5 Important Things to Consider When Buying a Superyacht
Congratulations! You’ve made it big and you’re now looking for a yacht! Everything is thrilling and exciting so you can easily get confused and even overwhelmed. To avoid that, do read on.
We’ve prepared a streamlined guide for you. We talked to yacht experts and brokers and asked them regarding the main things that one should consider when buying a Superyacht. You would be letting go of big money so you better make sure that the purchase is fully worth it. To help you ensure that, simply read on. Taking note of the tips and factors that we’d enlist will ensure that you’d have a solid purchasing experience. Relax, read on, and take notes.
1. Solid Research
It’s very wrong to embark on any venture without doing any form of research. Purchasing a Superyacht is pretty much a big deal. It deserves not just an hour of research but days— sometimes even weeks. It will all boil down to one question: do you even know what you’re looking for?
Knowing what you’re looking for will simplify your research and purchase experience. If you know what you’re looking for, you won’t easily be overwhelmed and confused whenever a new and flashy option comes your way. Do you know what you’re looking for?
If you don’t know what you’re looking for yet, it’s best to dedicate days to visiting numerous yacht shows. You can also request guided tours. Yacht shows and guided tours are ideal because you’d be exposed to numerous options. Knowing your options is mainly the goal of doing solid research.
You should also dedicate hours to good old research. Enlist your yacht preferences and do due research on them. Read on their technical features, functionalities, and pros and cons. Note that a regular yacht has the size of up to 25 meters while a Superyacht is around 26 to 70 meters. A megayacht is one that goes over 70 meters. Being particular with your preferred yacht size will also simplify your purchasing process. Know that mega yachts for sale are best looked into with the help of expert engineers.
How much money can you spend? Are you even aware of yacht maintenance costs?
Buying a yacht is no different from buying a car. You’d have to spend on the unit itself and maintenance costs year after year. A superyacht though is more expensive — unit-wise and maintenance-wise.
Bills will never stop coming once you purchase a yacht. This is why you need to ensure that the budget you have is enough not just for the purchase itself but for the continuous years of maintenance. If you have no space for it, you’d also have to spend on one. Apart from maintenance costs, you will also have to consider spending money on the following:
- Crew bills
You are expected to spend around 20% of your yacht’s purchase price on a yearly basis. This means that if you were able to purchase your Superyacht for $10 million, you should expect to spend $2 million annually on operational costs. If you’re not ready to commit to such an obligation, it’s better to contemplate your decision. You can look into having your Superyacht rented if you want a steady income source that can be solely dedicated to operational costs.
3. Used or Brand New?
You should seriously contemplate if you want a brand-new or used Superyacht. Both options come with their own strings of pros and cons. If you want to be extra particular with your yacht, you can even have one built especially for you. You need to take note though that building a new yacht can take up to four years. It can even take longer if you want to add particular features and functionalities. For a custom-built yacht, it is imperative that you look for a designer that fully understands your vision and preferences.
The good thing with opting to buy a brand-new yacht or a used one is that you can use the unit as soon as possible. You can even test and inspect one until you’re fully satisfied. For a solid inspection, hire engineers that can do thorough technical inspections for you. Always remember that you’re always free to back out of a deal if you have any doubt and suspicions as to the legality and current state of a yacht.
4. On-Sea Experience
This expert tip is important as it will ensure that you really get to have a real feel of the yacht. Yacht chartering is the best way possible to truly check if a Superyacht is compatible with all your needs. Sailing on one will allow you to enlist all the pros and cons that you’d experience. You’d also get to fully gauge if a yacht’s size is truly enough for you and your needs.
Make it a priority to check the following during your on-sea experience:
- Safety aspects
- Compatibility with your personal needs and demands
5. Broker Magic
Not having a broker help you with your yacht purchase is a form of self-sabotage. Yacht brokers exist for a reason. They know the ins and outs of the market. They know some things that you’re not even aware of. Such advantage should not be overlooked and should duly be utilized. You should look for a broker that is easy to talk to and contact. Your broker should easily be able to work with you across all endpoints. Having one would make your life easier as your broker would organize all your paperwork and help you effortlessly look for options and discounted deals.