How to prepare for the purchase of your first yacht.
When you are looking for your first yacht, there are so many things to consider, it can be overwhelming. This article will take you through the steps necessary to prepare for your first yacht purchase and help you avoid some of the common mistakes made by new buyers.
Table of Contents
- 1 What to look for when buying a yacht:
- 2 How many people will use the yacht?
- 3 What types of trips will you be making?
- 4 What kind of experience do you have?
- 5 What are your maintenance needs?
- 6 What kind of amenities do you desire?
- 7 Research the market carefully
- 8 Know what you are getting yourself into
- 9 Get a Yacht Survey
- 10 Filter the size of the boat
- 11 How to finance your purchase:
- 12 How to choose the perfect yacht for you and your family
- 13 Can you manage it alone?
- 14 What size works best for you?
- 15 Are there enough sleeping arrangements?
- 16 How much maintenance can you handle?
- 17 What about storage?
- 18 Will others use my yacht?
- 19 Will I need additional support?
- 20 The types of yachts available on the market
- 21 The Benefits of Owning A Yacht
What to look for when buying a yacht:
It is easy to get swept away and buy a boat that looks great but does not actually suit your needs or even your lifestyle. When looking for a boat, you should consider the following:
How many people will use the yacht?
“How big is your crew” is a common joke in yachting circles, but it is actually something to seriously think about. The size of the vessel directly affects the resale value and running costs. A rule of thumb for this is that if there are up to 3 people who will be using the yacht on a regular basis, it can be considered as a starter yacht. If more than 4 people will regularly be on board then you have stepped into ‘serious’ territory and should look at larger vessels. If you do not want to deal with other people’s schedules and simply wish to take yourself and your spouse on a romantic getaway for the weekend, then a smaller vessel may be more practical.
What types of trips will you be making?
If you plan on going away overnight or even taking extended trips, you should consider that there might not always be a marina to dock in and it may require anchoring. While this is generally not a problem if you have calm seas, it can become very uncomfortable when the weather turns nasty so keep this in mind.
What kind of experience do you have?
Regardless of whether or not the yacht has been professionally crewed, someone needs to operate the boat and familiarize themselves with its systems. It would also help if they have some knowledge of basic nautical terms and how to navigate in case something goes wrong. If you intend on buying a boat that is already ready, then the person operating it should have at least yachting experience.
What are your maintenance needs?
Do you need minimal upkeep or do you want someone else to worry about fixing things when they go wrong? The former option may be good for the budget but will require more time spent maintaining systems while the latter often means higher running costs.
What kind of amenities do you desire?
This one is really up to personal preference, but there are certain amenities that are expected on larger vessels these days even if they are not important to everyone. For example, although many consider this an unnecessary upgrade, having a dishwasher can make a big difference in terms of time and clean-up. For any boater who has to live aboard for weeks at a time, even the most basic amenities such as a flushing toilet and non-salinated water would be welcome.
Research the market carefully
This is something that new buyers often fail to do. You need to have a clear idea about whether you want a used boat or a new one, what features are available in your price range, and which ones are actually important to you. It is best if you have an idea of how much money you should spend so that when you see something interesting from someone who might not be willing to budge on their asking, you will know immediately if it is worth it.
Know what you are getting yourself into
Buying a boat means committing time to learn the basics of sailing and investing in appropriate equipment such as safety gear and communication devices. You will also gain responsibility for the people on board and there may be legal consequences should your actions result in an accident or harm to someone else. The costs associated with owning a vessel can also be significant. It may require docking fees, insurance, and general maintenance so do not forget those when considering whether this is something you actually want to commit to financially as well as emotionally.
Get a Yacht Survey
An inspection by a professional will tell you the condition of your boat’s hull, equipment, and decking. They will also be able to warn you of anything that may need urgent expensive repairs in the future. Experts like TESS LLC, will be able to point out problems before they become a serious issue and make your purchase a better investment.
Filter the size of the boat
If you have been considering how big of a yacht you need, then you should also think about whether it needs to be more luxurious or functional. There are some who insist on having every possible amenity while others choose this type of boat because it is just easier to operate. Research does show that there can always be some modifications made so do not worry if you cannot get everything exactly as you want it in terms of amenities or size. Whatever your reasons for buying a yacht, understanding these factors will help you buy something that will meet all of your expectations comfortably while helping to protect your family and friends wherever they travel with you.
How to finance your purchase:
Many people rely upon personal savings or family for their first yacht purchase but if you have been planning it as a future investment, you should also check with your bank for possible loans to finance your boat purchase. The interest rate may seem high but if you are purchasing a yacht at this stage in your life, chances are that you have reached a point where financial stability is important to you.
As the owner of an immensely valuable item, it is also very important that you get insurance coverage that will take care of the vessel should anything happen to it while being used. It is worth investing in adequate cover since there can be substantial costs involved with having to replace or repair your boat, especially if it is significantly damaged during an accident involving someone else’s negligence.
How to choose the perfect yacht for you and your family
This is something that really depends on one’s individual needs, but there are some factors that can be taken into consideration when deciding.
Can you manage it alone?
One of the biggest advantages of owning a yacht is being able to invite friends or family members to travel with you while keeping them safe. If you cannot do this on your own, then it limits your private moments with just your spouse or children since you will have to hire a crew. Some new boat owners also find themselves moving on from their first vessel before they are ready because they are unable to operate everything on board single-handedly.
What size works best for you?
With varying sizes available in the market, it is important to consider what size vessel you really want and need. If you are a novice and will be learning how to operate the vessel yourself, then perhaps a smaller one would make more sense. It should also take into consideration the number of people traveling with you regularly and any other factors such as storage space for your equipment.
Are there enough sleeping arrangements?
This applies more to larger vessels but since many new yacht owners find themselves inviting friends on board frequently, having enough places for everyone to sleep is very important. You should also think about whether or not your family members share rooms or if they all have separate ones.
How much maintenance can you handle?
Having a boat means additional responsibilities like keeping up with maintenance issues which can be time-consuming. It is always a good idea to consider whether or not you have enough expertise and free time to handle these before making your purchase, especially if it happens at inconvenient moments such as when you are expecting guests on board.
What about storage?
If you have a larger boat then this may be less of an issue but if you plan to keep it docked for extended periods of time then proper storage can prevent damage from humidity and other environmental factors. This will also depend on the kind of geographical location where you will use your vessel more often.
Will others use my yacht?
This applies mostly to those who plan to make their boats available for chartering but there are times when friends and family members may ask permission to borrow it. If your boat is not large enough to accommodate everyone you want on board at the same time, then it may be a problem that can’t be resolved except by renting larger vessels for special occasions.
Will I need additional support?
Owning a yacht means having a vessel that is going to cost you a significant amount of money and require an even greater sum every year for maintenance and other related expenses. While this does not mean that you should hire more staff than necessary, it is good to bear in mind how much-added responsibility owning such an item can be as well as its associated costs.
The types of yachts available on the market
Since there are various ways to define what constitutes a boat or yacht, it can make the process of finding one more challenging since there are several shapes and sizes to choose from. The two most common distinctions between vessels like this are the size (measured in tonnes) and type (e.g. motor or sail). You may also not know what terms like displacement length mean but it is worth checking into for your own peace of mind. Whether you plan to charter it out or use it privately also influences which type you should be looking at since some categories only apply to specific usage scenarios.
- Sailboats These include sloops, sketches, schooners, yawls, and ketches and are powered by wind or through manually rowing. These vessels can also be either small (e.g. dinghies ) or large (e.g. tall ships).
- Powerboats: A boat with an engine, whether it is petrol-powered or electric-powered is usually considered a powerboat but there are other types as well such as those driven by steam engines which have been used since the 19th century.
- Yacht: Many new yacht owners refer to any vessel they own as their yacht despite the fact that there are several different classes of yachts available on the market. One way to determine if your vessel falls under this category is to ask yourself what you use it for. If you use it for recreation purposes, then a yacht or a boat is both correct but if you plan to use yours for business purposes (e.g. chartering, tourism ) then a powerboat would be more appropriate.
- Houseboat: A houseboat is basically a vessel with living quarters on the inside and often follows different maritime rules from other boats since they are not designed for navigation. While it may resemble a small motorboat at first glance, newer models include features such as bedrooms, kitchens, and bathrooms which make them more similar to yachts in this sense.
- Caravels: These types of vessels have been used since the early Middle Ages and can either be powered by wind or oars although later models were fitted with early forms of engines which made them faster than traditional galleys. They are still sometimes used for military purposes, even though there are newer vessels available that have already replaced them in most cases.
The Benefits of Owning A Yacht
It is important to remember that owning a yacht does not only provide you with the opportunity to travel around the world but also gives you an excellent excuse to invite other people along for the ride. It can help you create new friendships, strengthen old ones and give other people something they will want to brag about. Even though it might be more common among rich celebrities than average citizens, having one or more yachts in your backyard means that you are likely to spend less time preparing speeches since there are so many fun activities that can take place on them.
Whether you plan to purchase a yacht for fun, business, or a combination of the two, it is important to remember that the vessel itself will need to be properly maintained if you want to keep enjoying its services. You have probably already heard about people who have purchased one only to find out they cannot afford upkeep so do not make this mistake yourself. Make sure you know what you are getting into before making any final decisions and try comparing prices from different dealers in order to get the best deal possible.