It’s been said that buying a home can be the most important and complex purchase of your life, but whoever said that, probably has never gone through the process of buying a luxury motor yacht!
Like any major purchase, a new buyer thinking about their first yacht needs to sit down and ask themselves a few questions.
- 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 crew?
- And of course, what is your budget?
Where you plan on using the yacht can make a significant difference in the design of the boat you choose. As you consider issues of size, power and performance, these specifications will differ in an ocean-crossing yacht than, those for a boat that will be used mostly to cruise close to shore along the coast.
Furthermore, are you into water sports? Is that something you will be using your motor-yacht for, because some boats are better suited for scuba diving or fishing, while others have been designed more for entertaining 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 or beam of your boat, 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?” The reason you want to think about the amount of people you expect to share your yachting experiences with, is because that will determine the number of staterooms you want on your boat. How many staterooms you require, will impact, not only the design, and size range of your boat, but it can also impact the boat’s resale value.
These questions are really where I encourage first time buyers to start, because most first time buyers make the mistake of buying strictly on looks or style, and not really taking these “how you plan on using your boat” concerns into proper consideration.
Next Considerations for Your Boat Purchase Decision
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 offer 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 – the cost of maintenance, or speed and performance?
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. If you haven’t already, you may want to go to a boat show, but if you are not that familiar with boats, be prepared to be overwhelmed, and likely leave with even more questions than you went in with! However, a visit to a typical boat show can also help to get you to understand just how many sharks there are out there in those waters, and where the value of a good broker comes in.
Buying your first boat can be a wonderful experience, but buying the wrong boat, could be an expensive nightmare!
How We Can Help
You can see how buying a motor yacht can be complex, but it does not have to be, if you work with an experienced broker. Here at 26 North, 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 that meets all of your purchase and ownership expectations.
That really is the advantage of working with a broker such as 26 North. We have years of experience, not only as sellers of boats, but as yachtsmen ourselves. We have been on the buying side of the equation, and have experienced first hand the ease of purchase, and ease of ownership that occurs when you work with the right broker.
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 purchase is a bit of a compromise. Even if you have an unlimited budget– and can have a boat custom built for you from scratch – you are still 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.”
In fact, finding the right motor yacht, especially for a first time buyer, is a lot like finding your significant other. You want that special combination of beauty, compatibility and uniqueness – so maybe that’s why we use the word relationship.