Exploring the Ocean: Tips for buying your first yacht

When it comes to buying your first yacht, there’s a lot to consider before you commit. It’s easy to have your head turned by the latest launches – after all, these are going to be the very best boats with the most innovative designs. But it’s worth taking the time to explore what’s available before you take the plunge. This is an investment and you want to make sure that it will be one that pays off.

To help you decide on the right model, take a look at these top buying tips.

The yacht

So, why buy a yacht? It may be that you’ve already spread your wealth across a rich property portfolio, supercars and luxury villas around the world and you’re now looking to add a yacht to the list. Or maybe this is the first major purchase that you’re making? 

Whatever the reason for wanting to take to the seas, you’ll find that there is much to love about being a yacht owner. As well as being able to set sail for wherever you dream of travelling to next, you can use your yacht to entertain guests and enjoy some downtime on the waves. 

Key considerations

Now that you’ve decided to buy, here are some things to consider before settling on a model:

• Do your research

There are many different types of yacht available, with new models launched regularly. One way to explore what’s on the market is to attend the major yacht shows. There are several that take place throughout the year, from the Dubai International Boat Show in March and Cannes Yachting Festival in September to the Monaco Yacht Show in October.

These shows provide networking opportunities and showcase some of the best in class. You can use them to research the boat with which you want to start and find out what onboard features and details appeal to you.

• Charter first

Chartering gives you the chance to set sail without the commitment. You can try different shapes and sizes, getting a feel for the routes that you might want to travel once you’ve bought your yacht.

• What’s your budget?

Know what you can get for your budget. Have a discussion with your broker about what you can get for the budget that you have in mind for this investment and be aware of how much value it might lose if you decide to sell it later down the line.

As this is your first yacht, you might want to opt for a pre-owned boat. If you’re thinking of doing this, talk to your broker, make sure that you’re buying from well-known builders and that rigorous checks are carried out. And whether you’re buying new or pre-owned, you’ll need to make sure that you have boat insurance, as this could cover you should anything not go to plan.

• Where are you sailing to?

Will you use your yacht to mosey around the Caribbean or drift between the Greek islands? Maybe you have longer charters in mind? The type of sailing that you’ll be doing will be a contributing factor in the decision-making process.

So, before you set sail, there’s a lot to think about. Take the time to work out what could be the right option for you.

Feature Photo by Claudio Poggio on Unsplash