Yacht Buying Tips: Things To Know Before Making a Purchase
Buying a yacht is a major investment and should not be taken lightly. Even with the industry being so exclusive and high-class, do not go into the market naïve. There are still some unsavory figures that may scam you out of millions of dollars and leave you with a boat that’s not worth all the yacht maintenance and repairs it will need to become splash-ready. Here is Yacht Management South Florida’s quick guide on what to know before buying a yacht.
Learn The Basics of Yacht Ownership
If you are truly new to all of this and looking to purchase your very first yacht, try to familiarize yourself with what running a yacht is like and what yacht ownership typically entails. Ask other yacht owners you know what it’s really like to own a yacht. Consult with yacht captain and yacht managers to better understand common terminology and show you how a motor yacht or sailing yacht is operated. By understanding the basics, you will no longer be an ignorant buyer vulnerable to being scammed.
Familiarize Yourself With Yacht Prices
One of the most helpful tips for buying a yacht is to understand how much it is likely to cost. Yachts are significant investment not only when purchasing them, but also when refitting and customizing them to your tastes. Mass-produced production yacht models typically start from $100,000 all the way to $5 million or more. Semi-custom or full custom yachts are for those with deeper pockets, averaging from $25 million to hundreds of millions of dollars.
Pre-owned yachts have lower initial costs, but you must also consider the cost of a refit as well as regular upkeep and maintenance. Be wary of pre-owned yachts being sold at incredibly low prices, it its likely too good to be true and will require major overhauls and upkeep. In the end, you may end up spending as much money as you would for a newer, more modern yacht.
Do Not Go Unrepresented
While it may be tempting to approach private sellers directly due to lower costs, you will have no guarantee of the yacht’s quality or the seller’s legitimacy. One of the most essential yacht buying tips is to be represented by a yacht sales broker. Yacht sales brokers will use the industry connections and tools they have at their disposal to connect you with a legitimate seller and a top-quality luxury yacht that fits your tastes and planned itinerary.
Evaluate The Construction and Major Systems
Both new and pre-owned boats can suffer from poor construction and improper upkeep. It’s best to have the exterior and interiors of any yacht you are considering to be carefully evaluated. Don’t rely on just your yacht sales broker, call in certified yacht captains, engineers, technicians, or managers to help you evaluate the construction of the yacht as well as its major systems especially its engines. This often called a pre-purchase boat survey.
Take The Vessel Out For a Sea Trial
After you have decided on a yacht, but before you finalize a purchase, you should take the yacht for a sea trial. Sea trials can be conducted before and after a sale. The purpose of a sea trial is to check the vessel’s systems, engines, generators, electronics, and other components that need to be running in order to be inspected. A sea trail will be conducted by a marine surveyor and is often attended by a captain, the yacht sales broker, and the potential buyer.
Yacht Management South Florida, Inc. is yacht management company with our own full-service boatyard in Fort Lauderdale, FL. Our team of yacht managers and technicians work together to ensure complete yacht care and stress-free yacht ownership to all our clients. Send us a message or call (954) 941-6447 today to learn more about our reasonably priced services.