How To Buy A Yacht
A yacht may be the largest purchase next to a house so knowing how to buy a yacht is imperative to making the best choice and most financially secure decision. Being armed with the information to ask will help ensure that you're happy with your purchase.
To buy a yacht, you should:
- Think about the uses for your new yacht. Are you planning on sailing to foreign locations, or are you more interested in having a nice, fancy living room in a marina? So many people purchase yachts and then never enjoy them on the water because they didn't get the right type of boat.
- Think about your budget before you buy a yacht. A large yacht can run into the millions of dollars so make sure you've got the money and income to back up your new purchase. Factor in insurance which gets more expensive with the size of the boat. And, then of course, large yachts can easily burn 100 gallons of fuel an hour. And, for very large yachts, you might need to hire a crew to handle a longer voyage. That's a pricey endeavor!
- Factor in maintenance and slip fees. Marina slips fees go up exponentially with the size of the boat. In fact, for larger boats, it might be more financially feasible to buy a fee simple slip which you would then own, just like a house. Maintenance fees may be quite hefty, too, so check with other yacht owners before jumping into this large purchase.
- Got to a reputable boat broker to buy a yacht. For such a large purchase, it's always advisable to go to a broker who has a lot of experience in selling and buying yachts. Spell out your particular list of wants or must haves and let the broker ferret through the millions of yachts on the market for you.