From budgeting, location and style, discover the five most important things to consider before buying a yacht. Read here for top tips and industry advice.

With an increasing number of wealthy individuals discovering the joys of yachting, there has been an uptick in people wishing to buy their first yacht.

However, purchasing your first yacht is a decision that requires thorough investigation and suitable support. With so much variety at your fingertips, preparation is important to ensure that the process of buying a luxury yacht is an enjoyable experience and one to look forward to.

From budgeting to design, here are some top tips to take into account before you contact your chosen luxury yacht broker.

The five most important things to consider before buying a yacht

Seek expert advice

With so many models, designs and small details to consider, buying a yacht can be a challenging experience for someone new to the yachting industry. Knowing this, it is essential to seek advice from an expert luxury yacht broker with deep industry knowledge. These experts ensure every aspect of your deal is handled professionally and precisely according to your needs. From experience handling hundreds of brokerage transactions, industry professionals can confidently assist with everything from costing and sea-trials to paperwork and ownership structures. A skilled brokerage will make sure that they take care of every detail along the way and guarantee to find you a quality vessel. 

An expert yacht broker will help you effectively navigate the complex market,  and should have access to superyachts that are not publicly advertised. After understanding what you are looking for, your chosen yacht broker should select a handful of yachts that meet your demands, whereupon you can enjoy viewing these vessels with your broker to find the best yacht for your taste and needs.

Charter first to understand what you like

One very helpful way to understand what you are looking for is to take several yacht charter trips before buying a yacht.

Chartering a yacht can help ensure you understand what type of yacht you wish to purchase, what interiors you like, what amenities you wish to have onboard and what size yacht best meets your needs.

In addition, yacht charters are an excellent way to familiarise yourself with the industry, providing you with the knowledge and expertise to navigate the yachting world yourself. In fact, when fashion designer Giorgio Armani set about designing his first boat he reportedly was helped a great deal by previous charter experiences.

Stick to your budget

There are some important questions to consider before deciding on a budget. When looking to purchase a yacht, it's important to keep in mind the ideal size you want it to be, whether you will be chartering it, how many passengers you intend to have with you, and whether you prefer speed or luxury cruising. Additionally, consider if you would like to go for a custom yacht or look for a small yacht for sale. All of these factors will impact the type and cost of the yacht you end up choosing. Typically, established brokerages will have boats on offer starting at $500,000 for a sportfish boat, and reaching up to $170 million for a 300-foot superyacht fully equipped with world-class amenities.

The prices for each consideration differ vastly, so having a clear budget will give great insight as to what amenities are on offer and what type of boat will be available to you. If you have not decided on a budget, informing your chosen yacht brokerage on your criteria makes it much easier to decide on an estimated budget.

Know what type of yacht you want

Another factor to consider is what type of yacht you wish to buy. Those who have a genuine enjoyment and passion for the elements, as well as getting involved in the rigging and sailing aspects of yachting should consider purchasing a sailing yacht. For those seeking the complete 360° sailing experience, a sailing yacht can also give individuals the opportunity to take part in regattas and races. If this appeals but you do not wish to be at the helm of your own vessel, onboard crew and captains are still available.

Alternatively, motorboats offer an unparalleled level of privacy and freedom to be enjoyed with family and friends. Often motor yachts are purchased by individuals looking for an uncompromised level of luxury that cannot be achieved even in the most exclusive hotels, or to explore remote destinations you cannot otherwise see.

Think about where you want to take your yacht

Before you buy a luxury yacht, consider where you want to take it and what the vessel will be used for. You may want an adventure cruiser for trans-Atlantic trips and harsher environments or a relaxed Mediterranean cruise along the French Riviera. Knowing exactly what you want from your yacht will help you narrow down your options and what onboard facilities you will need. Perhaps you require a cinema room, fitness suites, diving equipment, specific water toys or a helipad. Understanding these factors should therefore be the starting point for any purchase.

Once you have ticked off these essential tips, it is time to start exploring the world's most luxurious locations, become involved in the yachting community, and enjoy your time on the water.