Blog | How To Buy A Yacht

If you recently rented a luxury yacht and now you want to purchase one for yourself, you are not the only one. However, the process of buying a yacht is not as easy as you may think. Shopping for luxury yachts gives you plenty of choices to look out for, not to mention that it is a big investment that you need to think through carefully.

If you are looking for a previously owned yacht, the good thing is that there are plenty of yacht owners looking to sell their motor yachts or sailing yachts to people like you. Alternatively, you can consult with 26 North Yachts as your yacht broker to see how to buy a yacht that is custom-made for your needs.

In today’s guide, we are talking in detail about yacht sales and showing you how to choose and buy the right yacht for your needs. We’ll go through some important details that you need to know and make sure you are looking at the ideal yacht for your money. If this is your first yacht ownership, you should be careful and think twice about every factor before you make an official buying decision.

How To Choose The Perfect Yacht For Your Needs

As we said above, there are plenty of factors that go into the yacht-buying process and the selection of a perfect model for your needs. The main one is obviously your yacht’s core performance, as well as its comfort and price. Below, we are listing some of the main questions you should ask yourself before deciding to purchase your own yacht.

1. Do you need a motor yacht or a sailing yacht?

First on the list of questions you should be asking yourself in the yacht-buying process is the boat category. Some of them include “will the yacht accommodate the number of people I want,” “which yacht is faster,” or “which one has more space on board.”

Initially, you should know that there are two types of luxury yachts: motor and sailing yachts. The main and obvious difference is that sailing yachts are designed with sailing performance in mind, which is why they have lower profiles with smaller structures and fewer decks compared to motor yachts.

On the other hand, a motor yacht can carry its length for up to four decks, which means more common space areas, more places like staterooms and bathrooms, and lounging areas inside and on deck. These yachts accommodate more people too and are better if you want to travel faster.

But if you really want to sail and you are looking to gain experience (or are experienced), a sailing yacht is perhaps the better option. Keep in mind, however, that this eco-friendly alternative requires a lot of physical work in terms of handling, which is why it is not for everyone. Still, if you love to sail, a boat like this is probably the smartest option.

2. Do you want a new luxury yacht or a previously owned one?

Purchasing a new vs. previously used yacht is one of the biggest decisions you’ll make, and there are some good advantages to both decisions. For instance, a brand new luxury yacht can be configured to your needs (or you can go for a semi-custom yacht), and you will enjoy a boat where no one stepped before.

Buying a previously owned yacht also comes with its good points – your maximum spend will be lower, you can save some money negotiating with boat owners in the open market, and you can also organize visits to see how that yacht performs in the open. Having a sea trial that you can try before you purchase is a major advantage on its own.

2. Yacht aesthetics

If you are in the charter business or deal with yacht management, you probably know that aesthetics matter a lot. As a first yacht owner, you need to find a boat that pleases your eyes. Browsing through the directories of yachts for sale can help you in that manner – you can see what kind of yacht you ideally need and be wise when spending money buying a yacht.

Aesthetics plays a vital role when narrowing down your options. Regardless of your ideal yacht style, your yacht requires you to have a look that you admire – whether that is a sharp-looking catamaran or a more traditional boat that immediately captures your eye and makes you want to step on it.

Also, all options are in when looking to buy a yacht, so make sure to do your research, even if you have plenty of in-depth knowledge of yachts. See whether a traditional sailboat, sharp catamaran, or luxurious motor yacht are among your best choices.

3. Yacht comfort

Next on our list is comfort, which needs to come in a good deal in the yacht model you are considering. You should have a clear understanding that motor yachts offer a greater deal of comfort.

Also, smaller vessels might be better for sailing yourself or with a partner and reducing the overall cost, but if you want more space or the possibility of hiring a crew, a motor yacht makes more sense.

Be mindful about how big is too big – choosing a massive superyacht is not always the best deal. Even these owners sometimes choose smaller vessels because they know how important comfort is in the overall sailing experience.

In addition to this, know that all yacht designers consider three main criteria when defining a boat’s qualities: performance, aesthetics, and comfort. It is strongly recommended to focus on these, but also almost impossible to combine all of them – so choose your two wisely.

4. Unique boat performances

Purchasing a yacht is a decision that encompasses many factors besides budget, and boat performances are very important to potential buyers. Not all boats are fast, and not everyone is looking for the fastest boat out there. However, highly experienced brokers know which features to highlight, just like they know that speed is one of the most addictive parts of sailing.

If you really care about speed and are looking for a fast vessel for the open sea, know that some yachts are more suited for long-distance sailing, while some are better when cruising around or enjoying in a marina. The choice is yours, and the important thing is to purchase a boat that you like and one that fits your criteria.

5. Yacht maintenance costs

The running costs of owning a yacht differ, especially between a small vessel vs. a superyacht. Everyone knows that yachting is an expensive hobby. The price of a boat is one important thing, and you can significantly improve your cost-effectiveness if you choose a more efficient vessel.

Forecasting your yachting costs is smart – you can see what’s the maximum spend on maintenance that you can afford per year. In general, all yachts need maintenance, and the rule of thumb is that the bigger the yacht is, the bigger these expenses are, especially when you put a crew in the mix.

6. Other custom specifications

Lastly, there are some additional factors that you need to take into account before you buy a yacht. These include details like:

• Fuel consumption
• Volume considerations
• Noise levels
• Engine history & maintenance (if buying a previously owned model)
• Previous chartering destinations and history (where and how long they chartered)
• Range of travel
• Size restrictions
• Preferred cruising area
• Interior feel
• Yacht build material
• Insurance (where does it have it, insurance details, etc.)
• Full vs. semi-displacement

We generally advise new yacht buyers to attend a boat show (for new models) or attend sea trials (for previously owned ones) before they buy a yacht. This can help you see the boat on the market, see if the price is worth the ownership, and have a clearer idea of the ongoing cost of ownership and maintenance.

The 5-Step Yacht Buying Process

1. Shortlisting: The first step in the process is shortlisting some of your ideal yachts for sale, whether you are looking at previously owned models or new luxury yachts. At this stage, it’s important to define a budget and stick with it when adding yachts to your shortlist.
2. Visits: Once you have shortlisted the yachts, it’s time for in-person visits. See if each model justifies the price it advertises for, and talk directly to your broker about visiting these models and seeing whether they are to your liking.
3. Negotiations/contract: Once you select a yacht that you are interested in comes the negotiation stage. Your yacht broker or sales consultant should work closely with you to help you negotiate the best price based on their in-depth knowledge of the market, recent transactions, etc. They are also the people who provide the closing documentation, location, and choice of stakeholder as some of the standard parameters in a contractual agreement. Also, your designated consultant should act as a liaison with the seller but also as a coordinator with the legal and technical team conceptualizing your contract.
4. Sea trials/survey: When you reach an agreement on buying a yacht and you have secured a deposit in place, you can request a sea trial. Your consultant will coordinate the team of experts that will survey the yacht and should guarantee that there are no hidden defects or risks associated with it.
5. Closing: Assuming that everything is okay and the condition of the yacht is accepted, the official sales process begins – handled by the sales consultant or broker until the actual closing day. They will work for hand-in-hand discussions with our yacht management department to ensure a smooth transition of ownership, taking care of any details that would make owning a yacht the most enjoyable experience for you.

At 26 North Yachts, we are here to help in each step of the process as described above. Our teams of experts have decades of combined experience and are here to help you buy the best yacht for your needs.

Consult With Professionals Before You Purchase

Buying a yacht is not a small decision, and if you want to run and operate it efficiently in the years to come, you must choose a model that aligns with your needs. As your go-to broker, we can show you the current yachts for sale and help you choose a model for the right price.

Our professional expertise and extensive market knowledge put us among the leaders in this market – we have dealt with new and brokerage yacht sales for a long time. Our experts have decades of experience helping new buyers choose a yacht for sale on the market and organizing chartering trips with or without the crew at the dock.

We Are Your #1 Yacht Broker

Looking to buy a yacht? At 26 North Yachts, we have a directory with the best yachts for sale, where you can explore boats and plan your next charter. You can communicate with sellers, plan a sea trial, and see all of the specifications of any yacht (size, capacity, maximum speed, the crew at the dock, etc.). We are yacht management professionals specializing in yacht charters and sales. Our team is here to help you with your new yacht ownership and advise you on the best vessel for your needs.

As your go-to broker, 26 North Yachts can help you with anything, whether a small vessel or a superyacht you are planning to buy. Our team can point you to the right decision and give you the best options for your budget.

We are also here to help you with guidance on the annual running cost when owning a yacht/superyacht and the price you should expect to pay every year for that. Costs are directly related to the type, size, and usage of the yacht, and there are plenty of aspects such as fuel that cost more if you want to cover significant distances. Maintenance costs may rise alongside hours of use and conditions where the yacht is kept.