Buying your first superyacht isn’t a simple matter. Owning a super yacht isn’t that easy, as it requires a lot of knowledge and experience, which is also needed in buying your first yacht. Too often, first-time buyers buy yachts that don’t fit their needs.
Generally, a super yacht is classed as a 24-meter long professionally-crewed yacht. However, note that 24 meters in length is only the starting point, which means they can be much longer, with some being as long as 180 meters, and it’s bound to increase. If you look at the history of yachts, you’ll see that super yachts have gotten bigger and bigger.
If you’re looking to buy your first yacht, we’re here to help you with these five tips for first-time yacht buyers.
Get expert advice
You have a wide selection of yacht models when purchasing a super yacht. You’ll also have to deal with the broker houses, price, and many other factors in selecting your first yacht.
Since it’s a difficult decision, it’s always best to seek advice from an expert broker who is knowledgeable about the ins and outs of the yacht industry and will guide you through everything that you have to consider when making your purchase.
Furthermore, other than getting expert advice, it’s also crucial to go to multiple broker houses before deciding, as this will allow you to gauge the choices you may have. It’s one of the mistakes that first-time buyers make, buying a yacht from the first broker they meet without looking at other options.
When speaking to a broker, ensure that the broker is an MYBA member. It’s also vital to meet your broker in person.
Wait for your opportunity
Being a yacht owner is an expensive endeavour, and you should avoid rushing too much and getting a bad deal.
For example, there are many options available for you in the market. However, not all super yachts are for sale in public. Some sellers want to sell their yacht in private without all the troubles of publicly selling their yacht.
This is why it’s crucial to have a broker who knows the market, as they will be more aware of yachts available, both public and private. Then, they can point you to a yacht that fits what you want and your budget. By having a broker with good knowledge of the market, you can wait for the right opportunity to get your dream yacht.
Know what type of super yacht you want
A super yacht will allow you to enjoy their passion for sailing the sea and being in control and involved in running and sailing the yacht.
These types of people are UHNWIs who want to be the captain of their vessel. They put the rig up, navigate the yacht to their favourite locations, sleep in it, and be involved in everything that’s about the sailing experience.
While some people want the complete sailing experience or for relaxation, some UNHWIs get yachts for the adrenaline rush, as you can buy sailing yachts to race them in regattas.
If you want the yacht experience without all the hard work of running the super yacht, some models also come with automated systems and an onboard crew that can take care of all you need so you can sail in peace.
Another popular choice is motorboats, which aren’t really for enthusiasts but are more often purchased as a reward for success. It’s for people who want to enjoy privacy, peace, and freedom while sailing with the people they enjoy. With super yachts, you can invest in a boat that can give you a private experience and luxury that even the world’s most premier hotels can only dream of providing, or a trip to a location that you can’t access unless on a yacht.
With so many options available for you, any prospective buyer needs to know what they want to get out of their super yacht, so you can get a type of super yacht that will get you the kind of experience you want.
What will you be using your yacht for?
Do you know what you’ll be using your yacht for? If not, then you should take the time to answer this question for yourself, as it’s critical for any potential yacht buyer to consider how they want to use their yacht.
Do you want to go on relaxed trips, or do you want trips to harsher environments for more thrill and to test your skills as a sailor? Do you want a workspace onboard, so you can work as you sail? Do you want to charter your yacht? What types of activities do you want onboard?
By knowing what you’ll be using it for, you can have a better idea of what you want to be looking for when purchasing a super yacht.
It’s not just an investment
It’s important not to think of your new yacht as an investment that retains and increases in value over time. Right from the start, after you get your super yacht, you’ll be responsible for taking care of the maintenance costs, the crew, and any modifications that you want to make to your yacht. Even if you don’t use your yacht, you will still have to maintain it. Over a year, operations costs are approximately 10% of your purchase price, but that doesn’t include fuel costs.
While it will still retain value over time, it’s not about that. When you scour the market for super yachts for sale, you’re better off thinking about it as a purchase that will provide you with a special, luxurious experience.