BUYING A YACHT
Whether you are looking to buy a brand new yacht or a pre-owned vessel on brokerage there is a lot to consider before committing to what most people consider as the second largest purchase after their house. There are hundreds of models of yachts to choose from and narrowing down your options can be quite hard… Think about: Power or sailing yacht, where do you plan to berth your yacht, how many guests do you need to accommodate on your vessel, how many crews will you have on board, what tenders and toys would you like to have, do you intend to offer the yacht for charter, what is your budget…..
Power or Sailing yacht and what you’ll do with the yacht…
If you wanted luxury and space and were more focused on getting to the destination in glamorous style, you buy a motor yacht. For owners who do intend to enjoy their yacht and to travel to distant places, a sailing yacht will undoubtedly provide the greatest enjoyment; that true feeling of quietly gliding through the ocean with the power of the wind. The time that you will be actually on yacht should be a key factor when deciding what to buy.
Where do you plan to berth your yacht?
Prices for mooring places are drastically different, which can also affect your budget… You need to find a marina that provides you with good protection against a storm, as well as all the possibilities of refit and repair for the season. In addition to these things is really important and the region where you want to sail. Not just because of the Marina’s and mooring options but also because of the tide, weather, and traffic density. Budget, in addition to the initial purchase price there is also the ongoing berthing and maintenance costs to consider.
Where can you find and test your yacht?
Boat Shows and Yacht Brokers. Attending a Boat Show is a great way to see a large range of the most popular boats all in one place. There are numerous Boat Shows throughout the year around the world. Europe most consider Southampton Boat Show in September, Paris Boat Show in December and Dusseldorf Boat Show in January as being the key ones to attend. You can also talk to a yacht broker, they are a great source of information and will happily show you the boats that they have for sale.
What is your budget to buy a yacht?
Buying a yacht Is not a decision to be taken lightly, as there are many things to consider not the least of which is the financial Impact this new purchase will have. Actually, lets more an Investment than a purchase: besides the cost of the actual boat, there are fees involved in owning and operating a yacht, so It would be wise to draw up an annual budget upfront. This budget will give you a better idea of the type of boat you should be buying. Narrowing down your options takes some research, therefore you might browse the Internet to see different sized boats and decide which one you‘d feel more comfortable manning. You need to consider a few basic tips for making sure you end up with the right yacht for you. You will need to find a place to keep your yacht so you should know that some marinas may not have available berths and mooring fees vary considerably. Maintenance costs for new yachts are relatively low during the first three years but as a general rule, major machinery will require significant repair or replacement within 5 to 7 years. So before anything. Include these costs In your budget to prevent your Investment from becoming a money hole. Technology & equipment options. With these options including bow thrusters, stern thrusters, electric winches, in-mast reefing, self-tacking jibs and advanced navigation technology all commonplace. A larger modern yacht today is far easier to manage than it was 10 years ago. Equipment, there are an incredible amount of equipment options to choose from, some of which are there to help short-handed sailing become more manageable or that make a larger yacht easier to handle. Other options are there simply to reflect modern living and how we live at home.
Do you intend to offer the yacht for charter?
From a yacht owner’s perspective, chartering is the chance to turn an investment in leisure into an opportunity to generate revenue; often useful to help cover the running costs of your luxury yacht. Placing your boat into charter service can substantially reduce the cost of ownership, while also enhancing its resale value by establishing a favorable reputation in the global charter marketplace. With a well-managed charter programme, it is possible to generate a very healthy income. It helps your crew stay busy and motivated, improving their skills. It ensures your yacht is kept in good working order. It raises the profile of your yacht in the superyacht world, which may have a positive impact on the resale value.
Before closing the deal
ls highly recommended that you conduct a professional survey on the yacht! This will be useful with insurance companies. A survey will show potential maintenance issues and can also help you to negotiate better the price. Additionally, it’s recommended to draw up a standard form of agreement that sets the rights and obligations of both parties and the broker is acting on their behalf. The contract will help solve any potential disagreements. Check all the documents and the yachts VAT status. You should receive the original VAT paid invoice, which is essential if you want to sell the yacht in the future. If you’re uncertain about the VAT status or any other documentation, a professional yacht broker can advise you on what is required for any particular vessel. Once the survey has been concluded and the negotiations ended, you should receive the proof of ownership: Certificate of Registry, and proof of VAT status. Keep all these documents in a safe place since they are not easy replacing.