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The best time to buy a yacht is now. The market is ever-growing and it’s best to invest as early as possible as more and more people are buying yachts. This has been the trend as the industry is experiencing a massive change.
Before, it was mostly people aged 55 to 65 who were the ones buying yachts. Now though, the market has grown to include buyers as young as 25. This is partly due to the pandemic and the rise of software millionaires and Bitcoin investors.
If you’re set to buy a yacht – the soonest time possible, hopefully – do take note of the following expert tips that will make your purchase hassle-free.
6 Expert Tips That Every Yacht Buyer Should Take Note Of
Expert Tip #1: Dedicate Hours to Researching
Before hopping from one yacht manufacturer to another, you need to know what you’re getting into. If you’re new to sailing, you should take time to research yachts and everything that has to do with sailing.
It needs to be done in a way that is realistic to you. This is only possible if you’d do a true inventory of your level of awareness of sailing and yachts.
It will be very easy to scam you and have you fooled if you don’t even know what you’re buying and what owning a yacht will entail. You need to be at least aware of the following before proceeding with buying a yacht:
- Kinds of yachts in terms of size
- Kinds of yachts in terms of price
- Kinds of yachts in terms of style
- Cost of ownership
- Maintenance fees
- Yacht brands in the market
- Materials used in yacht manufacture
- Pros and cons of each type
Expert Tip #2: Have a Definite Budget
This expert tip is holy. You should have a definite and clearly delineated budget for when you want to buy a yacht. Having an exact value to work around will make your life easier. In setting a budget, you should consider the following:
- Operating costs
- Financing options
- Required down payment
- Interest
- Insurance
- Tax
- Yacht accessories
- Maintenance costs
Expert Tip #3: Work With an Agent
When you are researching yachts to buy, there will be factors and aspects that will still escape your knowledge and experience. To fool-proof your purchase and ensure that all-important things are truly considered and attended to, working with a yacht broker is highly advised.
This will especially be the case if you’re looking for luxury yachts for sale and you’re a first-time buyer. A yacht broker is highly experienced and technically educated when it comes to yachts. Their advanced knowledge and experience will save you time, money, and energy.
You will also have less stress as you won’t have to meticulously prepare every single document by yourself – your yacht broker will guide you every step of the way. Most will even do the government registrations and filing of documents for you. You will definitely have an easier time if you will work with a yacht professional.
Expert Tip #4: Know Your Needs
Do you know what your needs are?
Knowing your needs will simplify your yacht purchasing experience. To do this, you simply need to reflect and get to know your true intentions behind buying a yacht. Ask yourself the following questions:
- Why are you buying a yacht?
- Where are you going to use your yacht?
- How do you see your lifestyle in the future and how does a yacht fit in it?
- How often will you use your yacht?
- Will you use your yacht for recreational purposes?
- Do you hope to earn from it?
- Will you operate the yacht yourself?
- Will your yacht be crewed?
Expert Tip #5: Negotiate Wisely
Knowing how to negotiate is essential when you’re buying a yacht. It will be even more critical if you’re a first-time buyer. Hence, you should go out of your way to learn how to negotiate. The number one rule in negotiation is to never speak first.
To apply this, have yacht companies and manufacturers offer their yachts to you. Don’t go barging in and demanding stuff, let things unfold naturally. Let them offer you things. Upon assessing such offers, it is then imperative for you to decide if the price is too much or fair.
It is your sole responsibility to determine this. If you find it hard to do this task, you should ask the help of your broker.
PRO TIP: For extra seamless negotiation, you should also know the different factors that affect pricing.
Expert Tip #6: Inspect
Inspection is imperative before making any final decision. You should never finalize a purchasing deal if you have yet to inspect that yacht itself. Inspection is not as easy as you think. It has to be done in a meticulous and scientific way with the help of professionals.
You need to hire a yacht surveyor for this. Your broker will also help you with this as they will have hundreds of connections in the industry.
If possible, you should also dedicate time to test the yacht yourself. You should be able to feel and determine if sailing on it feels right. Having it tested and inspected will easily tell you if the yacht is the right one for you.
