Purchasing your first yacht is a truly exhilarating experience, it’s the opportunity to combine luxury living with the allure of life on the water. Embark on the ultimate luxury experience and fall in love with your new yacht.
There is an infinite choice from design, size, style, and performance when it comes to superyachts. The possibilities are endless and if the yacht of your dreams isn’t already out there, you can custom build your vision. Whether you are purchasing a previously owned yacht or building from the ground up, the process can be long and daunting therefore having a knowledgeable and experienced broker to guide you through the process is crucial.
What purpose do you wish to use the vessel for?
When purchasing a yacht, it’s important to consider the different features and why you wish to use it. Perhaps you want a comfortable yacht that allows you to cruise around the Mediterranean with your guests. However, you might be looking for a yacht that regularly crosses oceans, such as the Pacific, in which case you will require a specific yacht for a rocky crossing.
From the get-go, it’s important to have clarity with cruising ground expectations, whether that be exploration or local cruising. Understanding your own requirements will narrow down the search and guide you to your perfect yacht.
Do you wish to run it commercially or privately?
Differences in regulatory requirements, as well as learning how to operate your superyacht, may appear premature prior to getting your prefered boat. As a new yacht owner, you need to decide how you wish to run your yacht; commercially or privately?
Running your yacht commercially implies your yacht will be available on the charter market, whereas private ownership means that it will only be used by family and friends. Chartering is advantageous as it involves maximising charter rates, ensuring the vessel is well maintained, and helping to offset the expense. However, you need to consider the payroll costs of a permanent crew as well as using the yacht in peak season as that will mean missing out on substantial income.
While running your yacht privately allows for total freedom, you will need to consider that on top of initial purchase costs, running costs will need to be maintained.
New Build VS Brokerage
Arguably one of the most important decisions in the yacht purchase process will be choosing between a new build or a pre-owned yacht. As a first-time buyer, it’s important to bear in mind that there are negatives and positives to both, so it really comes down to individual preference based on several factors.
Whilst a new build comes with an increased time stamp, the advantage is that you are starting with a blank canvas; a custom build means your yacht can be personalised and designed exactly how you want it from performance and materials to technicality and design. With advanced engineering, exceptional build quality, and expert advice available in regulatory compliance, a new build offers the chance to bring your vision to life.
Make your priorities clear
With so many different price brackets available, what you can get for your money can differ hugely so it’s important to be clear on your priorities early on. What exactly are you looking for? What key requirements do you have? Converse with your yacht broker throughout the early stages of purchasing and you will benefit down the line, especially if you are looking to sell.
Going pre-owned is a suitable choice if are looking to take advantage of asset depreciation and potentially decrease the waiting time. On the other hand, you might have a clear vision, a set budget, and a manufacturer in mind to custom build your most desired yacht.