6 Tips For Buying a Yacht

Buying a yacht is a bit like buying a house. There are a ton of options out there, it’s a huge investment, and above all a big decision. From deciding whether you want a classic yacht or super yacht, seeking out the right advice, to testing the yacht you are interested in, keeping these tips in mind in crucial. Happy yacht shopping everyone!
Decide What Kind Of Boat You Want. There are big differences between buying a motor or a sailing yacht. Sailing yachts provide a more natural feel at sea and can be raced competitively. Motor yachts provide more space, can be faster, and have more individualistic designs. Do your research by chartering a few types of boats that you might be interested in before taking the plunge.
Know Your Needs. How many guests do you plan on having on-board? Will they be sleeping on-board? Do you plan to use the boat to travel or primarily as a place to entertain while it is docked? These are all considerations that need to be made. Also keep in mind how big of a crew you think you will need.
Used or New? A new yacht can take years to build, but buying a used yacht comes with its own set of problems (it can be hard to know what you are really getting). A third option is getting a semi-customized yacht—a boat with a base already built—meaning there will likely be fewer operational concerns, and you’ll get it delivered faster than a completely customized boat.
Seek Out Advice From Friends. Like most things, getting advice from friends is key in this process. Their advice can be helpful in helping you select a yacht broker, shipyard, or crew.
Get a Broker. Seek out a yacht broker (it’s a bit like seeking out a real estate agent) to have them show you the options, particularly if you are in the market for a boat on the upper end of the spectrum. Brokers will point you to online listings and send you yacht brochures to review. They will also accompany you to shipyards if you are considering a semi-custom or fully custom design. If you are looking to save money instead of using a broker, check your local classified and marinas to see what is out there.
How Much To Expect On Spending. Production yachts, that are built in a factory, can cost anywhere between $100,000 to $5 million. Semi-custom yachts tend to fall in the $25 million range. And fully custom yachts can cost more that $100 million. It is a big investment. No wonder yachting is a billionaires sport.
Before You Sign. After negotiations are done and you’ve secured the boat of your dreams, make sure you take it out for a sea trial (usually at your own expense but well worth it). Also have a survey team inspect the boat for any mechanical or engineering issues.