3 things to consider when buying a yacht
Are you considering buying a yacht? Then you’re not alone! According to the BBC, “boat sales reached a 13-year high in 2020” with demand outstripping supply. Owning a yacht is all about privacy for the rich and famous keen to holiday away from the public eye.
This, together with luxury facilities and the freedom to visit incredible destinations at your own pace makes yacht ownership incredibly appealing. If you’re thinking about buying, here are three things to consider:
1. How are you going to manage the vessel?
Firstly, contemplate how you are going to manage all the aspects of yacht ownership. There are many moving parts to oversee, including employing a crew, taking out appropriate insurance, cleaning services, and long-term mooring.
You’ll also need to factor in the yacht’s operational management, inspections, maintenance, and repairs. If you’re keen to enjoy the benefits of ownership without the hassle, then you could consider using a yacht management service.
These specialist companies can help with all aspects of vessel ownership, including financial management, technical support, compliance services, and running your diary. So you can sit back and enjoy your time onboard!
2. What will you be using the vessel for?
What will be the primary use of the vessel? Do you want a private yacht solely for your friends and family to enjoy? Or are you considering buying a boat to charter?
If it’s the former you can shop with your unique requirements in mind, such as the number of bedrooms, size of living quarters, and equipment onboard. If it’s the latter, consider your target market and the type of vessel that would be most sought after – whether that’s a small boat or a superyacht with impressive facilities onboard.
You can take advantage of “superyacht summer” by chartering your vessel during the peak season in the most sought-after spots. According to Forbes, this includes the charming Amalfi Coast destinations of Capri and Positano, Dubrovnik in Croatia, the Spanish island of Ibiza, and the charming Greek islands of Mykonos and Santorini.
3. What facilities would you like onboard?
Next, consider the luxury facilities you’d like to enjoy while on the water. Yachts can come equipped with many impressive amenities – from gyms and swimming pools to saunas and steam rooms.
To help narrow down your search, think about what your non-negotiables will be. If you like to throw parties for family and friends onboard, you may want a large beach club at the rear of the yacht with an open-air lounge and bar area.
If you’ll be hitting the sea for some R&R, then spa facilities may be top of the list. Or if you want to get your adrenaline pumping, water sports vehicles like jet skis may be important to you. Put together your must-have list before you start shopping.
What type of yacht do you think would be best for you?
Feature Photo by Daniel Sharp on Unsplash
