Tips on Buying Your First Yacht
If youre a first-time yacht buyer the pick of previously owned boats for purchase can be irresistible. How do you make sense of all the various models and styles out there?
The first time yacht buyer needs to refrain from buying on emotion and take a hard look at what they plan to do with the boat. Making the wrong pick will be a major disappointment in the long run and perhaps cost you thousands.
To start, are you a sailor or a motor boater or maybe you dont know? Some like the romance of a sailboat cruiser with the image of islands in the picture; many dont want the annoyance of the sails, paraphernalia etc. But a sailboat is very inexpensive to if your plans include cruising to far-away places
Once you have assessed your watercraft taste you can then decide on what you wish to do with it.
How much will you use your new vessel ? I always say that there are "real boaters" and "owners". Genuine boaters use their yachts; owners just like to say they own a boat as their yachts rarely get away from the pier. Some boaters may be full-time liveaboards using their boats as their domicile every day. Others may just use their yachts on pleasant weekends when time permits.
Next is the cost of owning a boat. You must take this into consideration. The purchase price is like a down payment. Boating has its costs that you need to be conscious of. If you are mechanically inclined, you will find that the costs are not significant. Most yacht owners do the majority of repairs themselves. I have posting at my website about the specifics of yachting costs that breaks it down into individual costs. Feel free to take a look.
So far we have determined what type of waterman/woman you are, we know what style of yacht mostly appeals to you, we know how much we expect to use it and about what to expect in the upkeep of her.
But now comes the hard step; how do you find and select just the right one? I have developed a purchase checklist that I use with my customers to let them take the critical features of a cruiser. This allows them to choose features that they can manage without and those that are features that are got-to-haves. That checklist then becomes the foundation for the perfect boat search. When I am dealing with customers, I then look for boats that best match the clients wants recognizing that yacht purchases usually require some compromise. Rarely do I find a cruiser with all of the wanted features.
I always say that youll know it when the right vessel comes along; it will "talk" to you. Any potential boat will have the lines, the feel and the character that appeals to you. Dont settle for anything less than that pleases you.
But what about the cost of that used vessel? How do you know you are getting a fair trade? Borrowing from another posting at the Paradise Yachts website about the True Value of Boats, good vessels always demand higher prices, always! A newer motor yacht in deficient condition will bring less than an older boat in good condition, always! Never buy a boat based upon the cost alone or youll be selling it within 6 months.
And should you conduct a survey, yes its always recommended. Find a knowledgeable surveyor that has knowledge with your desired boat. Ask him for references too. If you are working with a reputable Broker, he will suggest individual top-shelf surveyors but will always ask you select the one you want to avoid any chance of conflict.
And lastly, find a Buyers Broker to represent you in your looking, selection and purchase. It will save you lots of time, money and a lot of failure.
The author, Mike Dickens is a long-time boat owner, Yacht Broker and owner/operator of Paradise Yachts in Florida USA.
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