Decide to buy a yacht is an important decision and can be a complicated process for the uninitiated!
Here are a few questions to ask yourself before you take further steps.
Define your project and determine the purpose of your boat. Are you looking to go on a family trip around the world or chartering a few weeks in a year? It’s important to consider the specific use and adaptability of each boat.
Consider factors such as the number of cabins, size, and style. Do you prefer a classic or sporty design? Are you looking for autonomy and silence or speed and simplicity?
Catamarans are known for their spacious living areas, while sailboats provide a unique sailing experience. Trimarans offer a good balance between sailing performance and space.
If you’re more interested in motor yachts, perhaps a sport fisherman like a Bertram or a day trip with the thrill of speed, a speed boat like a Pershing or a classy Riva style would suit your preferences.
When planning your project, it is essential to assess your investment capabilities. This includes evaluating not just the price of the boat, but also factoring in the significant additional costs that come with it.
These additional expenses encompass various aspects such as the complexity of the chosen harbor for mooring, fuel, insurance, maintenance for the engines and sail replacement, as well as winterization.
It is important to note that these expenses can vary based on factors like the size, age, and type of boat under consideration.
The Broker’s recommendation is that for a round-the-world trip with your family, it is advisable to also budget for plane tickets to visit relatives, accommodation, health insurance, and optional equipment that enhances the autonomy of your boat.
Read also : How much does it cost to own a yacht
Create a comprehensive list of your preferences, including both what you like and what you don’t like, as well as the key elements and features that are essential for your ideal yacht. Additionally, consider noting any desirable but not mandatory equipment that you would be willing to compromise on, with the option of adding them later.
Once you have your priorities in order, compile a list of boats that catch your interest. This will enable the professionals assisting you to provide more tailored guidance on which option would suit you best.
If you’re considering investing in a new boat, attending boat shows can provide you with the opportunity to explore various models from different shipyards and have discussions with industry experts about the pros and cons of each option. You can also request quotations from different sellers. However, be aware that delivery times can vary greatly depending on the shipyard, sometimes taking several years. Alternatively, you may choose to purchase a second-hand boat, which has the benefit of already being broken in. If your intention is to put your boat up for charter, it’s advisable to select a model that is suited for that purpose.
You can view them either at the port or at the dry dock, depending on the time period. Before arranging a visit, please note that financial guarantees are required. If you’re unable to visit in person, we can organize a videoconference for units located far from your home. You may want to choose vessels located in area close to your sailing preferences, ready for your next getaway!
Different countries have different requirements, so make sure you have the right license for your boat. For instance, in France, a pleasure boat license is needed if your motorboat has an engine over 6 horsepower, but sailboats are exempt. Stay informed and stay on the right side of the law while enjoying your time on the water.
It all depends on the size and the activity of the vessel retained, if you wish to do charter management, you will have to select a crew with an experienced captain, a cook and one or more sailors or hostesses.
The procedure is basically not complicated, but a certain formalism must be respected, especially for international transactions requiring a change of flag. WI Yachts can take care of all the administrative procedures for you and advise you on the legal structure for your future use of the vessel.
No, it is not necessary. The purchase or sale of a boat is a private deed which is generally accompanied by a provisional purchase or sale agreement with a deposit and signature under suspensive conditions (expertise, sea trial etc…). Your lawyer can assist you in these steps.
WI Yachts advises its clients to have a professional survey their future yacht as part of the purchase procedure. More importantly, this survey should be a condition precedent to the purchase. This expertise may also be requested by your bank and your insurance company.
Most engine can reach thousands of hours of use if the revisions recommended by the manufacturer have been carried out regularly. If in doubt or if the number of hours is high, do not hesitate to ask for an oil analysis which may reveal problems.
Having insurance for your private use is not required, but if you plan to dock your boat in a port or a yard, the harbour master’s office will ask for proof of insurance. However, if you are engaging in charter activities, certain insurance policies are mandatory. We strongly recommend insuring your yacht in all cases to ensure you are protected in the event of a disaster.
Yes, but it will depend on the age of the vessel as well as the flag and the navigation area which will influence the bank’s agreement.
Get expert assistance to make informed decisions about your project and choose the perfect yacht. Our professionals are here to guide you. Opting for charter management can significantly cut down on boat maintenance costs. Keep in mind that revenue can vary depending on the destination and type of yacht.
Once both parties have reached an agreement during the negotiation process, it is necessary to create a contract. At WI Yachts, we handle all the necessary paperwork for the boat sale and will present a sale agreement for your review.
As the seller, there are a number of important documents that you need to provide. These include the registration document, certificate of seaworthiness, certificate of conformity, navigation authorization, certificate of fitness for radio equipment installation, invoices for equipment, engines, and auxiliaries, a copy of your identity card, application for authorization to install and/or dismantle radio equipment, owner’s manual, and any other manuals for onboard equipment. Additionally, the trailer permit is required.
At WI Yachts, we ensure a smooth and efficient process by taking care of all the necessary documentation for your boat sale.
Yes, this is called fractional yacht ownership. It helps reducing the cost of purchase and maintenance by sharing it among several co-owners. Thus, the happy owners share the use of their property thanks to a well defined schedule.
Read also : THE 5 STEPS TO SELLING YOUR YACHT WITHOUT PAIN
