There are many factors to consider when buying a yacht. Because it is a significant investment, you have to know how much you can spare. Whether you are buying brand new or looking to save on a few bucks with a brokerage, it is imperative that you follow these steps to ensure that you won’t regret your purchase.
Yachting often comes with a connotation that you are after the luxury of sailing whenever you want. However, it can also be considered a business venture.
Because of this, the first step you should take before buying a vessel is to decide its purpose. If you plan on using the yacht for business, make sure you calculate the expenses versus the potential revenue. If you are after leisure, you should also determine the model of watercraft you need to provide you with optimum experience in the waters.
Aside from deciding on a purpose, an aspiring yacht owner should also dedicate some time to researching the industry. Although this might seem like something only business-minded yacht owners can use, it is actually even more useful for those who are after the sheer pleasure of it. This is because yachting is more of a lifestyle choice rather than mere whim.
Some of the things you should do your homework on are the legal requirements of owning a vessel in your country, the cost of maintenance, potential storage facilities you can use, insurances, and taxes, among others.
Like cars, a yacht’s value depreciates over time. Because of this, some experts in the industry strongly believe that such vessels are deemed to be more of a lifestyle path than a business investment.
With that said, you should know how much you can and are willing to spare for your yacht. Some expenses you should consider are the yacht’s registration, insurance, taxes, storage, and maintenance.
Although it may seem unnecessary if you already have your eye on a specific model, it pays to know all your options before cashing in your first yacht. There are several options available as well as factors to consider, including:
Never buy from the first store you see. This rule also applies when you are shopping for a yacht. Make sure to check out different offers from dealers and used yacht owners. This way, you should be able to weigh your options that will help you choose the perfect vessel that will serve your purpose best.
Before closing a deal, make sure to understand everything there is to know about the vessel you plan to purchase. If you’re buying brand new, you should read reviews about the builder. The same goes for brokerage. The bottom line is that you should never take up an offer without knowing nothing about the vessel you plan to procure to avoid regret that often comes in hindsight.
Like cars, yachts can also be put on a test drive. Aside from hiring a professional surveyor to nitpick on the vessel, testing out the feel of the yacht while out in the water is also an effective way of determining whether it is the perfect fit for you.
Sometimes, it pays to have an expert mediating a yacht sale. It becomes even more advantageous if you, as a buyer, hire someone with a solid reputation and skill in the industry.
After doing every single one of the first eight steps, you can now weigh your options and decide on a perfect yacht that will not only suit your purpose but will also provide you with a peace of mind you deserve.
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