How do I pick the right yacht for me?
There are many factors that contribute to the decision in purchasing the right yacht that fits your needs. Here’s a quick guide for just a few of the decisions you’ll have to make:
STEP 1 – Motor Yacht or a Sailboat?
Each type of watercraft has strengths relative to the other. Sailboats are typically used for day trips with a few built with the equipment and ability to go longer distances. A motor yacht is not generally used as much to putter around on day trips, but more for a relaxing cruise between destinations. Fuel costs on a sailboat are lower than a motor yacht and a sailboat will generally require less maintenance than a powerboat.
Consider Size Restrictions
You will need to have an idea where you will be docking your yacht to evaluate various factors such as draft, beam, length, and height restriction of the marina and any bridges in the vicinity where your yacht will be docked.
How Many People On Board?
You need to ask yourself how many people will be sleeping on your yacht if you want to stay overnight. Also take into account the crew that will be on board servicing the yacht. The more service you expect, the more crew you will have on board.
STEP 2 – Choosing The Right Yacht
Once you have answers to the questions listed above, it will be time to consider making appointments and start reviewing the inventory on the market. Take your time when shopping for yachts. We recommend before buying a yacht that you charter several different types so you can get the feel of owning one. We can help you charter a yacht similar to what you are looking for so you can get acquainted with the style. Ride The Experience insures you are guided in the right direction to obtain a good vessel at the right price and avoid the many pitfalls so common in the industry. Below are the 4 different types of yachts to consider:
- Production Yachts
- Semi-custom Yachts
- Fully Custom Yachts
- Brokerage Yachts
STEP 3 – Selecting a Yacht Broker
Now you are ready to find a yacht broker. Years of experience have demonstrated that you need to find a broker you can trust while still providing quality service, with a sterling reputation. Here at Ride The Experience we embody those qualities and will work tirelessly to find the best match between your needs and the inventory available on the market today. We will guide you step by step through all of the paperwork and procedures to secure your purchase, and help arrange mooring, storage, insurance, and crew.
Ride The Experience is a proud member of the Florida Yacht Brokers Association.
Step 4 – Making An Offer
After days, months, or even years of searching for the perfect yacht, now it’s time to make an offer. We will draw up a purchase offer agreement on your behalf to buy the yacht. At the time the offer is submitted, the buyer normally wires a 10% of the offer price to the selling brokers escrow account, much like when purchasing a home. This is showing the owner of the yacht that you are a serious buyer.
In our years of experience, we have seen acceptance, rejection, and counter offers. Don’t get discouraged as it can normally take a few weeks before both parties agree on a sale price and conditions.
Step 5 – The Pre-Purchase Survey
A pre-purchase survey can take about 1 to 2 weeks and is provided and paid for by the buyer. It is a detailed inspection of the vessel’s structure, mechanical, electrical, operating condition, and performance. A detailed report is prepared and includes an equipment list and detailed list of deficiencies, market value, and an estimate of maintenance costs for the coming years.
Step 6 – Sea Trials
Now it is time for you “The Buyer” to test run the yacht for a few hours at owners expense. It’s a good way to check the engine performance at maximum speed. It’s also good to check for noises and unusual sounds, crew steps, yacht swings, and if available try all toys and accessories.
Step 7 – Closing Procedures
If all goes well in steps 5 and 6, the Buyer will write a letter of acceptance of the yacht. The Buyer needs to make sure to complete the deal before closing date so that the 10% down payment sitting in the escrow is not at risk. Upon closing on a yacht, both owner and buyer sign proper documents that transfer ownership of the yacht. Ride The Experience will assist the buyer with the new registration and insurance information as needed. We will assure that it’s a smooth transition.
After The Sale
Crew cost varies; will you need a captain, a mate, and crew on either a seasonal or day-to-day basis, and don’t forget about a cleaning crew. Everyone who buys a yacht has different needs. We can help you with referrals, compatibility, and in locating a crew agency. Here in South Florida we can help you find the right crew for your needs. A good crew means a well maintained yacht.
Operating cost is vital information you need to know prior to purchasing a yacht. Owning a yacht is a luxury experience for truly successful people. We can help you in this area and also help you find an insurance company.
You may also think of chartering your new yacht to offset some expenses in the near future. We can help you with chartering your boat in Miami, Miami Beaches, and Ft. Lauderdale. Keep in mind we strive to make your charters profitable and most big yachts make enough to offset some of the expenses. Charter compatibility should be considered before making a purchase as not all yachts are as popular.
See our Yachts for Sale to see our current fleet of charters we have from owners just like you. Happy Buying!
You can call our broker, Antonio Maldonado, directly on his cell phone at 786-258-4363.