Deciding to buy a yacht is arguably one of the biggest life decisions you can make, arguably, like a marriage, get it wrong and you’ll be left dreading ever having made the decision in the first place! But don’t fear because, for all the negative, there are countless more positives to yacht ownership than you can imagine.
Escaping to the sea is of course just one of those very positives! Naturally, though, you want to make sure that your first-time experience is one that leaves your heart full of good emotions and not something that you will later regret.
That’s why, when you decide to buy a yacht, you want to deal with those that know what they’re doing. Princess Yachts has years of experience in guiding new and old owners to their dream vessel so naturally, when it comes to buying your own, we know what to look out for.
Without further ado, here are some tips that you should know when it comes to buying your yacht.
What kind of yacht are you buying?
Do you know what you’re looking for? Is it sail or power? Catamaran or RIB? Before putting your hand into your pocket and spending all of that hard-earned cash, it’s best to go out and ask for as much advice on the kind of boat you want to purchase. Sailing holidays or chartering one for a day will give you great insight into the kind of vessel you are looking at.
Things like size, amenities and whether or not it will be fit for purpose in a few years will all play a growing factor into your decision.
In short, before buying anything, make sure it is the right boat for you.
How much do you want to spend?
Like anything else in life, knowing how much you have to spend is going to be key in what you actually end up with. Having a budget and sticking to it is going to be fundamental for those that don’t want to end up investing every last penny into a yacht, even if it is one of their dreams.
Brokers can help with finance options, and it’s wise to remember to use one that is authorized by someone like the FSA. Remember, anyone who uses a broker will have to pay a fee which is standard across the industry.
Knowing what your budget is, and what your living circumstances are will play a major role in how much you will spend.
Get a surveyor
Much like buying a house, a surveyor will tell you about the condition of the yacht and what the potential pitfalls are when it comes back to repairs that may/will be required.
Avoiding yachts as doer-uppers for your first purchase is generally considered a smart move, and things like extensive hillside repairs can run into the thousands. A good surveyor will be able to tell you things like this as well as advise on legal areas on the purchase as well.