What you need to know before buying a yacht?

Buying a yacht is a dream that goes hand in hand with numerous responsibilities. This includes not only the financial costs of maintaining the vessel, but the comprehensive care you must take of it.

The team at Belissima Marine offers a specialized brokerage service which we have symbolically named “You search, we find”. Through this service, we assist our clients entirely – from choosing the right yacht for them, through diagnostics and equipment, all the way to securing the necessary documents, boating licenses, and training.

Our clients often begin their communication with questions about what they need to know in advance. That is why we have prepared this short article, summarizing what you need to know before purchasing a yacht:

Experience the sea before you invest!

Becoming a yacht owner means a new course in life. If you are looking for a short adventure once a year, the investment in your own boat may not be justified. In this case, you might want to look for cruise offers or even yacht rentals.

These options are recommended even if you have decided that you want your own boat, before you proceed to a purchase. This will give you the opportunity to gauge whether the experience is for you. You will also be able to ask the owner/captain your questions and get first-hand information about what it means to be a yacht owner.

Define the purpose of purchasing a yacht!

You can determine the right boat for you just as you define your choice of a home or a car – by assessing your priorities and plans. Clarify for yourself:

• Where do you intend to sail – sea, destinations?
• How long will your trips be?
• Will you be alone on board or will you travel with family/friends?
• Will there be children on board, and how old are they?
• Do you plan to engage in water sports, fishing, diving?
• Do you intend to hire a crew in the future or do you insist on operating the boat yourself?

All these questions can help in orienting yourself regarding the size, equipment, and furnishings of your new yacht.

Determine your initial and annual budget!

What budget is needed to purchase a yacht? There is no single answer to this question. The expenses for your vessel are complex. On one hand, there is the initial investment – the price of the boat itself. On the other hand, it is important to pre-determine what annual expenses would be compatible with your finances.

As a yacht owner, you must be prepared for costs such as marina fees, yacht maintenance, annual servicing and consumables, vessel insurance. Then come the costs associated with sailing - for fuel, re-equipping, possible crew, administrative fees, etc. The traditional belief is that the annual maintenance budget amounts to about 10% of the initial value of the vessel.

Your budget can help you decide more easily whether to aim for a brand-new yacht or look for a pre-owned one. Furthermore, it will determine the class, size, and equipment to aim for. This will narrow the scope of potential options and make it easier to find the right solution.

Where will the vessel be positioned?

Regardless of how often you head out to sea on your new yacht, it will certainly need a "base camp." This means it is good to orient yourself in advance regarding convenient marinas with a suitable location. The marina must be easily accessible to you both by land and when planning the destinations you wish to visit. A marina in Bulgaria is hardly going to be a convenient solution if you intend to sail around the Mediterranean, for example.

When you have made an approximate decision about the location, it is time to look for information regarding the conditions and occupancy of each of the suitable ports. This way, you will be able to compare your options and have backup plans if necessary. It is good to anticipate how you will get there and back, whether you will service the overwintering boat yourself, and how much time the transport to and from the marina will take you.

You need a Skipper's License at sea!

If you plan to operate the vessel yourself, you will need a Skipper's License. It is issued after completing a training course and successfully passing an exam, just like a driver's license.

It is important that the training is comprehensive and includes both theoretical and practical preparation, emphasize our partners from the "KapiTani.bg" Marine Consulting and Training Center. The skills acquired during the course will not only lead to a more pleasant trip, but can be critically important in extreme situations.

A professional trainer can also consult you regarding the specifics of the region where you intend to sail.

Do your own research!

If you have already oriented yourself towards the size and type of boat, study the reviews for various brands and models carefully. The internet is full of reviews, YouTube videos, and additional information about different boats. Familiarize yourself with their pros and cons, weaknesses, and advantages.

Pre-research will give you the opportunity to assess how easy it is to handle, what additional maintenance costs may arise, and what modifications you can make.

Trust a consultant!

When buying a used car, the average customer usually seeks assistance from a professional car mechanic. The inspection aims to identify potential problems and advise the buyer regarding additional costs that may arise after the deal is finalized. When buying used yachts, a potential new owner should do the same.

A comprehensive diagnostic and equipment check can determine if the vessel's value is realistic. A professional marine mechanic could provide a preliminary forecast regarding repairs. This includes the necessary actions immediately after purchase, as well as over the next few seasons. This will save you not only surprises but also unnecessary expenses in the future.