When you buy a big-ticket item like a home or motor vehicle, you go to great lengths to take many things into consideration. If you are considering purchasing a yacht, you need to take the same approach. But even if you have purchased boats in the past, a yacht is a cut above the rest. To make sure you get the best yacht for your money, here are seven things you need to consider during the buying process.
1- Check the Engine
If you are buying a used yacht, always check the engine before making the purchase. Look for signs of cracks in the water jacket, check the cylinder compression, and make sure the mounts are in good condition. Should the mounts snap, you’ll soon have a misaligned engine.
2- Examine the Hull and Deck
This is very important if you are buying a used yacht since moisture issues on the hull and deck are somewhat common. Unfortunately, if the problems have been left to linger for a long time, you will face high repair bills once you become the yacht’s new owner.
3- Team Up with a Yacht Broker
Just as a real estate agent can help you when buying a house, working with a yacht broker will pay big dividends while you are looking for the perfect yacht. Once you team up with a reputable broker, they can match up your requirements and budget with a seller. By doing so, you can often purchase a yacht much faster than if you tried finding one on your own.
4- Figure Out What You Want and Need
While you are of course excited about the prospect of owning a yacht, make sure you don’t get carried away during the buying process. Instead, take time beforehand to decide what type of yacht will work best for you and your needs. For example, decide how big you want your yacht to be, how much you can spend, if you will use it for traveling or just for entertaining in a harbor, and other important factors.
5- Insurance and Other Expenses
Remember that when purchasing your yacht, you will still need to purchase insurance just as you would for a car. Since this will protect you should someone have an accident while on your boat or if your yacht is involved in an accident, it’s important you get the best coverage. But like you would when shopping for other types of insurance, shop around and work with a reputable agent who specializes in marine insurance.
6- Take a Test Ride
Whether you get a new or used yacht, always take it for a test ride before you sign on the dotted line. When you do the test run, always have someone with you who knows yachts, since they can point out any flaws, strange noises they hear, or other concerns.
7- Know the Prices of Yachts
Finally, even if you choose to work with a yacht broker, familiarize yourself with the prices of yachts before you start your search. In doing so, you’ll find most mass-produced yachts cost a minimum of $100,000 or more, while custom yachts can run well into many millions of dollars.
By doing your homework and having as much knowledge as possible about yachts, you’ll come away with the perfect yacht for your needs and budget.
