Top Tips for Buying Your First Yacht

July 14, 2020

When you have a “multimillionaire” title in front of your name, there’s not much you lack in life. But, owning a boat is one of the biggest luxuries, and you might just want to consider adding it to your list of toys. Are you looking for a way to spend your money this summer? Here’s a little guide that will help you pick the best yacht for your wishes and needs.

Give it a spin

Don’t hesitate to try before you buy. By chartering yachts, you will get a chance to try different types, shapes, and sizes of boats, as well as try out various shipyards and see whether you need certain features like pools, helipads, or beach clubs. If this is your first boat, you definitely need experience, and charter will provide you just that—education on what different yachts can provide a person. Sure, you might not own a boat you’re sailing, but you will certainly get a taste of what you can expect in the future, once you decide to invest.

Visit a yacht show

Charter agencies have a wide variety of models available, but the best place to see what the yacht sector has to offer is to hit a yacht show (even a virtual one). If you don’t have time to drive from a marina to a marina, a boat show will present to you all the yachts moored in the same place.  Plus, you can get the freshest info on models, shipyards and latest equipment and additions.

Find a good broker

Once you start visiting yacht shows or looking at charters, you can get overwhelmed by options. Luckily, you can always find a yacht broker who knows the market and market activities. Make sure they are locals because they can also offer some buying tips depending on your location and weather conditions.

Consider the size

The best purchases stay with you for the long haul. Make sure to start by counting all the people who are usually sailing with you and sleeping on board. Also, your location is the key factor, so make sure to consult with professionals because different sailing locations require different boat sizes. If you’re planning to sail the Mediterranean with your family, there’s no better decision than to ask a local motor yacht company for honest advice.

Local boutique companies are always ready to help, point you in the right direction when it comes to size and layout and even provide you with assistance for your yacht. Accessing Mediterranean beaches and crossing the Atlantic will require yachts of different sizes, and experts know that.

Know the prices

There are various price brackets you can look into and they vary significantly. In order to get the most for your money, consult with your broker who can help you manage your expectations and provide you with the best product. Also, if the price tag is important for you, consider the age of the vessel as well. An older boat that used to cost $20 million when new, can now cost you about $1 million!

Don’t underestimate builder reputation

The image and status of certain brands can have a significant role in pricing. Are you ready to pay premium prices for a certain lux manufacturer over another even though they mostly provide you with the same benefits? With that in mind, there are still differences when it comes to building quality between manufacturers. Also, some manufacturers retain better resale value, which can be important to some owners.

Go custom

If you’re ready to write a big check and don’t mind waiting for your yacht, go custom. High levels of customization will provide you with all the best additions that fit your needs to the T. Also, watching your yacht go from just a concept on a piece of paper to a beautiful vessel you and your family can enjoy for years to come is very exciting and satisfying.

However, with custom builds come higher prices since optional extras significantly affect your final cost, especially if they are complicated like large pools, folding hydraulic hull shell doors and roofs, and curved glass.

Buying a yacht is a big decision, so make sure to take your time and consider all your options. Once you really find a good match for you and your needs, you will get a piece of floating assets that will bring a lot of joy and pride.

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