If you are in the market for a luxury yacht but you’ve never taken the plunge on a purchase of this magnitude before, you probably have a lot of questions that need answering before you begin your search in earnest.
To send you on your way with more information in your arsenal, here are a few key tips to keep in mind when buying a luxury yacht.
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Used yachts are appealing
While buying a new luxury yacht is certainly an option, it may make sense to seek out used luxury yachts for sale on a site like SeaListings because of the cost-effectiveness that such vessels represent.
You can make a big saving on the new price of a luxury yacht by investing in a lightly used equivalent which will have all of the same benefits and features but at a lower price point.
Different luxury yacht models hold their values to varying degrees, so factor this into your decision-making to ensure you do not fall victim to the same kind of depreciation issues when you sell further down the line.
Looks can be misleading
They say that beauty is in the eye of the beholder and this is certainly the case when it comes to luxury yachts.
It is always worth broadening your search to include vessels that may not be as immediately eye-catching on the surface as their competition, because under the skin they could offer up more flexibility and adaptability that will be an asset in its own way. In short, avoid the temptation to be guided only by aesthetics.
Size matters
The bigger the yacht, the more amenities and guests you can squeeze onboard, although your needs and resources may only stretch to a particular category within the broader luxury yacht market.
For example, flagship megayachts measure in at anywhere over 165 feet in length and can cost billions. Meanwhile superyachts is a term used to describe vessels of over 100 feet in length, while traditional yachts designed for sailing are usually 80 feet or more in length.
The size of a yacht will not just impact its price and facilities, but also its performance. If you are looking for an entertaining sailing experience using actual sails, then you will want to aim for the smaller end of the spectrum, as after a certain size the use of motors is unavoidable.
Well-maintained yachts should be a priority
Even in the world of luxury yachts, if a deal looks too good to be true then there is probably some nasty secret lurking somewhere in the vessel that will come back to bite any over-eager or incurious buyer.
For that reason alone, it is essential to make sure that any yacht you consider has been well maintained and kept in a good state of repair throughout by its previous owner, assuming that you are going the used yacht route rather than buying new.
It is also important to factor in maintenance costs that you will incur over the course of your own time with the yacht, since this will help it to retain its value and appeal for decades.