Buying a yacht is likely to be a new experience for many, but with the rise of new yacht buyers following the recent pandemic, there has never been a better time to get in touch with a trusted yacht brokerage and find your dream vessel.

As a new yacht buyer, it is essential that you seek any information that may help you feel more secure in your buying decision. From hidden costs to after-sales support, we have provided a comprehensive list of questions to ask your yacht broker when buying a yacht. Read on to prepare yourself for your first yacht purchase.
 

How experienced are you in the industry?

One of the first questions a buyer must ask their yacht broker is how much experience they have and whether they understand the industry's intricacies. With this, buyers can be confident that their yacht was sold by a broker who meets all applicable regulations and complies with all marine qualifications. Qualified brokers who possess significant experience within the industry will also have access to reliable and multiple listing services both on and off the market, selecting potential yachts to suit a buyer's specifications. They are also likely to work alongside other brokerages worldwide, providing greater yacht options for their clients.

Are you associated with a reputable board?

Working with a reputable brokerage firm is one of the most important things a buyer can do. Always make sure that you work with a charter broker that is a member of key industry bodies, such as the Yacht Brokers Association in America, the MYBA The Worldwide Yachting Association, and the International Yacht Brokers Association. Members of these yachting associations are obliged to adhere to exceptional standards of expertise and hold excellent knowledge of the industry.

Are there any hidden costs when buying a yacht?

The cost of a luxury yacht can vary considerably depending on the size of the yacht and what amenities you wish to have on board. Before purchasing a yacht, ask your yacht broker what vessels are available within your budget and what hidden costs you may incur. As a starting point, recent yacht builds for sale at 40-70 metres cost anywhere from $500,000 to upwards of $10,000,000, depending on size, year, and model.

It is also important to note that the annual cost of owning a yacht is approximately 10% of the boat's value, with insurance, mooring costs, maintenance, fuel and other expenses.

Do you have records for the entire history of the yacht?

If you are seeking a pre-owned yacht, it is essential you ask your yacht broker for the ownership history and thorough maintenance records that span the entirety of the vessel's life. A copy of the yacht's maintenance logs will provide insight into the responsibilities that accompany ownership of the vessel. A pre-owned yacht with significant gaps in its maintenance history or extended periods between maintenance appointments is considered a risky investment.

Where can I go on my yacht?

Perhaps the most exciting part about buying a yacht is being able to explore the most sought-after destinations in ultimate luxury. A knowledgeable yacht broker will be able to advise on the best yachting hotspots and curate personalised itineraries to get you started.

Bluewater havens in the Mediterranean are amongst the most popular for yachting enthusiasts, including the exclusive French Riviera, the Balearic Islands, the Amalfi Coast and the Greek Cyclades. The Caribbean's cruising grounds are also idyllic destinations, including the Bahamas, St Lucia and St Barths.

Alternatively, cruise to more off-the-beaten-track destinations like Antarctica and the Arctic Circle on a state-of-the-art explorer yacht.

What is a sea trial survey and how do they work?

Before purchasing a yacht, you may wish to request a sea trial survey from your yacht broker. While a buyer will pay for the surveys and hauling the vessel out of the water for inspection, a yacht broker will attend the trial to help determine how to adequately address any yacht survey issues and put the problems into context. This may include estimating the time and cost of resolving these issues and where to go to get them fixed. 

What is a yacht broker's involvement after the sale?

Once you have purchased your dream vessel, you may want to ask your yacht broker for their support after the sale in order to get you started on your yachting adventures. Many leading yacht brokerages offer custom yacht management services that cover the entire life-cycle of a yacht, including sourcing a berth in your chosen part of the world, yacht maintenance and repairs, regulation and compliance, yacht crew, and yacht charter management.

It is without question that yacht brokers deliver proactive and professional services, helping to reduce the hassle of purchasing a yacht. Contact your chosen yacht broker and start the process of buying a yacht today.