Yachts are luxury boats, which are used for either pleasure or competitive sailing. These types of boats come in a wide variety of designs, models and types. When buying or selling yachts, you need to be able to chose one that fits your preferences and tastes, and if you're selling one , you need to address your prospective boat owners' wish lists.
For those looking for one, you need to know the important points a buyer should consider when choosing between a new or used yacht and what are the pitfalls to avoid.
List All the Important Stuff You Need before Looking For one
For prospective yacht buyers, the number one aspect you should ask yourself is "what is essential?" and it's a good idea before you begin looking for a yacht, to make a list of what you must have, then afterwards, make a list of what would be nice to have.
As there are many options and add - cons you can get for these boats, however these can get very expensive if you do not properly plan and buy one in a hurry.
It is highly recommended that when you shop for a yacht, you always should plan out your budgets before starting to look for one. A nice boat may be quite expensive, which is something probably need to save up for. These types of boats are great for sailing, particularly for those who have a lot of money to spare.
Buying A New Yacht
If you're rather inclined on buying a new boat, this process should basically be a fairly straightforward process, just as much like you would view a new car, and making a decision to buy and then entering into an agreement with the builder or distributor. Ownership of the boat is not in dispute, however, the process can be more tedious especially if one is buying the boat on a built-to-order basis, rather than buying a stock or production boat.
In addition, the major factor to consider with getting a new yacht, is to make sure that the manufacturer's insurance completely covers the boat while still in production. If not, then the buyer should arrange for the insurance. Lastly, sea trials are vital on a non-production boat, and this should be incorporated, or fully stated in the contract.
Items To Consider When Buying A Used Yacht
It's a fact that a person can buy and sell a yacht without the need for formal paperwork, as a verbal agreement between two parties would be enough to constitute a legally binding contract.
However, without any form of documentary evidence, the transaction and any problems following purchase or sale can be burdened with a lot of technicalities or difficulties for obvious reasons. It's vital to use one of the standard forms available or ask a marine solicitor to ensure the transaction proceeds smoothly and according to plan.
Other Factors To Take Into Consideration
Whether you're buying the boat from the owner or a yacht broker, which acts like an estate agent acts for the seller, the most important factors to consider are the overall condition of the yacht; whether or not the Value Added Tax (VAT) has been paid, and whether the seller actually has, or is given the right to sell that particular boat. Unless the boat is being bought as part a restoration project or the buyer is well aware of its actual state, the advice is to always enter into an agreement that is "subject to survey" within the terms of the contract.