Cruising the world’s water using a luxury yacht has become a status symbol for the wealthy. Whether you use it for business purposes or social gatherings, yacht investment does not come cheap. If you set your heart to acquiring one, you should consider different factors to make an informed decision at the end of the day.
You should first decide the size of the yacht. To gain some insights, you can choose to charter a yacht in different destinations to test what type of yacht you want and its size. You can either consider a smaller and easily maneuvered yacht or a longer and more luxurious yacht. You can also compromise. The key here is to experience yachting so you will know what suits you best.
Smaller yachts are abundant in the market. In fact, you can find many features that best suit your expectations and budget. You can start with checking 40-50 feet long yachts then work your way up to larger models like Princess Yachts UK. If you want luxurious features, you should consider larger yachts. After deciding over the size, the next thing to do is to be aware of the yachting payment and fees.
For payment, you can choose to pay in full or finance it. If you choose to finance it, you can put 30-50% down as the initial payment then pay monthly for a specific period of time. Aside from the initial or full payment, there are other fees that you should be aware of. Here’s a list:
The insurance
As with any investment, you should protect the yacht with insurance. If you are financing a yacht, insurance is a requirement. With this, you need to consult an insurance agent to help you decide the best coverage or protection.
The registration
The next fee to consider is the registration. For a craft over 30 feet, you can register as a UK flag vessel or you can choose to register internationally. Your yacht broker will surely advise you on the legal requirements depending on the type of craft you are purchasing and where you plan to register it.
The berthing
Berthing is a designated location in a port (or harbor) used for mooring your yacht when it is not at sea. It facilitates easy and safe loading and unloading of people or cargo from the yacht. There are different types of berthing according to construction. With this, it is crucial that you choose the right one for your yacht.
When you consider a berth at popular marinas, you have to be aware that you need to secure a yacht club membership first followed by initiation fees and monthly dues. There are others who have access to private docks for lesser fees and payments.
The yacht survey
At the time of purchase, you need to survey the entire area with experienced yacht brokers. They can help in making a decision. With this, you need to pay for their services.
It is crucial that you do your homework in advance before diving right in. The fees mentioned above can be used in negotiating the cost payments. You should take all the time you need when deciding because it is not like buying a Rolls Royce.