Buying a Yacht? Seven things to know beforehand
For the uber-rich, yachts are the eventual properties that bring luxury elements to lifestyle. With amenities that allow being on a vacation as well as in a business meeting in the same time, Luxury yachts are among the best wealth to boast of. These vessels are no less than a floating fortress. An aspect to consider is; Yachts are getting bigger transforming as mega vessels and along with it, the price tag they carry.
While eyeing to own a yacht, a number of options may be in hand. You may buy a brand new luxury boat, customize it with new amenities and décor or buy a pre owned vessel only to modify it according to requirements. Here are seven crucial facets to consider before buying a Yacht.
Make Quality Count, not Quantity
There might be enough disposable dollars under the expense head of your dream Yacht. It might get you the largest of all vessels. However, it is smart to go after quality rather than spending on the area. Some designs will offer size, but with no amenities. While in others, massive amenities might be stuffed within a small area.
Calculate ownership cost rather than Price
Paying while buying a Yacht is just the beginning as more expenses are on pipeline. A Yacht is not a car and its maintenance cost is much higher. Calculate hosts of expenses like insurance, dockage, fuel, repairs as well as depreciations for the year under maintenance head. Gas fueled Yachts are far more economic that diesel ones.
Do not forget to get Survey Reports
Before buying a Yacht, always consult a surveyor. They have the best knowledge on what you should buy. Make the decision only after going through survey reports. Be careful even in selecting the surveyors. Some might have tie ups with Yacht sellers and have limited resource. Get a good surveyor in your area.
Do not customize completely
Complete customization of a new Yacht is not a brilliant idea. Although the option exists, it might lead to useless expenditures. It is better to follow the semi custom route. It is better to follow the construction plan of the Yacht and leave the basic built as it is. Customize it according to the plan so that the approach does not interrupt with the core design.
The Choice of design is basic
The process of customization and the extent of your satisfaction over the changes all depend on the design of the boat. Hence, it is much important know if the design would support your plans to customize it. Consult the seller on your plans to add more features because; some designs might just not support your dreams! Other aspects to consider in design are speed and fuel consumption. A boat that can travel 20 knots will need four times the fuel required by a 12 knot boat. The more you add features and provisions, the heavier the yacht will become and hence, lesser will be its speed.
Take a rigorous Test drive
Negotiate the price of the Yacht but do not finalize the deal until you are satisfied with the test drive. Take the vessel to real waters and try out speed stunts yourself. Get the feel of how the machine works in water and in real time scenario. Have a team of survey personals to check out any mechanical or engineering glitches in the Yacht.
Seek advice from an Owner
If you are first time buyer, suggestions from an experienced owner are imperative. Self research is necessary, but guidance from an experienced owner will give a refreshed outlook. In fact, they can of more use than just a guide about the vessel. They can get you the right channels in the market, the right service centers and the right person to contact as well.
Buying a Yacht is a dream coming true for many billionaires. However, do not be too attached and sentimental about them. It is not a pet, it is a machine and the market is going to change. Consider the buy as another business decision rather than a leisure activity because, a Yacht can be more of an investment rather than an expense.