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How To Buy A Yacht

Owning a yacht can be a rewarding experience. This offers the flexibility to travel at anytime. Buying a yacht can be an overwhelming task for many people. Even though the purchaser may have an idea of what they're looking for in a yacht, they may not have the time to locate or negotiate the best deal possible. They also will likely not know the options available. This is how securing the help of a knowledgeable professional yacht broker can actually save money.

Step 1: Get Your Friend’s Yacht Broker

Ask friends to recommend a yacht broker that does regular business in the location of where the yacht will be docked most of the time. A friend with experience is ideal, but internet forums can also be a good source of experienced opinion. Ideally the broker will be a full-time and certified broker. He or she will have details about yachts in many locations. Some yachts will only be available through a broker so this is another advantage to asking a broker for help.

Meet with the broker and tell them what is sought in a yacht, your financial situation, and budgetary concerns. Also tell the broker how the yacht will be used; pleasure, sport, ocean travel, etc. The certified broker will be able to provide options that you may not have previously considered. A good broker will be willing to work within your budget or provide advice about how and why the budget should be modified. If the broker seems hesitant about your budget, be wary. It is important to determine a yacht broker is right for you. The broker should be someone with whom a trusted relationship can be formed. If this is apparent consider contacting another certified broker. This is always preferable to seeking a yacht as an individual.

Step 2: Financing Your Yacht

Ask the broker about financing companies that specialize in yachts, or contact a bank that your broker has already established a relationship with. Securing financing before actually seeking the yacht will improve the chances of finding a yacht within the budget and knowing the costs associated with buying the yacht.

Choose whether a new or used yacht will be purchased. Both markets have a large stock of crafts to select from. There are advantages and disadvantages to each option, beyond the obvious cost factors. A certified broker will be able to delineate how each of these advantages and disadvantages will affect your specific purchase as a yacht buyer.

Step 3: Protect Yourself With A Survey

Hire a professional survey to be completed on the selected yacht. Do this after the financing has been secured and the lender has made a survey request. A survey is important since it protects the purchaser and the lender in case the vessel has hidden flaws or is not as it appears to the untrained individual. Having a broker's assistance can help avoid looking at yachts that are likely to have these conditions. The yacht broker will also help schedule the survey for you.

Allow the yacht broker to negotiate the purchase price and details with the yacht dealer or owner. A professional and certified broker will only negotiate within the limits the purchaser sets. This can save money because the broker will be negotiating from a better vantage point than the purchaser, since they have a vast wealth of experience to draw upon. The broker will handle all the paperwork, which can be time consuming for the individual.

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