You have dreamed about it, you have started to seriously think about it, maybe you just attended one of the recent annual boat shows, and now, you have decided, this is the year you buy your luxury motor yacht!
But before you take one more step toward that “dream boat,” here are a few things to think about to avoid it turning your purchasing experience into a nightmare!
Like any major purchase, buyers thinking about their first yacht need to sit down and ask themselves a few questions, such as:
- Where are you going to use the boat, and what will you use it for?
- Who do you plan on using it with?
- What kind of customer service do you anticipate/require from your seller?
- And of course, what is your budget?
Where you plan on using the yacht makes a difference. As you consider size, power and performance, you will look for something different in an ocean-going yacht than you would for something that you just intend to use along rivers and inland waterways.
Furthermore, are you into water sports? Is that something you will be using your motor-yacht for, because designs of boats that can be used for scuba diving or fishing, can differ significantly from ones that you intend to just entertain friends or clients on.
There are other things to think about when considering the “where do I intend to use it question,” because there could be restrictions in certain ports based on length, draft, beam of your boat, or flag flown, etc.
Take a look at that second question, “who do you plan on using it with?” You may wonder “why is that important?” But how many people you expect to share your yachting experiences with, will determine the number of staterooms you want on your boat.
First time buyers usually consider three staterooms. 3 state rooms may accommodate your usual anticipated guests, however, as professional yacht brokers, we have found that 3-stateroom boats are generally more difficult to sell than are 4-stateroom boats, so that is something to consider for the long-term residual value of your yacht purchase.
On the other hand, if you are sure you will not need more than three staterooms, and are not really thinking about selling and replacing your yacht for a while, you really can find some high quality 3-stateroom yachts at very attractive price points.
These questions are really where I encourage first time buyers to start, because most first time buyers make the mistake of buying a yacht strictly on looks or style, and not really taking these “how you plan on using your boat” concerns into proper consideration.
Other Things to Consider When Purchasing a Motor Yacht
Once you have given more thought to how and where you intend to use your boat, the number of staterooms you think you will need, and of course, always keeping your budget in mind, the next things you need to start to think about are:
- Crew, dockage, and management costs
- Will you want to defray some of the costs of ownership by offering charters?
- Have you been on other boats, what did you like about their style and features?
Your power requirements are also an important thing to consider. There are different advantages and trade-offs for different engine sizes and types. What is more important to you – ease of maintenance, or speed and performance?
And of course, just like any other major purchase, you need to know how you plan on paying for your yacht. Will you need assistance in arranging financing?
This is only scratching the surface of the first few things you need to start thinking about before you start shopping around for your first motor yacht.
How A Professional Yacht Broker Can Help
You can see how buying a motor yacht can be very complex, probably a lot more complex than you thought. Here at 26 North Yachts, we not only know all the right questions you need to be asking yourself before you buy, we know how to help you with the answers, so we can help you find the boat you really want.
That really is the advantage of working with a broker such as 26 North. We have been there, and we can assist you in determining if your expectations and your boat ownership goals are realistic.
Unlike some other brokers that only try to sell you the boats that they have, we want to sell you the boat that you need. This is how we build loyal customers, and how you get the boat that best fits your desires, and your budget.
I try to tell buyers that every boat buy is a bit of a compromise. Unless you have an unlimited budget – and can have a boat custom built for you from scratch – you are likely going to have to give up something.
Which means, you really want to take your time, and not only get to know your needs and desires, but understand that you will never get the boat that has “everything,” but, we can help get you the one that has everything for you. Think of us like your “match-maker.”
Finding the latest news about yachting opportunities in South Florida can be challenging. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at (855) 318-6328.