April 6, 2017
4 Things to Know Before Buying a Yacht
For many people, purchasing a yacht is a sign of financial independence. They’ve managed to build their wealth, and now they want to reward themselves with a shiny, entertaining gift just for them.
But just because you’re financially free doesn’t mean you can afford a mistake with such a large purchase. If you’re buying your first yacht, here are some things you ought to know first.
- Upkeep Costs
The initial cost is not the only one associated with owning a yacht. There are also the costs of upkeep and maintenance to consider. Because yachts live on the water, they’re privy to frequent maintenance and repair costs that other investments won’t have. The water will wear away at the paint job and it will need professionally cleaned frequently to minimize damage.
You’ll need to cover fuel, professional cleanings, refurbishments, docking, and similar costs associated with maintaining your boat. Make sure that after you purchase a yacht, you can afford to keep it.
- Invest in Quality
Because there are more stressors and potential damage associated with owning a yacht, don’t scrimp on the quality. With yachts, you very often get what you pay for. As a first time buyer, it’s tempting to purchase a larger boat on the cheaper end, but these tend to need far more maintenance. Higher priced yachts tend to use better quality materials that ensure the longevity of the vessel.
If you need to purchase a more affordable yacht, look at smaller models. If purchasing a quality vessel means reducing the number of people that can fit on it, always opt for higher quality for the best investment.
- Realistic Expectations
There will be certain restrictions on your purchase, and it’s important to maintain realistic expectations as you shop. Your budget, for example, will limit the size and quality of your boat to a certain extent. Similarly, you may not be able to find everything you want on a pre-made yacht that was designed by someone else.
Unless you have the means to build a custom boat from scratch, go into the buying process with realistic expectations. You may not be able to find everything you want in a boat, but go for your highest priorities. You can make adjustments in the future if need be.
- Long vs. Short-Range Cruising
Carefully consider the purpose of your yacht. If you’re expecting to leave it docked most of the time and only take short cruises around the bay, you’ll require a much different model than if you’re planning on taking multi-day excursions.
There are more considerations to make if you’re considering long-range cruising. The boat must be sea ready in the event of a storm. There will also need to be additional accommodations like functional sea berths and places for all crew members to sleep. Long-range yachts are also typically bigger to better weather long journeys.
Don’t go into your yacht purchase blindly. Do your research and ask lots of questions of the yacht dealer before handing over the money. If you want to be satisfied with your purchase, it’s very important to put in the time beforehand.