How To Find Your Perfect Yacht
There are a hundred and one different factors that can make up the perfect selection and purchase of a yacht. The core factors that contribute to a yacht’s performance, and your enjoyment onboard, are the most important to consider, such as:
- Type: Is it a motor or sailing yacht
- Style: speed, performance, shape,
- Guests: How many guests can it hold onboard?
- Cabins: How many guests can sleep onboard?
- Size: Will there be restrictions at the dock (e.g., height, length, bridge access, beam, water height, draft restrictions etc.)
- Crew: how many crew members will the yacht be able to accommodate vs. How many crew members would you like to have onboard?
- Location: Where do you want the boat to be located? Where would you like to travel on the yacht?
- Upkeep and repairs: will maintenance be available in your preferred cruising areas?
- Drafts: The size of the drafts and hull can have a big impact on your choice of yacht. The displacement of the yacht can be full or semi.
Full or semi displacement hulls can allow some insight into the type and style of yacht you may be looking at. Semi displacement hulls on yachts will normally be faster and sleeker than full displacement yachts. However, they will consume much more fuel and oftentimes will be a lot louder. Furthermore, they will require more frequent engine maintenance, and are less stable than full displacement yachts.
Purchasing a Yacht
Searching for your perfect yacht
Once you have an idea of the components that you are looking for, you can then move onto the actual process of purchasing a yacht. Buying a yacht can be a daunting and overwhelming experience. But, if you know the right questions to ask and where to look, a yacht purchase is a much more enjoyable experience! Working with a broker like 212 Yachts can also take a lot of the stress away. Cultivating a personally tailored list of yachts that fit your needs, 212 Yachts can then aid in the selection and inspection of yachts.
A yacht brokers job is to know the market, and know what yachts are for sale, when and where. Your designated yacht broker will get to know you, your needs, desires and more. They will be working away in the background investigating yachts on the market, and wokring on a tailored seection of yachts for your review. Brokers know yachts, and are there to help you find, and secure the perfect yacht.
How to Make an Offer on a yacht
Once you decide that you have found ‘the one’, you will then make a formal offer to purchase the yacht. This will be presented on a normal boat purchase contract by your broker. The sea trial, survey, acceptance and closing dates are all specified in the sales agreement. It is customary for 10% of the offer price to be placed in escrow with either your broker or attorney when the offer is made.
The purchase offer will then either be accepted, rejected, or countered by the seller. An accepted offer may take a week or two to arrive, as it is unusual that the first offer will be immediately accepted.
The Yacht Survey
The survey could take anything from one to fourteen days to complete, depending on the size of the yacht. All electrical, mechanical and electronic equipment is tested during the survey in order to gain a precise picture of the current vessel state. It should also give an indication as to how much it will cost to maintain the boat in the coming years. As part of the survey, it is strongly recommended that the boat is taken out of the water in order to conduct the inspection. The buyer will also be responsible for the cost of the survey. Yacht surveys will always bring up ‘job lists’, and associated costs.
A Trial at Sea
The prospective buyer should take the yacht out to sea at any time before, during, or after the survey to ensure the vessel is running smoothly and efficiently. The hired surveyor will likely be onboard for this stage too. The engines should be tested during the sea trial to verify speed and function, and it is in an excellent time for the buyer to check the vessels motion and noise levels throughout the cabin while it is underway.
Accept or Deny
After a successful survey and trial, the buyer will then submit a written acceptance of the vessel. The 10% deposit may then be paid at risk the sale should not be closed by the buyer on the agreed closing date.
If the survey threw up many costly and / or time consuming surprises you may decide not to proceed with the yacht purchase. Or, the findings may be used as a tool in further negotiations.
The Close on How to Purchase a Yacht
One of the easier parts of the deal is the close. It consists of each party signing the necessary documents and contracts and normally a handshake for good measure.
There you have it, the deal is done and the yacht is now yours for the taking. It’s time to get out on the water and set sail! Of course, there are other costs associated with owning a yacht, besides the purchase which can be important to know! Likely, if a commercial yacht, new yacht ownership companies need to be formed well in advance of purchase.
Contact 212 Yachts for help and advice with yacht purchases.