A Beginner’s Guide on How to Buy a Yacht
There’s no better way to spend your day off than on the deck of a luxurious yacht with a cold drink in your hair and a nice breeze from the water. It’s so enjoyable, in fact, that you might be contemplating purchasing your own yacht. That’s easier said than done, of course.
Choosing to buy your first yacht is a big decision. If you’re new to purchases like this, then you probably have a lot of questions about it. Thankfully, we have all the answers you’re looking for!
Read on to learn how to buy a yacht!
Start with Your Budget
Long before you start choosing a yacht, you need to do a deep dive into your finances to create a budget.
A yacht is not an inexpensive purchase. Depending on the yacht you purchase, you’re looking at an investment that’s at least a few hundred thousand dollars. The most luxurious of yachts will set you back millions or even tens of millions of dollars.
Beyond the cost of the yacht itself, you also need to consider how much it’ll cost to own the yacht. Where will you store it? How much will it cost to hire a crew when you sail it?
Make sure to consider all of these expenses when you start out on your yacht-buying journey.
Consider Your Needs
After you’ve set your budget, your next step is to dream up your ideal yacht.
Start by thinking about how you would like to use your yacht. For example, if you want the yacht for family trips, then you’re probably not interested in a massive yacht that’s suitable to host a party for a hundred people. Instead, you’re probably more interested in a yacht that has comfortable accommodations for everyone.
Putting together a wish list will help you narrow down your search.
Peruse Your Options
If you’ve only been on one or two yachts, then you might be surprised to learn that yachts come in an endless variety of options. They can be as simple as something you’d only take out on the water for a couple of hours or days, like Prestige Yachts, or they can come in massive sizes that are comfortable enough to cruise around in for weeks on end.
Start by browsing through yachts online. Get a feel for what kind of yachts you have in your area. Do you want to buy a pre-owned yacht, or would you prefer to have one build from scratch?
While you’re browsing available yachts, keep in mind that there’s no need to rush. Choosing a yacht is a big decision, and it’s important to take your time so you don’t make a decision you regret.
Follow Your Heart
It is definitely important to be cautious and not be super impulsive on your search for the perfect yacht. That said, don’t be so cautious that you let a good opportunity slip away.
You know when you find that perfect house or perfect car, and everything clicks in your head? The same thing can happen when you find the perfect yacht.
If you find a yacht that ticks all of your boxes and comes at the right price, then don’t hesitate to start the purchase process. There’s no set amount of time you need to spend on your search before you can pull the trigger.
If you’ve done a fair amount of searching and narrowed down your choices to a handful of yachts, then your next step is to give them a test drive. Look into chartering your potential yacht to see if it truly is a good fit for you and your needs. If you cannot charter that specific boat, see if there are any other yachts like it available to take for a spin.
Yes, this is an additional step and an additional expense. That said, this is an incredibly important step because you don’t really know if a yacht is going to work for you unless you’ve taken it out on the water.
Find the Right Dealer or Broker
Depending on where you live, you might have a bevy of yacht brokers available. That doesn’t mean that every single yacht dealer is going to have what you want or treat you the way you want. Different dealers have different styles, so it’s important to do your research before handing over your cash to them.
Give a few different yacht brokers a call to learn about their business and how they operate. In turn, they should ask you about your needs. In fact, they should be able to point you in the right direction if you still have questions about which yacht will work best for you.
Once you find a broker with whom you have a good rapport, then it’s time to buy your dream yacht.
Take a Boating Safety Course
Your yacht-buying journey doesn’t end when you actually buy the yacht. It’s also important to learn how to stay safe when you use it. This is especially true if you are planning on operating your yacht instead of hiring an experienced crew.
Check around your area to see if any boating safety courses are offered. You can also look online to see if you can find a virtual option. The safer you and your passengers are, the better your experience!
Learning How to Buy a Yacht Is the First Step Toward Luxury
There are a lot of things that you need to consider when you’re learning how to buy a yacht. The most important thing to remember is that you don’t need to rush through the process. Buying and choosing a yacht is a big decision, so it’s important to give it the time and consideration it deserves.
Life is full of fun (and not-so-fun) surprises. No matter what life is currently throwing at you, you’re bound to have questions. Flip through our blog to find the answers to life’s most difficult questions.