After years of watching your friends take their yachts out and yearning for your own, the time has finally come and you are ready to find your first yacht. The idea sounds fun, exciting, and of course, very expensive. You’re doing all the research and trying to stay collected and organized with this over flow of information. No matter the budget, there is a baffling amount of choices and many important decisions to make, any one of which could severely impact the enjoyment and experience you have on your yacht. This article can serve as a checklist for first-timers as well as seasoned owners to help decide the essential elements concerning comfort, performance and functionality.
1) Your intended use & lifestyle
First and foremost, figuring out why you want a yacht and what you intend to use it for is very important in figuring out what yacht best suits you. Do you want to have a relaxing time with family and friends, or do you plan on throwing yacht parties every weekend? Does a flybridge sound more appealing to you so you have more space and a higher view point, or do you like the sport style for a more sleek and faster yacht?
You should also take in account weather you plan to take longer, more luxurious trips or just day trips around your area. Lets say you want to take 4-7 day trips to the Bahamas from Florida, you should strongly consider a yacht with a water maker, maybe even a washer & dryer. Of course fuel intake & range is important as well. If you plan to use the yacht for day trips and business meetings, a water maker may not be as important but stabilizers will make a world of difference when you’re going over paperwork in the saloon going 30 knots.
Some things to ask yourself:
-Will I be using the yacht for business, pleasure or both?
-How often do I plan to be on it seasonly?
-Do I prefer a flybridge or a sport yacht?
- How many guest do I plan to have?
-Where do I plan to cruise? What speed and range are necessary to do that?
-How long are the trips I intend to take and what features would make them most comfortable?
2) Budget & things to consider (docking, insurance, & maintenance)
You need to know what you can afford and have your expectations meet your budget. A yacht is a huge expense, and it does not end after you purchase it. Start with understanding yacht prices by searching yacht brokerage listings and narrowing it down by make, length, year, model, or price. Again, the cost of the yacht is not where the spending stops and you need to fully understand and prepare for the price of owning your own yacht. As a rule of thumb, budget 10% of the boat’s value, to cover annual maintenance costs.
The 45-65ft range is perfect size for starter yachts, it gets you used to the yachting lifestyle while not being a huge stress on the wallet. Once you get to 70ft+, you will need to start considering getting a captain and crew, which is a huge expense you might not be prepared for. The bigger the boat the more expensive it is to dock, to fill up with fuel, and overall maintaince.
Mooring, docking, and storage is an expense to plan for. Figure out where you want to be based, call around to marinas and get quotes. Make sure you do your research and read the reviews on the marina to insure it fits your needs. Another thing to consider is if you base your yacht somewhere that gets cold, you will have to plan to haul out and store it.
Insurance is another factor. Shop around and use an agency that specializes in the yachting industry, because your “favorite insurance agent that you always use” most likely won’t understand the clauses and catchphrases in the contracts. You’re also a lot more likely to get discounts if you go through a boat insurance agency. Just like insurance with cars, the safer you and the boat are, the bigger the discounts. To lower your rate, get the proper safety equipment and take important courses such as US Power Squadron boating class and a captains course.
The cost of the boat, docking, and insurance is easy to budget for since they are fixed numbers. That is not the case with operation and maintenance expenses. Obviously fuel is a huge factor, and will vary month to month depending on many things. If you plan to travel, you’ll need to pay for a mooring or dock space. Just like a car, you will need your engines routinely maintained. Things are going to need to be replaced-and then replaced again. If you keep it in a marina, you’ll have to have a diver clean the bottom monthly. You’ll have to haul out and repaint the bottom yearly. Outdoor cushions, covers, and bimini tops have a life span of about 6 years, and then will need to be replaced again. I’m sure you’re starting to get the point- but doing some of these things yourself *properly* will save you a lot of money.
3) Location
I’m sure you have an idea of where you want to be based out of. Maybe you want to spend summers cruising the North while enjoying winters in Florida? Or do you plan to spend most of your time between Florida and the Bahamas? Maybe the West Coast. Wherever your ideal location may be, be mindful of what’s also practical. Things to strongly consider are the weather, seasons, insurance requirements, and the yachting scene in your desired location. There’s no one or best way to do it- figure out what best suits you.
Once you figure out the location you'e going to be based out of, start thinking of docking. Finding a home for your new yacht in the major marinas may be difficult- but not impossible as long as you don’t wait until last minute to make arrangements. Again, make sure you do your research and read the reviews on the marina to insure it fits your needs.
Other options are: you can find private docks behind peoples houses, join a yacht club, or reach out to fellow yacht owners to see if they have room for a friend. When choosing a berth, be mindful of the surrounding depths of the water, any shallow spots, fixed bridges, tides, and marine traffic.
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It may seem overwhelming, or too much to process, but once you get organized and narrow down what you want, overall, buying your first boat (or second, or third) is such an exciting experience. You've worked so hard for so long, and what better what to enjoy the fruits of your labor than cruising around beautiful destinations via a luxury yacht with friends and family. If you have any questions, need help, or need an experienced yacht broker, I am available for contact 24 hours, 7 days a week.