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Envisioning your dream boat can be mesmerizing, but actually signing the papers can be downright traumatizing. Yacht purchase is a complex process full of brokers and builders and brand names. And that's just the boats themselves, not the decisions you'll face about crew, maintenance and financing. You'll easily have a thousand questions when buying your first yacht. To begin finding your personal answers, move these ten to the top of your list.
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1. Should I buy sail or power?Unless you really enjoy heeled-over, laid-back cruising, the odds are you're going to choose a motoryacht. “Nine out of ten times, people already know what they want,” says Dominic Millman, a broker in London . “In most cases, people know that sailing's not for them. They don't like the dynamics of the sailing, the [limited] deck space for sunbathing.”
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2. How big a yacht should I buy?It depends on what you want to do, says Rob Newton of Fort Lauderdale . “If you're going to cruise the world, there's a size and style you'll need for that, say a 150-foot expedition boat. If you're more typical, Mediterranean in the summer and Caribbean during the winter, you'll generally go with [a 100- to 150-footer that carries] eight, 10 or 12 guests.” Then again, Newton says, sometimes the goal goes beyond getting the most suitable boat for your needs. “There's also ego…”
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3. Should I build new or buy brokerage?A Midwest businessman who recently commissioned the largest motoryacht in Burger Boats' history firmly believes in buying brokerage before making a custom purchase—though a lot of brokers tried to tell him the opposite. “We avoided that pitfall until we knew what we wanted,” he says. “It made more sense to move from charter, where you learn about [yachting], to buying an existing boat, where you learn more about it, to building a boat. You settle in and think, ‘OK, how do I really want to use this boat?'”
4. How can I find a good broker?Your best bets are personal referrals and gut instinct, says Tim Clark, a broker. “It's about quality of service, reputation and honesty,” he says. Talk with a broker's previous clients, and then “deal with whomever you feel most comfortable with.”
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5. Can I try a boat before buying? Yes—and you should. For at least a few days. “You can't tell from a sea trial about the noises and sounds and feel of a boat,” says Mark Elliott. “Listen to how the laundry is backed up against a bulkhead. Hear how the crew walks around. See how the boat swings on the hook. Launch the toys.” Sometimes the “try before you buy” program, you can even put the price of your charter toward the yacht purchase.
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6. Are brand names important? “To a degree, it's not important at all,” says Kevin Merrigan, of Fort Lauderdale . “A big part of the pleasure of yachting is getting out on the water. The surveyors are there to investigate the yacht and assure you of its capabilities, and there are a lot of lesser names out there bringing a lot of pleasure.” Having said that, you might think about yachts as you would cars. A Honda will serve your needs, but a Bentley will indulge your desires.
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7. How do I find good crew? Start with crew placement agencies, which often are divisions of yacht management companies. “Occasionally you get referrals, and that may be the best source,” one megayacht owner confides. “You want to seek people that you feel you'll be compatible with, that you'll get along with, in addition to being qualified for the job.”
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8. Where will I keep my yacht? It's a poorly kept secret that dockage is becoming harder and harder to find. If you don't have waterfront access at your home, talk to local marinas about available slips before buying your yacht. It's a moot point if you plan to offer your boat for charter; you'll be fighting the crowds in the Caribbean each winter and the Mediterranean every summer.
9. Should I put my yacht into charter?Only if your goal is to offset some costs. Do not expect to make money. “Only two or three percent of these yachts [worldwide] make a profit,” says Alex Mazzoni. “The rest make enough money to pay some expenses.”
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10. What will it cost to run my yacht? A typical megayacht these days is about 150 feet long. To run and maintain one—from fuel to day laborers to routine upkeep—costs about $1 million per year, says Rupert Connor. “You're going to be spending in the region of $170,000 a year just for insurance,” he adds. |
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Kim Kavin, editor of www.CharterWave.com
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