IMAGE Tips for Buying Your First Yacht

Buying your first yacht isn’t some decision you’ll be taking lightly - there are many things you’ll need to think about on top of the financial impact. 

You first need a way of narrowing down your search to make it a little easier. Perhaps think about what size you feel comfortable handling, and then go from there. Before you start looking around at what is available, think about the following things too:

What are you going to do with your yacht?

If you are considering spending a fair amount of time away from home, you’ll probably need a fair few things with you - all of which takes up room. The bathroom and kitchen space will also be of utmost importance in this situation too. Pretty much, you’d need a larger yacht than if you were going between ports that are closer to one another. 

What is your budget?

Buying a yacht isn’t just about the asking price - there will be lots of additional costs; insurance, mooring fees, surveys and maintenance. You’ll need a marina space to keep your yacht safe too.

First-time buyers are often advised to buy second hand as there is less risk - the first boat is often a mistake. However, a second-hand yacht will more often need some work doing, which overall increases the cost. 

Where are you looking for yachts?

Once you have decided what it is you are looking for, you’ll need to begin your search! First place first is usually the internet - there will be so many boats for sale on different sites. 

Of course, it's best to see the yachts in person too, so take the opportunity to visit them when you can. If you have found what you think is the one, take a look inside and maybe try before you buy. It could save you many potential problems! It’s a big decision, so you should be entitled to a test ride. 

Have you got everything appropriate to close the deal?

Find someone to conduct a professional survey on the yacht - this will be needed for insurance.

You’ll need a contract that explains the rights and obligations of all parties involved in the sale, which will help if there are any disagreements further on down the line.

Also, you will want to check all documents and the VAT status of the yacht. 

Once negotiations are settled and the survey complete, be sure to have proof of ownership, bills of sale for the last 5 years, the certificate of registry, and if possible, any proof of VAT status.