how to Buying Your First Yacht
The Luxury of Your Own Yacht.
Not many of us can afford to own a luxurious yacht. Most of us see it as a symbol that someone has made it big financially. If you are someone who expects to make millions of dollars, you’ve probably been planning on buying a yacht.
It is extremely expensive to buy most yachts. You can expect to pay thousands of dollars, if not millions, if you are looking for a brand new yacht.
A luxury yacht can cost more than what most people earn in a lifetime. It is probably far out of our reach to owning a yacht, such as the types that many famous celebrities and socialites own.
There are ways to buy a gorgeous yacht more reasonably. It would mean going without the hot tub, sauna, and bar. A truly workable idea is to buy a yacht with friends, family, or business associates. By sharing the costs, you have a much better chance of attaining your goal.
If you intend on sharing the cost of a yacht with several other people be sure to establish how it will work when two people want to use the yacht at the same time.
You may want to establish at the beginning of each year, or even years in advance, what days, weeks, or months each person can use the yacht. This will give everyone a good chance to plan vacations around the schedule.
It probably sounds fine in the beginning to just make verbal agreements since you’re all friends. When it comes to money though disputes can arise abruptly.
It would be far better to draw up a legally binding contract that will state how much each party is paying, how the scheduling will be done, and any other legal issues that might come up. Once everyone has signed, settling disputes will be much easier.
If a yacht isn’t in your future, think about buying a sailboat in its place. They can be a lot less costly and you can still take long sea excursions.
Most of them have some type of sleeping quarters and kitchens. Luxury sailboats can also be very expensive, so again you may want to think of a sharing arrangement.
Alternatively, you can always rent a yacht for a few days. You can rent yachts for anywhere from $300 to $1000 a day, although sometimes it can cost even more.
Renting a yacht is a great idea for events such as a birthday party, anniversaries, big company events, and even weddings. What a great way to turn an average party into an elegant, grand affair.
If you are interested in renting a yacht, take a walk around the marina in your area. There most likely be signs indicating which yachts are for rent. You can learn more about it by talking with other boat owners or people employed there.
It would be wonderful to own a yacht, so if it’s feasible for you, you should definitely buy one. You will love it and have many exciting voyages over the years.
Brief Guide To Buying A Yacht
Buying a yacht is a big commitment, both financially and in terms of the time it takes to go through the buying process. We have put together this brief guide to buying a yacht, to help you through the yacht buying process.
Type of Yacht
The yacht buying process starts with considering what type of yacht would be best for you. When thinking about what type of yacht you need, you will need to consider what you will use the yacht for.
As graceful as a sailing yacht is, a motor yacht tends to suit most people’s needs – requiring less experience to run, more space and wider living area below decks, and the ability to travel at higher speeds.
The size of the yacht is an important factor to consider, as this will determine how many guests you can entertain, and how many of life’s essentials you can carry with you.
Whether you choose to go for a new or used yacht will depend on how quickly you would like to be out on the water. A new yacht can be ordered to your exact specification, however the flip side of this is that it will take time to be built.
A used yacht may not be exactly to your specification, however it will take less time for you to be out on the water enjoying it!
Paying for Your Yacht
Once you’ve come up with the specification of your dream yacht, before rushing out and searching for/ordering it, you need to make sure you can afford it.
On top of the basic price you pay for a new yacht, you will need to set aside another 20% for extras to equip it. For a used yacht, you may want to set aside up to 50% for a refit and equipment.
Money will need to be set aside for insurance, mooring and maintenance. When you’ve signed on the dotted line, whether you are buying a new or a used yacht typically you will need to put down a 10% deposit.
A new yacht may have stage payments through the build process before paying the balance. After a used yacht has had a survey and a sea trial is accepted, the final balance is paid and the customer takes ownership of the vessel.
Yacht Survey
If you are buying a used yacht, it is imperative you get a comprehensive survey done. A surveyor will check the yacht all over,
advise you of any damage or problems, and tell you what work needs to be put right. Many insurance companies require a survey to have been done before they will cover you.
A Helping Hand
Unless you’ve bought a yacht before, it is strongly advisable to purchase your yacht through a yacht broker. A yacht broker will not only advise you on what type of yacht would suit you best,
but can help with financing and insurance options, as well as ensuring the buying process goes as smoothly as possible.
What Is A Yacht?
A yacht is a huge boat that will hold many, many people. Some people refer to a yacht as a party boat, because it is wonderful for hosting parties on.
This large boat can also be used for many other things. It can be run by a motor, or a sail. Depending which kind you choose to buy.
If you are considering buying a yacht for yourself, you should go out on one first, to make sure that is an investment that you would enjoy.
Owning a yacht and yachting has been known as part of the good life for some time now. You only own a yacht if you are loaded.
At least that is what many people think in the US. However, you should know that you do not have to be loaded to go yachting.
Renting a yacht is something that you can look into, to make sure a yacht is what you want. Kind of a try before you buy thing.
Where are yachts used? Yachts are only taken out into the ocean because of their size. They are not used in lakes, or rivers in most cases. If you were to ever see a yacht in a river, it is a smaller one, and not a huge one as we know most yachts to be.
Have you ever been invited to a party being held on a yacht? If so, you should attend, and have the time of your life. They are so much fun to throw parties on,
and just have a great time and relax with friends. Passing up a chance to party on a yacht might be something that you later regret.
As you can see, a yacht is a super large boat. It can hold many people. They are mostly taken out in the ocean, and they are great for parties.
Renting a yacht can give you an idea of what it is like to own one, and not a bad idea for someone that is interested in buying one themselves.
Buying A Used Yacht
Are you considering purchasing a used yacht? If so, you are probably looking for a deal, and a good one at that. When looking for a yacht that is used, there are several places that you should look.
People sell things everyday that are used and still in great condition. It is just a matter of finding that thing that you are looking for.
One great place to look for a used yacht would be the classified section of your local newspaper. This is a really good place if you live somewhere close to the ocean.
That would mean that yachts as well as boats go up for sale daily. You could easily find a good used yacht that someone just needs to get rid of because they need the money badly. You may also find one that just needs a little fixing up, and small repairs.
Checking with a yacht club and its members would also be a great place to find a used yacht. You just never know when they may have members that are looking to sell their yacht for whatever reason.
Perhaps they want to sell to buy a bigger and better one. Maybe their spouse is making them give up their yacht. Just because someone is selling a yacht does not mean there is anything wrong with it. You can find a good deal if you keep your options open.
Whether you are going to buy a used yacht, or a new yacht, it really does not matter. You will love yachting and experiencing the ocean like you never have before.
If you have never driven a yacht, some lessons may be in order. Contact your local boating organization to find out where you can take classes and learn how to sail your yacht. You will be glad that you did.
Yacht for Sale
Selling your yacht is the kind of activity that falls somewhere between selling your home and selling your car. That is because a yacht shares characteristics of both.
A yacht does function as a vehicle because your buyers will be looking at it as a means to get out on the sea and travel from place to place in luxury and comfort.
But if the living accommodations must also be top notch because the customers for your yacht are looking for high quality and are not going to compromise their high expectations.
In fact, the last consideration you should have in preparing to sell your yacht is price. Naturally you are not going to ask others to pay the same price for a used yacht that it costs to buy a new one.
But your primary concern to attract a buyer to your yacht is not price but how to prepare your yacht so it is as “good as new” or better.
Obviously the way to go about selling a yacht is not to make a sign and tape it to the window. A good place to start looking for a buyer might be among friends and associates who may have been on board your yacht and expressed admiration for it.
If you did not take note of those comments at the time, now is the time to think back and pinpoint those interested associates because they may be toying with getting into yachting but have not gone far enough to “take the plunge.”
You can invite that interested friend on a yachting weekend with you and really do it up big. Go ahead and engage a crew so the maximum in luxury can be offered on the short cruise.
If you do a bit of the “driving” yourself in maneuvering the yacht around the body of water you are enjoying, having the associate come to the captains area and take the yacht for a spin himself can really “set the hook” to get him excited about getting a yacht of his own.
Once you get his interest up, you can wait for the perfect opportunity when he says in that dreamy tone that he has toyed with the idea of getting a yacht.
Then you can mention that you are thinking about selling this one to get another model. Don’t mention anything about not being happy with this yacht but have a rational about buying one with special features like expanded cabin space so your friend will jump on the opportunity to buy your yacht
.
The comparison of selling a yacht to selling your house is apt because part of preparing the sale is to do the maintenance to improve its “curb appeal”.
If it has gotten some wear and tear during your many outings on the yacht then now is the time to spruce the old girl up and make her look shiny and elegant for a new prospective buyer.
But you may also want to have some expert in yacht renovation come in and do an inspection of the “guts” of the yacht including the pluming and everything mechanical about the yacht, particularly the engine.
Make sure everything is in tip top shape and that there is nothing on the yacht that is in any danger of giving out in the near future, particularly during a time when you are showing the yacht for sale.
By putting some extended tender loving care into making your yacht just as appealing as it was when you bought it, it will be in good shape for the sale.
Then it’s just a matter of getting the word out that your premium yacht is available and you should have no trouble finding a new home for it and some happy buyers who make the yacht their vacation home as well.
Yacht Clubs: What Are They About?
Yacht clubs are full of members that own yachts. They all get together, and go out on them, as well as show them off to each other.
The clubs are full of people that have the same interests, which are yachts, and yachting. If you are thinking about buying a yacht for yourself,
and have a friend that is in a yacht club, going as a visitor to the club may not be a bad idea. You can get a feel of what kind of yachts there are, and you might even find one that you would love to own.
When the members of a yacht club all get together and meet, it can either be on someone’s yacht that is a club member, or at a designated area.
Many times the yacht clubs will hold races, for those that want to show off the speed of their yacht. Others may have fishing tournaments for the members as well.
Just depending on what the majority of the members are interested in will have a huge effect on what kind of activities the yacht club members will do together.
Some yacht clubs will even hold yacht shows on the dock. This is so that the general public can come on board and check out the many yachts that are sailing up and down the ocean. This also gives the yacht owners a chance to show their yacht off, and see who has the biggest as well.
Many yacht club members are known for the yacht parties that they throw. They will all get together on someone’s yacht and cruise the ocean while having a party on board.
Taking turns to allow the many members a chance to show off their yacht to the other members. Yacht clubs are a lot of fun if you are interested in yachts and yachting. They are always doing things together.
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