John Rosatti on Careful Planning to Buy a YachtFebruary 28, 2011
You are certainly aware that buying and owning a yacht requires a serious monetary commitment, so it should be no wonder that you must do your homework to ensure that your dream boat does not transform into a financial nightmare. When you consider the variety of yachts for sale — whether they are new or used — you must have a coherent understanding of the type, size and range you require so that you can calculate a practical long term budget. Choosing the appropriate yacht requires as much planning, forethought and investigation as purchasing a house or a car since you are essentially investing in another house that needs the kind of regular maintenance as your car and home.
Clearly, the primary consideration is to determine how you will pay for your yacht, for the purchase price and related insurance are just the start of the expenses you will encounter. Come up with a long term budget prior to even looking at available yachts to project costs for fuel, storage, docking fees and annual servicing to get a realistic view of what type of normal expenses will be inevitable.
While choosing what kind of yacht to purchase, analyze the waterways and weather you will encounter once you launch. The length of the keel, the height of the mast and the kind of communication instruments you require are all factors that can be affected by the kind of waterways you intend to navigate and the amount of time you wish to spend away from the marina. Obviously, there is a huge difference in the kind of yacht needed to host a number of friends for dinner in the marina and the kind of yacht that can transport you for long trips.
Another factor to account for once you have completed your preliminary examination is whether you would do better with a new private luxury yacht or if a used yacht can fit your needs and funds. Naturally a new yacht will have to have a more substantial starting investment up front, particularly when you factor in all the necessary accessories and added touches are unavoidable with any new yacht for sale. Used yachts for sale are plentiful and cost quite a bit less to purchase upfront — mainly because many are already equipped with all the extras — however may have hidden costs due to structural damage or improper service history.
No matter if you decide on a new or used yacht, prior to you put a deposit down, invest in the services of a professional marine surveyor to examine the vessel from all angles. An expert perspective is invaluable to make sure you are getting what you pay for and that it will live up to your long term expectations. Retaining the services of a broker to help you to find just the right yacht among all the offerings can also be a smart move, particularly on yachts for sale in the high-end range, because reputable brokers have the experience to track down boat histories on used craft and they can assist you get the best available deal on new yachts.