Considering a yacht is not a spur of the moment thing. Your love of sea adventures started when you experienced a charter or your friend invited you. If you think that buying a yacht will expand your business and social opportunities, you should get on with it.
You should have an idea about the processes so you will know what to expect. This is helpful if it is your first time buying a Princess 55 or any yacht. Before anything, you should at least know today’s yachting industry. The yachts are categorized into three areas – standard, mega and super yachts. Remember that the name correlates to the size of the yacht.
Standard yachts range in length from 30 feet up to 100 feet. , on the other hand, range in length from 100 to 200 feet. Finally, super yachts range in length from 200 feet long and up. You will notice that superyachts usually make headlines. For your first yacht, the modest choice is a yacht ranging 40 to 70 feet.
Aside from the size, you should check out the speed performance, guest carriage requirements, maintenance issues, crew, and range. Buying a yacht is time-consuming with many factors you need to consider. However, there is a standard order that is widely accepted. There might be slight variations according to your location but in general, you should expect the following:
Make a formal offer
After searching and selecting the suitable yacht for you, the next thing to do is to make a formal offer. You have to write to the buyer and present an offer. The broker will then present the offer. When you make an offer, it is normal to deposit 10% of the offer price.
Seller will accept or reject
Following the formal offer, the seller has the right to accept or reject it. If the seller will accept, you can proceed to the next step but if the seller rejects, you can make another offer. Keep in mind that it is common for the first offer to be rejected. For this, it will take a week or two.
Instigate a yacht survey
As soon as the seller accepts the offer, you can instigate a yacht survey. Yacht survey will take 1 to 14 days depending on the size. The goal of the survey is to paint a picture of the current vessel condition by testing all electronics, mechanical and electrical components. For this to be successful, the yacht needs to be hauled out of the water.
Consider a sea trial
Now you need to get the feel of the yacht. The seller usually offers at least 4 hours of sea trial. The trial will allow you to check the performance of the yacht.
Create a written acceptance
Following the survey and the sea trial, you should create a written acceptance. In the letter, you can include deficiencies found during the survey. This will give the buyer enough time to make repairs.
The last step is closing. Closing refers to the formal exchange of signatures on important documents. It should also stipulate the delivery and acceptance protocol. At closing, you will have a new registration. You should consider insurance also.