Buying A Yacht For The First Time

If you are thinking about buying a yacht for the first time, it can be both exciting and overwhelming. Comparable to buying a house, such a large purchase could be stressful if you aren’t dealing with a proper broker. The following Guide to Buying A Yacht For The First Time will help you through the process and share some tips that we’ve established with over 200+ years of experience.

Process of buying a boat
The process of buying a yacht can be daunting, especially for the first time buyer. There are so many boats out there and it can feel impossible to start narrowing your search. The first thing to consider is what purpose the yacht will serve. Are you the type that is looking for leisurely cruises along the coast? Or would you enjoy more speed for racing purposes? Or are you looking to live aboard? It is important to be mindful of what type of yacht will fit within your lifestyle. Always keep in mind that the better the fit, the more you will tend to use the boat and of course, the more you use it the more enjoyment you will get out of it.

Once you decide on what you want to use your boat for, you should tour as many yachts as possible in order to ensure you get the look and feel that is right for you. Lucky for you, any Rubicon Yachts broker has the ability to show any boat at any time, seven days a week (unlike other brokers where only the listing agent can show the boat).

An important step to buying a yacht is to have an idea of where you will keep it. Be sure to secure a slip ahead of time so that it is available to you when you need it.

Select a budget for your yacht purchase
Setting a budget for your new yacht will help narrow your selection and is a necessary part of the process. You want to be able to enjoy your new purchase without it becoming a financial burden. You should take into account the additional costs, aside from monthly payments  (if you are purchasing with a boat loan). Fuel can be a considerable cost to running a yacht, along with the monthly slip rental fee. Other items to consider are monthly maintenance costs, including a diver for bottom cleaning and boat mechanics to work on the engine and other critical operating systems.

Additional Costs of Yacht Ownership
Insurance is a cost of yacht ownership that is required to dock in most marinas. It is determined by the type, length, and year of the vessel. Always consult with multiple insurance agents to compare plans and rates. Although the cost can seem unnecessary, it is critical that you protect yourself from any incidents that may occur on or with your new yacht and most marinas will require a minimum liability policy.

Keeping your yacht in good condition
It is crucial to keep your yacht in good condition at all times so it works properly when you are using it. Purchasing a boat is a large investment of both time and money. Proper upkeep will ensure good resale value and avoid major repairs down the line.

Vessel maintenance can be as simple as a freshwater wash down after each use. This simple task will certainly go a long way toward keeping your yacht in tip-top shape and will keep long-term maintenance costs down. The good news? You can always hire someone to take care of this for you, as long as your budget allows. To avoid unexpected costs, you will need to make sure your boat mechanic performs routine oil changes and other engine maintenance on a regular basis.

Give Rubicon Yachts a call and our professional brokers will fill you in on more details of buying a yacht.