5 Things to Consider When Buying a Yacht

Going on a cruise while enjoying a beautiful sunset can make memories that’ll last a lifetime. While owning a yacht sounds like a far-fetched dream for some people, other people are finally ready to buy one. 

If you’re lucky enough to be in the latter group and are planning to buy a boat soon, here are some important considerations that will help you make an informed decision and get the right yacht for you and your family! 

Are you familiar with yachts? 

If you’re a first-time buyer, you’d probably be confused about what exactly to look for in a yacht. That is why the very first thing you need to do is get yourself familiarized with the nitty-gritty of yachts. Get in touch with people who already own yachts and ask them to show you how everything works out.

Understanding the technicalities of yachts before going to the market will protect you from frauds and scams. It will help you find the perfect yacht by giving you an idea of what you don’t want in your yacht, which can save you a lot of money.

What is your budget?

Buying a yacht is a big investment. While production yachts are mass-produced and cost somewhere between $1 million to $5 million, semi-custom and fully custom yachts can reach an insane $25 million to $100 million per boat.

If budget isn’t an issue, then going for a brand new yacht is a better option because it comes with a warranty that’ll cover any possible malfunctions in your yacht. This will give you the peace of mind that cannot be guaranteed in the case of used yachts.  

But if you’re looking for a cheaper option, then you should consider getting a pre-owned or a second-hand yacht. This will bring the initial cost down but will be more susceptible to faults. 

Keep in mind that on top of the initial cost, you’ll incur several other expenses, which can cost millions of dollars every year. So while forecasting your budget, don’t forget to also consider the following expenses:

  • Fuel 
  • Maintenance 
  • Gear and accessories 
  • Insurance 
  • Docking and storage fees
  • Crew (if you hire one) 

What are your requirements? 

It all boils down to your needs – what do you need a yacht for? 

Different yachts are made for different purposes. There are sailboats, ski boats, fishing boats, motorboats, cabin cruisers, and even larger yachts. 

Just like you aren’t going to choose a sports car for off-roading, you wouldn’t pick a bass boat for skiing. The type of yacht you’re going to choose will depend on how you intend to use it. 

Here’s a detailed guide on the different types of yacht to help you out.

Once you figure out the type of yacht you’re looking for, it’s time to decide its size, which will depend on the following factors: 

  • The number of people you’re planning to sail with.
  • The time you’re planning to spend onboard. 
  • The type of water body you’ll operate your yacht in.
  • Your storage options 

One more point to consider is if you want a production yacht or a custom yacht. If money isn’t a problem, consider going for a custom yacht that’s specially made just for you. 

What are your storage options?

Where are you going to store your yacht once you buy it? 

This question may seem trivial but it’s not. In some places, it’s really difficult to find a marina or a harbor dock for your yacht.

The main factors that influence the kind of storage your yacht would need are the area where you live and the type of yacht you own.  

Here are a few common storage options: 

  • Outdoor storage at your house. If you have enough space, you can leave your yacht trailered on your property. This option gives you the freedom to explore different waterways.
  • In-water storage. A bigger yacht needs to be stored at a rented slip at the marina club. 
  • Rack storage. Some communities have facilities that stack smaller boats on racks outside the water. This facility is usually covered, which protects your yacht from environmental damage. 

It’s recommended to store your boat in an indoor facility during winters. However, if you plan on leaving your yacht in an outside facility during winters, make sure that you correctly winterize it to protect it from potential environmental damage. 

What are your insurance options? 

Last but not the least, it’s essential to get your investment insured against potential damages and other claims.

The cost of yacht insurance will vary depending on the size of your yacht, its intended use, and the amount of liability coverage you’re looking for. 

Normally, yacht insurance will cover: 

  • Collision damage
  • Loss or damage to personal property on the yacht
  • Bodily injury liability
  • Assistance charges in case of an emergency

Here’s some information on what happens after a boating accident.

To make the insurance process easier, you might want to hire an agent who specializes in marine boat insurance. These people have good relationships with insurance companies and can help you get the most ideal insurance deal according to your needs. 

And that’s about it. You’re now all set to buy a yacht. 

Bon Voyage!