Purchasing a Yacht - Part Two

7.     Is it better to try the boat before buying?

This stupid question, “top” question, I found on the net recently, mingled with the process of buying a yacht. You, what do you think? Is it better or not? In some beliefs, especially in the Muslim world, it is not recommended for the groom to try the wife to be, before wedding. One might be shut, or open up if so. But a yacht? You have to trip it as long a distance as you can buy (metaphorically speaking) from the “broker”. A free tip. It’s strongly advised to check the boat without other clients on it. I’ll explain later.

8.     Are the brand names important or not, when buying a yacht?

Only if you are in the “over 10 Mil” Category. Depends on what you’re ready to throw the money on: the label, or the guarantee coming with the label. Anyway, everything is limited.

9.     How to find a good crew?

One can find a good crew by searching it. There are forums, there are specialized sites, you can web chatting them and if you like them, you can call them. Referrals work too, but you need to test them. If they can figure what is what, they have potential. Why? The real good crew, is already employed for Johnny Depp or Mr. Abramovich. Of course I'm joking, there are a few left for you to pick up.

10.     Where to keep the yacht after I bought it?

The question must be reformulated like this: “Where am I going to keep a yacht if I’m going to buy one?” It is a good question. Some are saying that you'll be fighting the crowds in the Caribbean each winter and the Mediterranean every summer. I say, go in Turkey. I’ll show you why and how.

11.     What costs me to run the yacht?

Depends on how big it is, depends on the type, if it’s mono-hull or a catamaran, and depends on the category you are a part of. Can be up to even a Million Euros nowadays, as some “broker” advised recently on an American site. Depends, I repeat.

12.      Is it better to charter my yacht or not?

If you got the money Ma'am, Sir, you don’t have to rent it, otherwise, you can shoot some extra for maintenance and crew salaries if you’re chartering the boat. Don’t be shy with friends either. Prices depends on your nerve more, on the quality less.

13.      How much can be the insurance and if it is necessary?

One can hope that if he’s not insuring the house, maybe he got lucky and no fire or earthquake will destroy it, no thief will empty the safe and take the other valuables. Maybe depends on the neighborhood to insure or not, a house.

With a yacht, is different. It has to be insured, there is the sea, there are a lot of other factors, you scratch it, immediately sue the insurance company to pay, and so on. Later about insurance and amount.

Purchasing a Yacht - Part One

Following a dream or a social requirement if you don’t suffer of seasickness, may be mesmerizing, but can turn into a very unpleasant experience, due to the complex process of mixing brokers and owners, sometimes of boat builders, or the future maintenance and crew.

If you have hundreds of questions about it, arrange a priority for the following ones. I’m trying to answer them based upon my own experience and the one of a lot of other people in the yacht business.

1.     What kind of yacht would I like, a sailing one or a motor-yacht?

That depends of what kind a person you are, and the purpose of the boat you want to buy. If you are the dynamic type, you’ll prefer a sailing yacht, speedy and ecological as it is, thrilling as any adventure one can imagine at sea. Dynamic or not, if you can afford luxury at sea, want to feel a superstar, the power yacht or motor-yacht will be the choice.

2.     What PRICE are you ready to pay for the desired yacht?

On that answer can depend as well, the type of yacht you’re going to have, sailing or motor-yacht.

3.     How big a yacht do you desire?

It’s simple. If you got enough, the length may be 100-150 ft. Enough means over 10 Million €. Of course, there are boats for every budget (almost). One can buy with € 100,000 something similar with a yacht, but generically speaking it’ll be just another boat, longer than 10 ft., of course. 

4.     What material will be your yacht built of?

Recommended is GRP, of course, this meaning Glass-Reinforced Plastic, or the glass fiber, but as good as it, and cheaper, could be the wooden boats, eventually with an epoxy coating, making them look brilliant. There are other choices as well, of course, Steel,  Aluminum, Ferro-Cement, Composite.

5.     Should my yacht be new or second hand?

Just my advice, be your first yacht a second hand one, not a new one. With reliable references of reliability, it is proven that the one used once at the passing of Atlantic, can be used again. If you don’t trust it but you bought it as an impossible to refuse bargain or offer, who knows, don’t do the trip over the ocean yourself, send your mother in law, or whoever, a nasty “friend” who’s courting your mistress to avidly.

Joke aside, it seems to be obvious a matter of budget first, after that the rest. Newer doesn’t mean better. 

 

6.     How can I find a good broker?

Some say “referrals”; I say instinct and referrals. Seems natural to look the guy in the eye and smell the rat if it’s there. If the boat is there too, we’ll talk about it in a next post. It’s a matter of tactics here. Shall I charge you for the precious coaching? I’m gonna think about it.

I'm not finished yet, you know, don't you?