Yachting is becoming an increasingly popular past time. Sailing in a yacht is a wonderful experience as you appreciate the majesty of the open sea amid (hopefully) beautiful sunshine. Some people choose to experience this amazing lobby by hiring or chartering a yacht. For those having done that and caught the yachting bug, they may well decide to go ahead and actually purchase a yacht of their own.
Like all major purchases, this is an important decision to take. So here are seven tips on buying a yacht:
1 - Decide the kind of yacht you intend to buy. This will depend on the size of boat and what you intend to do with it. Do you want to use it for cruising, or activities such as sea fishing? Do you intend to entertain on board? If so you may need a larger yacht. Where do you intend to berth your yacht and do you intend to have spells living on board? And another very important question to ask yourself when planning to purchase a yacht is, do you have the experience to handle the craft?
2 - Find a reputable seller or broker from whom to buy your yacht. A reputable brokerage will be able to identify the type of craft you should purchase. After making your decision you will will be given an "offer to purchase", which usually requires a 10 per cent "goodwill" deposit.
3 - When looking for a loan and marine insurance a good broker should be able to arrange the purchase of the craft and insurance for you To receive a loan for the purchase of a yacht you will need to pay an initial deposit of between 10 and 20 per cent of the price.
4 - Insist on a sea trial and survey. You want to be sure that the craft you are buying is seaworthy. So a sea trial, followed by a complete survey of the craft is essential.
5 - Make sure that any promises made by your broker or the seller is put in writing. This will protect your interests as the sale goes through.
6 - Take the trouble to find out any hidden costs. These can include VAT, cost of storage, maintenance, insurance and slip rental.
7 - Ensure that your broker passes on the funds to the seller as quickly a possible once the sale is completed, as well as the transfer of titles and registrations.
By following these useful tips the purchase should go through with the minimum of hitches as you become the proud owner of your own yacht.