3 Free Tools To Save Yacht Buyers Thousands
Check out these free resources designed to educate buyers, help you to save on purchases and to keep salesman in check.
Must Knows Before Buying a Yacht
Looking to buy a yacht? Look no further than The Yacht Hunter!
In this video, I share my expertise on the five most important things you need to know to purchase any boat or yacht at the lowest possible price. I explained the importance of recent sales information, service records, running costs, broker representation, and obtaining an analytic Yacht Purchasing Report.
A Step By Step Video Guide to help yacht buyers when buying any new or used yacht presented to you by me the Yacht Hunter.
This can save purchasers up to 30% off of the list price when buying a yacht.
Step 1: Recent Sales Data
Almost every yacht sale is recorded in a yacht brokers and yacht sales MLS or database. Brokers and sellers know that this should set a ceiling for the maximum price a buyer is willing to pay for a yacht, but they also manipulate the market, by overpricing this mark to create room for negotiation while inflating the market as a whole to increase their commissions. Most sellers don't want you to know this information but you can access it here: Yacht Calculator
Step 2: Service Records
What work was done to the yacht under the ownership of the last captain or owner? When was the last bottom paint done, and when we're zincs replaced? Was a haulout recently done, are there recurring electrical issues that the vessel is experiencing? It's not enough for a salesman or seller to tell you what they've done unless they show you what has been done, as per the reports and invoices of shipyards and services.
Step 3: Operating Costs/Running Costs
It's an industry rule of thumb to project operating expenses to run around 10% of the insurable annual value of a yacht, give or take, but anyone who owns a yacht, should be capable of maintaining accurate records. If the costs are well beyond this 10% mark, perhaps they have been very proactive in the maintenance or perhaps they are negligent, which should impact your decision-making in your purchase.
Step 4: Yacht Broker Assistance in the Purchase
Most yacht buyers don't know that you can hire someone to work with you in the purchase and acquisition of your yacht like you do when buying real estate, all at no cost, since they are compensated by a split in commission paid by a seller. I'm certainly biased but I would love to help you regardless of how far you are in your search in any way possible.
Step 5: Yachtlytics Yacht Purchasing Report
You wouldn't buy a stock and you wouldn't buy real estate if the numbers didn't make sense. While a yacht is always a depreciating asset, there is however a lot of data that can be used to leverage a buyer's negotiation when buying any yacht. I provide my clients with a Yachtlytics yacht purchasing report, which presents data from a number of databases and software in a series of graphs, charts, and figures to make sure you buy the best yacht at the best price.
How to budget for a Yacht
In today's video, we're going to be talking about one of the most commonly asked questions in the yachting world - How much does it cost to buy a yacht? Let's enjoy the Yacht buying guide.
⏲️⏲️ Time Stamps ⏲️⏲️
00:00 Intro
00:10 Frist Tip
00:50 Second Tip
01:25 Third Tip
02:05 Fourth Tip
02:25 Outro
Purchasing a yacht can be an exciting experience, but it's important to understand the costs involved in owning a yacht. In this video, I'll share four top tips on how to budget for your yacht purchase and make sure you have the funds to cover all the associated costs.
1) Set your max purchase price and add 20%.
The yachts at the top end of your budget are going to appeal to you more. They’ll either be bigger, nicer, or more modern, or whatever and if you buy the wrong yacht, you’re going to want to change that much quicker and cost yourself in time and transactions so buy the right yacht the first time around.
2) Turnover
Realize that typical yacht owners change their yachts like their cars, every 3 – 5 years. They’re tastes change, they seek to have the latest and greatest, or they move on to other interests. If you’re planning on having a yacht forever, that might be a bit delusional.
3) Conservative Operation Costs
Typically you’re told that 10% of the purchase price of the annual insurable value of the vessel will be how you can best estimate your operating expenses, but screw that. Do yourself these two big favors; bump that up to 15% so you’ll be very aggressive and active in the maintenance and less hesitant to cut the checks as you approach the mark which will help you tremendously at the time of resale. Also, make sure you ask the owner of the yacht you’re buying regarding their running costs. If they can produce this in a timely manner, it’s a good sign that they keep their records organized and stay up to service.
4) Depreciation and Resale Consideration
Most don’t think of this when they buy but try and forecast what the cost of your yacht will be when you sell it including depreciation, commission, and several other factors. This can be obtained in your free Yachtlytics yacht purchasing report but at the end of the day yachts are negotiable instruments sometimes up to 30% below their listing price so buyer beware.
I hope you enjoyed it with me if you like this video, Don't forget to Subscribe to my Channel for more tips and news about luxury yachts, and feel free to leave a comment below if you have any questions or suggestions.
Thanks for watching and until next time happy yachting my friends.
The No Bullshit Yacht Buyer’s Guide
Insider tips and tricks to assure you buy the right yacht at the lowest price, plus an in depth look at how to beat salesman at their own game.
Download the Free Guide to learn how to buy any yacht at it’s lowest price.