Entering the world of boat ownership is an incredibly exciting yet significant decision, whether you’re an experienced sailor or new to the nautical scene. Buying a boat requires careful consideration and planning. We’re here to help you navigate the process efficiently and ensure smooth sailing.
We asked Ant Kovacevic, our Managing Director and Broker, about the factors to consider when purchasing a yacht.
Why trust Ant to guide you through the boat buying process? With a lifetime in the boating industry, both professionally and recreationally, Ant sure knows a thing or two about boats. As a qualified Naval Architect, he has spent a lifetime working in and around the marine industry and the past 14 years as an International Yacht Broker. Moreover, as a multiple boat owner himself, Ant understands the intricacies of boat ownership firsthand, making him uniquely qualified to assist you every step of the way.
Now, let’s dive in!
1. Set a Realistic Budget
Buying a boat involves more than just the initial purchase price. Before diving into the market, it’s crucial to establish a realistic budget that takes into account all the associated costs. These include maintenance, berthing fees, repairs, fuel, and insurance, among others. As a rule of thumb, these additional expenses can amount to about 10 to 15% of the purchase price per year. Underestimating these costs could lead to financial strain down the line, potentially forcing you to sell your beloved boat. So, crunch the numbers carefully and ensure you have a solid financial plan in place.
2. Define Your Wants and Needs
Everyone has different preferences and requirements when it comes to their vessel. Before embarking on your boat buying journey, take the time to specifically define what you want and need from your boat. Consider the vessel’s layout, capacity (both for passengers and sleeping arrangements), intended use (day trips, overnight stays, live-aboard), and your expectations from the vessel. By clearly outlining your needs, you’ll be better equipped to narrow down your options and find a boat that perfectly aligns with your preferences.
3. Conduct Thorough Research
With your budget set and your requirements defined, it’s time to delve into the world of boat types and models. From catamarans to monohulls, sailboats to luxury motor yachts, the options are vast and varied. Consider factors such as intended use (bluewater sailing, coastal cruising, etc.), priorities (stability, speed, comfort, luxury, fuel efficiency), and specific features you desire (ease of docking, single-handed steering, etc.). Rather than overwhelming yourself with a long list of vessels, focus on shortlisting a few that tick all the boxes.
One of the most beneficial resources at your disposal is a yacht broker. We have extensive knowledge of the market and can help streamline the process by providing expert guidance, saving you both time and money.
Looking to buy?
Here at World Wide Boat Brokers, our reputable brokers can help you find the right yacht for your needs and negotiate the best price. We offer free consultations, so don’t hesitate to reach out with any questions you may have and let’s get the ball rolling, or ship sailing!
Take a look at our current inventory here.
Or keep up to date with our listings here.
