A beginner’s guide to owning a yacht

Owning a yacht gives you the opportunity for elevated coastal exploration at the drop of a hat. Superior comfort and relaxation await, whether you want to cross calm waters at sunset with a cocktail in hand, host special events or discover new destinations by sea.

The allure of yachting is undeniable, but before you take this step towards enhancing your lifestyle there are important responsibilities and decisions to consider. After all, buying a yacht is a significant investment so you want to get it right the first time!

Types of yachts and their uses

Yachts vary widely in type and function but can be categorised into two main types: sailing yachts and motor yachts. Sailing models are smaller with, as the name suggests, a sail, while motor yachts are traditionally larger and need to be managed by a more comprehensive crew.

Before you start browsing luxury yachts for sale, decide how you want to use the vessel as this is crucial to you making the right purchase. If you want to crew the yacht yourself and compete in sports competitions such as regattas, a sailing yacht is for you. Dreaming of long-distance cruising and luxurious holidays along the coast? Invest in a motor yacht and travel with an experienced team.

What to consider before buying a yacht

Budgeting and financing

Consider more than just the initial purchase when budgeting for a yacht. Prospective owners should plan for ongoing expenses such as maintenance, insurance, docking fees and crew salaries.

A cost-effective method of buying a yacht is to look into shared ownership. This divides the investment between several parties but means less flexibility with how and when you travel. There are also various financing solutions available to help cover the cost of your yacht outright, but be careful to choose an option with a repayment plan you can keep up with.

Navigating the legal waters of yacht ownership is another vital pre-purchase preparation. Just as with buying a car, you must organise registration and secure the proper licences for your yacht. Compliance with international maritime laws and regional regulations in the US and your chosen destinations is also critical, so ensure you research these before hopping on board.

Yacht maintenance

Consistent care is essential to ensuring your safety when sailing and retaining the value and performance of your yacht. Maintenance tasks to perform at least annually include:

– Engine checks
– Interior cleaning
– System updates

You should also review safety equipment regularly to ensure it’s ready to use in an emergency.

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