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How do I pick the right yacht for me?
There are many factors that contribute to the decision in purchasing the right yacht that fits your needs. Here’s a quick guide for just a few of the decisions you’ll have to make.
Motor Yacht or a Sailboat?
Each type of watercraft has strengths relative to the other. Sailboats are typically used for day trips with a few built with the equipment and ability to go longer distances. A motor yacht is not generally used as much to putter around on day trips, but more for a relaxing cruise between destinations. Fuel costs on a sailboat are lower than a motor yacht, and a sailboat will generally require less maintenance than a powerboat.
Consider Size Restrictions
You will need to have an idea of where you will be docking your yacht to evaluate various factors such as draft, beam, length, and height restriction of the marina. Any bridges in the vicinity of where your yacht will be docked should also be taken into consideration.
How Many People Onboard?
If you want to stay somewhere overnight, you need to ask yourself, “How many people will be sleeping on your yacht?” Also take into account the crew that will be onboard servicing the yacht. The more service you expect, the more crew you will have on at a given time.
Once you have answers to the questions listed above, it will be time to consider making appointments and start reviewing the inventory on the market. Take your time when shopping for yachts. We recommend, before buying a yacht, that you charter several different types so you can get the feel of owning one. We can help you charter a yacht similar to what you are looking for so you can get acquainted with the style. The Advantaged ensures you are guided in the right direction to obtain a good vessel at the right price and avoid the many common pitfalls in the industry. Below are the 4 different types of yachts to consider:
- Production Yachts
- Semi-custom Yachts
- Fully Custom Yachts
- Brokerage Yachts
a Yacht Broker
Now you are ready to find a yacht broker. Years of experience have demonstrated that you need to find a broker you can trust while still providing quality service, along with a sterling reputation. Here at The Advantaged, we embody those qualities and will work tirelessly to find the best match between your needs and the inventory available on the market today. We will guide you step-by-step through all of the paperwork and procedures to secure your purchase, in addition to arranging mooring, storage, insurance, and crew.
The Advantaged is a proud member of the Florida Yacht Brokers Association.
After days, months, or even years of searching for the perfect yacht, now it’s time to make an offer. We will draw up a purchase offer agreement on your behalf to buy the yacht. At the time the offer is submitted, the buyer normally wires 10% of the offer price to the selling broker’s escrow account, much like when purchasing a home. This is showing the owner of the yacht that you are a serious buyer.
In our years of experience, we have seen acceptance, rejection, and counter-offers. Don’t get discouraged, as it can normally take a few weeks before both parties agree on a sale price and conditions.
A pre-purchase survey can take about 1 to 2 weeks and is provided and paid for by the buyer. It is a detailed inspection of the vessel’s structure, mechanical, electrical, operating condition, and performance. A detailed report is prepared and includes an equipment list and detailed list of deficiencies, market value, and an estimate of maintenance costs for the coming years.
Now it is time for you, “The Buyer,” to test run the yacht for a few hours at the owner’s expense. It is a good way to check the engine performance at maximum speed. It is also good to check for noises, unusual sounds, crew steps, yacht swings, and if available, try all toys and accessories.
If all goes well in steps 5 and 6, the Buyer will write a letter of acceptance of the yacht. The Buyer needs to make sure to complete the deal before closing date so that the 10% down payment sitting in the escrow is not at risk. Upon closing on a yacht, both owner and buyer sign proper documents that
transfer ownership of the yacht. The Advantaged will assist the buyer with the new registration and insurance information as needed. We will assure that it’s a smooth transition.
Crew cost varies; you may need a captain, a mate, and crew on either a seasonal or day-to-day basis, and don’t forget about a cleaning crew. Everyone who buys a yacht has different needs. We can help you with referrals, compatibility, and locating a crew agency. Here in South Florida, we can help you find the right crew for your needs. A good crew means a well-maintained yacht.
Operating cost is vital information you need to know prior to purchasing a yacht. Owning a yacht is a luxury experience for truly successful people.
You may also think of chartering your new yacht to offset some expenses in the near future. We can help you with chartering your boat in Miami, Miami’s beaches, and Ft. Lauderdale. Keep in mind we strive to make your charters profitable and most big yachts make enough to offset some of the expenses. Charter compatibility should be considered before making a purchase as not all yachts are as popular.
See our Yachts for Sale to see our current fleet of charters we have from owners just like you. Happy Buying!