Do you want to put up your yacht for sale? Or, are you tired of renting different catamarans, and you think it's time to buy your own vessel? If yes, you're in the right place — we wrote this article specifically for you. Read on for tips on how to go about these processes.
Buying a luxury yacht is like buying a house. Both processes typically involve huge sums of money and require extreme caution. Similarly, they both often come with a lot of emotions, especially if you're a first-time buyer.
Sometimes, the emotions can carry you away, distracting you from the financial and practical implications of the purchase. Do not let this happen to you.
Before you start looking for yachts for sale, here are five steps to help you handle the purchasing process like a pro:
Most people buy luxury yachts so that they can sail whenever they want. However, that's not always the case; you can also purchase these vessels to rent them out to others.
Your reason for buying a yacht can significantly influence its suitable size, shape, and price. For example, if you're purchasing the vessel for business purposes, its acquisition price and maintenance costs should not exceed the potential revenue. Comparatively, when buying the watercraft for leisure, you'll focus more on its ability to give you optimum sailing experience.
Several people think industry research is only crucial for buyers who want to use their yachts for business. However, this step is even more vital for leisure-minded buyers. And reasonably so — purchasing a watercraft for leisure is not a mere whim; it's a lifestyle that requires due diligence.
The most important thing to research is the legal requirements of owning a yacht in your locality. Several countries require vessel owners to have sailing permits and insurance covers. It's also essential to review potential maintenance costs and the availability of storage facilities.
After determining the purpose of buying the watercraft and researching the industry, it's time to look for yachts for sale in your area. Depending on your budget, you can go for new or used vessels.
While new vessels might have higher upfront costs, they often have lower maintenance expenses. If you're not a sailing expert, work with a brokerage company. It's better to spend a few extra dollars on a broker than handle everything yourself and risk losing millions.
Like cars, it's essential to take yachts on test drives. Ask the vessel's owner to allow you to do a few trials before agreeing on an offer. The test drive can help determine the yacht's suitability, performance, and functionality. Hire a professional surveyor or ask your seasoned sailor friend to accompany you for the trial if you don't know what to check.
You can finance the purchase by paying cash or through a loan from your bank. Some owners might also allow you to lease to own. Before you wire the payment, verify the owner's details and ensure you have a valid purchase agreement.
If you're working with a brokerage company, they'll handle these logistics. If you're dealing with a seller directly, ask your lawyer to draft an agreement.
Selling a yacht isn't as complex as buying one. Here's a step-by-step guide:
When selling a yacht, you need a lawyer to draft the sale agreement and an appraiser to help determine the vessel's worth. Alternatively, you can list the help of a broker to handle all these logistics. Ensure the professionals you've chosen have transparent fees, subject-matter expertise, and considerable experience working with clients like you.
If you're selling the vessel privately, you're responsible for researching the best sites to place your ads. You'll also be responsible for showing all interested buyers around the yacht. Alternatively, you can outsource a broker if you don't have the time or expertise to market the vessel and take prospects on test rides.
You've identified serious prospects at this stage, and it's time to take them through sea trials and negotiate a suitable selling price.
According to the universal Mediterranean Yacht Brokers Association's Memorandum of Agreement, the buyer should cover the sea-trial costs. If the buyer identifies defects during the survey, you can renegotiate the price or repair the faults before the sale.
If you're a seasoned sailor with a firm grasp on yachting, you can buy or sell privately. If not, consider listing the services of a brokerage company. Brokers can help you get the best deals, avoid common legal issues, and save time.
