Like buying a car or a house, you need to know everything you can about a yacht. Research will play an important part in the purchase and factors you need to keep in mind should include what the boat will be used for and how many times? Once you have answered these first two questions, your research should look into the types of boats available to you. This will give you an idea of the basic cost of the yacht. However, there are other factors you need to consider as well.
Financing a yacht
As mentioned previously, you need to be able to figure out how much you will be willing to spend on a boat. There are many ways to finance a yacht, from the traditional to the innovative with more traditional sources of financing a yacht coming from loans or mortgage arrangements with banks and finance companies. You need to decide on how much you want to borrow and decide on monthly repayments. As loan terms can last for a standard length of 2 to 10 years, you need to be sure of how long you want to be paying the loan off. Speaking to a marine finance company can help you through the process of getting finance for a yacht and talk you through what is needed and required as some lenders will require the yacht to be registered on Part 1 of the UK Ship Register.
You will need to consider where to keep your boat when buying one. You may be able to keep the yacht in a boat storage lock-up, depending on the size. Most owners wish to keep their yachts in a marine, which requires a license and can cost you approximately £350 per meter per annum. Yacht brokers can provide
you with information on the best marinas to store your boat, or even suggest alternatives such as sailing clubs or even trailers to take the boat home with you.
Yearly Engine maintenance
To ensure that your engine runs well when taking your yacht out for a cruise, you will need to get it properly serviced. It is advised to have this done on a yearly basis, which can cost around £500 per engine per annum. You will also need to consider the cost of fuel on top of the maintenance, especially if you need to repair any equipment. However, extensive costs can be avoided by performing a survey on the yacht before purchase and acquiring the boats previous ownership history. If it is not up to standard, you can avoid prolonged issues and having to pay for massive maintenance problems. The purpose of having a survey performed on the boat before purchase is to help you avoid buying a bad boat that will require constant remedial work.
In conclusion, cost with regard to purchasing, storing and maintenance are three things to consider when buying a yacht. When it comes to being able to financially manage a yacht, always talk to a professional. A yacht broker service can provide options to store your boat and in most cases, provide a survey service to ensure you are buying a properly maintained yacht.
Harry Price is a talented younng man. not only is he a great writer but he can speak 3 languages, plays football with his local league and is a bass guitarist in his local band.