What to consider when buying a yacht in 2022
Buying a yacht is one of the biggest purchases you’ll ever make, so heed our advice, and consider these points before you buy
If you are looking to buy a yacht this year, so you can make the most of the yachting season ahead, you’ll need advice and expertise – Edmiston will support you every step of the way.
Finding the right yacht takes time, and a lot of this time is spent working out exactly what it is you want from your dream yacht.
Partnering up with a good broker, who can help you realise what you are looking for, alert you to possible pitfalls, negotiate with shipyards, and utilise their A-list industry contacts to find the yacht they know you want, is invaluable.
Here is our advice to buying a yacht in 2022.
Think about what you want to use your yacht for
Before you start looking at yachts to buy, you really need to consider what you want to use your yacht for.
Will it be kept in private use for family holidays, or are you planning to charter it out to recover some of your running costs?
Are you looking for a motor yacht or a sailing yacht? Where do you want to go on your yacht and what capabilities does it need?
These are crucial questions that any broker worth their salt will ask you, to help them build a picture of the type of yacht that will meet your requirements.
Edmiston broker Will Bagshaw, from our Monte Carlo office, says:“For example, if you’re planning to use the yacht in various parts of the world, and looking to take on long, open ocean passages, I would recommended buying a full-displacement yacht, with a steel hull and a long range.”
Fellow Monte Carlo broker, Hans Van Doornmalen, agrees that where you plan to use your yacht has a big bearing on what to look for. He says: “One of the first things I’ll want to know is whether you plan to stay in the Med or travel to further destinations that either have a hotter or colder climates. If it’s the latter, then you’ll need more range, stability, and redundancy of systems on-board.”
Fine-tune your wishlist
Once you know the type of yacht best suited to you, you’ll need to think of other aspects – what facilities do you want to best serve your lifestyle requirements? How important are sports on board and in the water? Is a pool a requirement? How about a spa or a beach club?
How many guests are you typically expecting to travel with and how many cabins (with what kind of configuration) will you need? Will accessibility be a concern for you (i.e., is a lift a necessity)?
How about the look and feel of your yacht? Do you want a classic yacht or are you more drawn to contemporary design?
It’s also important to think about life on board and the level of service you will expect, as this will influence the number of crew you will need.
Consider how much work you’re willing to do
Though taking ownership of a yacht you fall in love with immediately is the dream, for many, it’s just that: a dream.
If you find the right yacht on the brokerage market straight away, our brokers will be able to oversee a sale in a relatively short timeframe, however, if you’re looking to restore an existing yacht or buy a new build, timeframes can be much, much longer.
Often, buyers have a picture in their mind of their ideal yacht but when they start perusing the market, and when their broker asks the right questions, they realise it doesn’t exist…yet. This is where custom-builds come in. Custom builds add both time and money to the buying process, but it’s an incredible experience and ultimately, you end up with the perfect yacht which will make the journey worth it.
Set a budget
You may have a figure in mind of how much you would like to spend on buying a yacht, but there are additional costs to take into consideration, like maintenance, yard fees, insurance, crew wages, and fuel.
Hans Van Doornmalen adds: “Of course, you need to budget for the purchase and consider whether it’s best to buy outright or use yacht finances, but you’ll also have to factor in annual running costs and be realistic about what you’d be comfortable spending on yachting each year.”
Think about shipyard pedigree
Some yacht builders command a good degree of respect in the market due to the quality of materials and workmanship delivered, which means they are more in demand when it comes to selling on and don’t depreciate too much.
North European-built yachts are generally considered to come with a high-build quality and names such as Feadship, Lürssen, Amels and Heesen generally hold their value well, while when it comes to sailing yachts, Royal Huisman and Vitters are perennial favourites for a reason.
Consider chartering first
Think you know the kind of yacht that will be perfect for you? Before you dive right in, why not charter a yacht or two first, to see what works for you in practice and what really doesn’t. It could save you a lot of heartache in the long run and allow you to discover things you did not consider before.
Use a broker
Nobody in the yachting industry is better placed to advise on a purchase than a good broker, who acts as your trusted right-hand guide, and will add value both when it comes to doing the deal but also to help establish what is best for you.
Thanks to their excellent contacts base, brokers know the right questions to ask, yachts to show you and can help steer you to finding the best yacht for your needs.
Having spent years in their field nurturing relationships across the industry, while studying the market and inspecting yachts, the right broker will guide you in making the right choice as they introduce you to all the relevant stakeholders and coordinate the entire journey to make your dream of enjoying what is the most amazing lifestyle on board a yacht reality.
If you’re looking to buy a yacht in 2022, contact Edmiston and let our brokers get your search off to the perfect start.
31st March 2022 |