Step by step yacht purchase guide
A yacht purchase, including the typical process, things to look for and tips for ensuring a smooth transaction.
Buying a used yacht means that the purchase price is going to be much lower than buying a new yacht. Used yachts may contain maintenance and repair issues due to their age. So, the buyer should include these expenses to his current budget.
Furthermore, investing in a yacht survey is extremely important. Purchasing the correct used yacht and not the wrong one can result in very different outcomes with respect to future enjoyment on the water and future hits to your wallet.
Below you will find a smooth six-step guide which will help you make the right choice.
The steps involved in buying a used boat are as follows: Selecting the right type or model boat, finding the exact boat to purchase, making an offer, surveying the boat and closing and delivery. In this “how to buy a used boat guide”, we will walk through each step and address common questions.
Step 1: Selecting the right type or model of yacht. (Sailing yacht, catamaran, motor yacht, motor sailer)
In the yacht market there is a vast variety of shipyards, models and types of yachts you can choose from. Actually, you could examine in which kind of yacht you are imagining yourself sailing on. The yacht type usually fits the type of sailing you would like to do.
An experienced broker can be a tremendous asset in this process and ask you questions about your ideal yachting scenarios that you may not have considered.
Before contacting us ask yourself:
- What is your ideal day on the water?
- Will you be doing mostly day cruise or do you plan to do more long-range cruising?
- What kind of activities do you plan to do? Water activities, fishing or cruising?
- Do you plan to spend overnight time on the boat? Weekends? Longer periods?
- How many guests do you require space for? There’s a big difference if it’s just you and your spouse versus a group of ten friends.
- Additionally, are there considerations such as bridge height, depth and draft or slip length and width where you plan to keep the yacht?
- How experienced are you in yachting? Some vessels require different levels of experience and skill.
- Is speed a priority?
- Are you interested for private or professional use?
As long as you answer the above questions, a high importance question is going to occur. There is an element that has not yet discussed, we are talking of course about budget. As we mentioned before, the yacht market is vast. So, the price range is vast as well. You have to keep in mind that in any case there is always a more expensive yacht in the market.
If you are an unexperienced sailor, it might make more sense to go with a newer, smaller boat. Newer yachts will have more updated technology and you typically won’t have to deal with as many maintenance issues. For more seasoned sailors who are comfortable with the maintenance and repairs process, a larger yacht older year of built might be acceptable.
So to sum up, the keystones of choosing the correct yacht for you are your yachting goals, your budget and your experience. Seafarer Sailing takes the lead from this point on. An experienced yacht broker can shine and deliver tremendous value to the buying process. Our agency, being on the yacht market from 1985 can help vastly to your purchase. At this point you can click the link below and see our available yachts according to your needs. https://www.seafarer.gr/yacht-sales/
Step 2: Finding the exact boat to purchase.
At this point, you have already decided for what kind of yacht you are searching for. Working with a broker like our company, will provide to you a selected group of yachts that exists in the market. Moreover, we could provide some options that do not included on the market but included on the broker’s own network of dealers, wholesalers and previous clients.
When the yacht selection has narrowed down to a few, it is time to arrange viewings in order to see the yachts with your own eyes. If you cooperate with Seafarer Sailing, we will arrange those kinds of viewings and we will visit the yachts with you. Having a lot of experience in yachting and having sailing licenses as well, we can show and describe to you all the technical details of the yacht such as engines and sails. Furthermore, our offices are based in Alimos, Athens, Greece. If the yacht is located far from this area, we have experienced mechanics, base managers and representatives that will show you the yacht instead of us.
In case the yacht that fits your standards is located in an island for example, again, our representatives can show you the yacht by a video call. The date and time of the video call will be arranged by us according to your availability. You don’t have to do anything, even if you are living in a foreign country with time difference.
Step 3: Making an offer
At this point, you have found the yacht which is suited to your needs. The yacht market changes sometimes even day by day. In order to ensure that this yacht will be yours, you will have to follow a purchase process known between shipowners and brokers.
You have to sign an agreement which is called MoA. As soon as all parties (buyer, seller and broker) sign the agreement, you have to deposit a 10% of the whole price. In this way, they yacht is secured and you are the only one potential buyer.
Closing on your used boat purchase can be very straightforward or a headache depending on a few variables, none bigger than having an experienced broker like us guiding you through the process. Seafarer sailing can ensure all paperwork is prepared and make sure that you have everything taken cared of prior to taking possession of the yacht.
Step 4: Surveying and inspecting the yacht
Once you have a deal with a seller, it’s time to begin the survey process. We, as brokers, will provide you experienced surveyors and yacht inspectors. Not all surveyors are adequate and just because one has the appropriate certification does not necessarily mean he or she is the right person for the job. As the types and models of yachts vary widely, having a surveyor with experience on the specific yacht type is considered quite important. Of course, if you want to hire your own surveyor, you are free to do that.
Keep in mind, that especially in winter time, when the yachts are not doing charters or are off the water and doing maintenance work, many yacht sales are taking place. So, sometimes the surveyors might be busy and delay the inspection of your potential yacht. We, as brokers, always cooperate with inspectors and surveyors that will do the inspection at any given time. A survey usually takes place 20 days after you deposit the 10% of the whole amount.
Unless advised otherwise, it can be a good idea to notify the surveyor that you intend to be present during the survey. This can contribute to accountability but also it allows the surveyor to show you findings in person.
While the surveyor is typically hired by the buyer, it’s not necessarily the surveyor’s role to recommend for or against the purchase of a yacht. The surveyor will provide an objective survey report that details the boat’s overall condition.
Step 6: Closing and delivery
After the buyer accepts the yacht, it’s time to complete the paperwork and take possession of it.
When the yacht is fully paid then the Bill of sale is signed and it takes approximately 50-60 working days for the paperwork to be completed. Of course, the process may have some changes if you are interested in putting the used yacht under a non-EU flag. This fact, does not make the process run slower or with extra difficulties. A lawyer is needed to ensure that the process will be faster and easier for all parties involved.
Do you still have questions on how to buy a used boat? Do you have questions on how to find and work with Seafarer sailing? Please contact us anytime in the below contact information.
tel: +30 2109847404
Seafarer Sailing offers you Yacht Charters in Greece, providing bareboat & crewed yacht charters.
Corporate Yacht Charter
Luxury yacht charters are not simply confined to the likes of families, couples, and groups of friends seeking an exceptional holiday. Corporate charters see some of the world’s true luxury yachts open their decks to companies looking for a way to entertain clients, reward employees, or host business activities.
Corporate yacht charters have become increasingly popular with executives looking to organize important meetings or close a business deal away from the distractions of the office. A charter yacht provides the perfect opportunity to build relationships with clients and suppliers in complete comfort.
Feel free to explore our latest added yachts and motor boats!