There’s always something new to learn and experiment with, regardless of experience level as a yacht owner.
Given how complicated the superyacht market is, any yacht owner may quickly feel overwhelmed.
The best place to start your yacht search is by considering your reasons for wanting to purchase a yacht.
When considering the purchase of a superyacht you should ask yourself the following questions
- What is motivating me to buy superyacht?
- Which aspects of superyacht ownership do I enjoy the most, speed, opulence or freedom?
- Am I looking for privacy or do I want to socialise with my friends and family?
- Which type of yacht am I looking for: Sailing or a motor yacht?
- Will I consider choosing a catamaran?
- Have I chartered a motor and sailing yacht previously and did I enjoy the experience?
- Have I charted a catamaran previously and enjoyed the experience?
- Have I thought about the interior design as well as the exterior design I would prefer?
- Am I interested in visiting isolated harbours and coastal areas? Or will I want to remain near marinas that have lots of places to eat and do things to entertain myself?
- Where in the world would I like to cruise?
- Should I visit far-off places like the Arctic or stick to popular sailing destinations like the Mediterranean and Caribbean?
- Is there a particular country or location that I would like to see my boat anchored in? Is there a particular marina that I would like to see, say, close to my vacation home?
- How am I going to use the yacht? During which months of the year can I spend on the yacht, and for how many weeks?
- How many guests am I hoping to invite aboard?
- Do I wish to host lavish events on board?
- Is it my dream to have a Top Chef provide full-time catering services and throw dinner parties on a boat?
- Will my kids or grandkids visit frequently?
- Do I or any of my family members easily get seasick? Do any of my family members or I feel seasick easily?
- How important is silence to me in the cabins?
- Would I rather spend the night on a yacht during longer cruises, or would I rather stay in hotels close to marinas?
- What’s my spending plan? How much can I afford to spend for the yacht? What is the initial outlay I’m willing to make to purchase or build the yacht of my dreams? Have I considered what the maximum amount will be for the annual operating costs?
- Can I wait a few years to construct my own unique superyacht, or do I want the yacht now?
- Should I assign all boat operations to a manager or a captain, or should I take on some of the duties myself?
- If I decide to take on some of the duties myself, which duties will I take on? Do I have the experience and necessary qualifications, or will I need to further my education? Will I have time for this?
- How long do I intend to own the yacht?
- When considering the purchase of a superyacht, there are several other important factors to take into account. Let’s dive into more detail:
- Purpose and Usage:
- How will you use the yacht? Be realistic about your intended activities and cruising plans.
- New vs. Pre-Owned:
- New Yacht: If you’re considering a new superyacht:
- Where will the yacht be built?
- What kind of equipment is included?
- How long will it take to build?
- How are warranty repairs handled?
- Existing Yacht: For pre-owned yachts:
- How many hours are on the yacht’s engine?
- Does it need any repairs?
- What equipment is included?
- Has it been regularly maintained?
- New Yacht: If you’re considering a new superyacht:
- Viewing and Assessment:
- Arrange to view the existing superyacht or meet with the shipyard and chosen designers if possible.
- Consider taking a tour of the shipyard to assess the builder’s products over time.
- Cost of Ownership:
- Calculate the full cost of ownership, including depreciation, interest, insurance, dockage, fuel, and repairs.
- Figure maintenance as an annual percentage over the period of ownership.
- Sea Trial and Survey:
- Request a sea trial for existing superyachts.
- Make the purchase conditional on a survey from a qualified marine surveyor you choose.
- Base your purchase decision on the survey report.
- Contracts and Documentation:
- Arrange for the appropriate MOA (Memorandum of Agreement) or Builder’s Contract.
- Ensure all specifications are detailed.
- You may need to put down a 10% deposit.
- After completion, release the final funds.
- Documentation and Post-Sale Services:
- Gather all necessary documentation, including:
- Superyacht registration
- Warranties and manuals
- Contracts signed by all owners
- Secure an appropriate mooring position.
- Have contact details for post-sale services or issues.
- Gather all necessary documentation, including:
- Purpose and Usage:
Use your personal network with friends who may own a superyacht to get a better understanding of what it is like to own a superyacht.
Trying out as many different yachts as you can is the greatest approach to figuring out what kind of boat you personally like. The more yachts you’ve been on, the more familiar you are with your needs and preferences.
Speak to your friends who may have superyachts who may invite you to a holiday on their yacht.
Or maybe you know someone who recently purchased a yacht and would be willing to tell you about their experiences?
You may get a lot of knowledge from personal owner-to-owner experiences and insights to help you visualise your future as a yacht owner.
Should you need further guidance please feel free to contact Frei Solicitors.
Book your 30 minute complimentary consultation with Hakan Doğancı.
