Are you finally ready to buy your first luxury yacht? You can thank the media for glamorizing luxury yachts and making you want one, but that doesn’t mean you know where to start when it comes to making the big purchase. Fortunately, we’ve got you covered when it comes to what you should know. Here are the 7 most important steps to keep in mind throughout this process.
Do your research
You wouldn’t buy a car or a house without doing research first. Buying your first luxury yacht requires prior knowledge, and you’ll want to know some basic information about what you want and need before getting started. If you don’t, you may get led astray by sellers and be told you need expensive capabilities that you’ll never actually use. Read up on what’s available, so you know what’s essential to you heading into this process. Here are some things to consider:
What is your budget?
How big of a yacht would you like?
Will you use it to travel?
Do you want to charter it?
How many passengers will you use it for?
Do you prefer speed or a luxury cruise?
Do you want a production yacht? Or a custom yacht?
Familiarize yourself with pricing
Yachts are a substantial investment and also require a lot of upkeep. Thus, it would be best if you went into the buying process ready to spend a large part of your savings. You can keep these price points in mind as a benchmark.
Production yachts: $100,000 to $5 million
Semi-custom yachts: $25 million
Fully custom yachts: $100 million
Buying your first luxury yacht is an exciting experience, but it will be an expensive one. Familiarize yourself with pricing, so you don’t have sticker shock when shopping.
Get help from experts
Feeling lost while buying your first luxury yacht? Don’t hesitate to ask for help. Use people in your life who already own some kind of passenger boat as a resource. They’ve been through the same process you’re experiencing right now. If they can show you how to operate it and help you understand some of the terminologies, then you’ll be far more knowledgeable than you were. You can also ask for recommendations on videos, tutorials, and reading material.
Even better, if you have an experienced friend who can accompany you during the buying process, they can help spot good deals and avoid scams.