As of 2019, there are almost 12 million recreational boats registered in the United States. A large swath of these are yachts, one of the most ideal boats for any intrepid mariner.
Buying a yacht is a big step in a waterman’s life, but it is a sizable investment that should not be taken lightly. Buying a used motor yacht can be a cheaper option but it still requires some consideration.
The following five considerations outline what to think about when deciding if buying a yacht makes sense for you.
1. Do I Have the Budget for Buying a Yacht?
Not only is buying a yacht a sizable initial investment, but it also costs a ton in maintenance over time. Everything on your yacht will need to be maintained and repaired for it to remain functional.
You will also need to do expensive things such as scraping barnacles from your hull, dry-docking your boat for repairs, and waxing and polishing your boat.
Not only that, but you also need to consider the costs of buying a boat slip at a dock or harbor if you are not storing your yacht at your own private dock.
That said, if money is no problem for you and you can afford it then a yacht is an excellent thing to procure.
2. Where Will I Put My Yacht?
If you have a private dock in a suitable location the answer to this question is easy. If you don’t you may want to hold off on purchasing your yacht until you can secure a place to put it.
Boat slips at municipal harbors, public docks, and yacht clubs are in short supply and can cost a ton.
There also may be waiting lists that are years long. Make sure to do some research about where you can store your yacht before buying one.
3. How Often Will I Use My Yacht?
A yacht is the last thing you want to impulse buy. Before writing any big checks, ask yourself this question honestly. If you only plan on taking your yacht out once or twice a year, it may not be worth buying one.
Yachting is a lifestyle and if you are not ready to fully embrace it you might want to hold off on buying one until you are.
4. Can My Yacht Pay for Itself?
If you use your yacht as part of a business, you may be able to have it pay for itself. Buying a yacht to charter is an excellent way to start a business and make your investment back.
5. Where Is the Best Place to Buy a Yacht?
You have a bevy of options at your disposal when it comes to buying your yacht. Do some research before writing any checks to find out where to buy a yacht. Learning how to buy a yacht is simple.
You can buy one used at auction or buy a preowned one from a private seller. You can also get one custom-made to your specifications brand new, but expect to spend a considerable amount of capital.
A Yacht Will Change Your Life
Deliberating on a major purchase such as buying a yacht is always a good idea. You should commend yourself for your rationality when it comes to this important matter.
That said, once you have thought over these 5 considerations, have the confidence to make the right call.
Either buy a yacht now or hold off until the time is right based on these 5 considerations. Once you have made your decision, check back with our page for other amazing content like this article!