An impulse buyer I know one day woke up owning a yacht he didn’t want, need or liked. He had been drunk the previous night and the broker he was drinking with had successfully convinced him he needed a yacht and since he is what I call independently wealthy (he doesn’t count the last coin like the rest of us) he had given the broker his phone and asked him to transfer some money as a down payment for the yacht he didn’t need, want or like.
While my friend tried by all means to get out of that deal (he doesn’t even like to be around any body of water) he gave me a life lesson, acquiring a huge asset cannot be done in a whim even if you can afford to, why, because opportunists will sell you things you don’t need and or want. Thing is opportunists are always lurking around and even if you want to buy anything and have planned for it for a long time, it doesn’t preclude you from falling into the hands of opportunists especially the greedy ones. Opportunists if you are not careful might sell you something you don’t like or something that is not in its optimum condition because of their sweet tooth and because you were in a hurry or because you didn’t do enough research. In case you want to buy a yacht, you have to consider these things before someone fleeces you out of your hard-earned money.
Speak to a yacht broker – before committal speak to a yacht broker and make sure you get all the information you need before you start shopping. The broker will tell you about things you might not know, about yacht shows and what you need to do before you buy etc. this will ensure you have the information you need before you start going around looking for a yacht to buy.
Read yacht and boat reviews – this will tell you more about boat manufacturers and it is the quickest and probably cheapest way to know what to expect and how yachts operate, their features and their benefits. This gives you a rough idea of what to buy.
What will be your destination – the friend I told you about earlier was told he could host yacht parties every week and he was sold, of course he was drunk, had he been sober he would have remembered he doesn’t like water activities and he has a house he can have parties at every week. Before you buy a yacht, what will be your destination, this might actually help you make what we call the buy or lease decision. How often do your want to visit those destinations you plan to visit? Do you have to buy or you can get a rental when you want to be out in the water? The destination in my opinion should guide your decision to buy as it also affects the size and amenities you will need to make yourself comfortable.
Consider maintenance costs – Before signing on the dotted line consider maintenance costs, some deals seem good on paper but there are so many hidden costs you might not be privy to when buying that will frustrate you later on. Port fees, park fees, storage fees, regular service fees, and many more fees depending with where you will dock your yacht might frustrate you. So before you sign that dotted line enquire and be so sure you like and are comfortable with the costs you will incur in maintaining the yacht.
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