht
With so many different yachts on offer, the best way to choose one might be to visit a boat show. Seeing the models in person is often the easiest way to get a feel for what each type of yacht is offering you.
Online shopping can also be a good option, especially for putting you in contact with other people who already own the types of yacht you’re looking at. First-hand experience and reviews from others will be the very best way to ensure that you’re getting the perfect yacht for you.