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Buy your dream yacht? What you should know so that the dream doesn’t turn into a nightmare.
If you already have or had a boat, you will know roughly what additional costs to take into account. If it is your first purchase, I have summarized a number of points below that can help you in your decision to purchase.
Second-hand or new?
There are decent boats for sale on the second-hand market. However, recognizing it is not so easy: hidden defects, deterioration, etc., can mean that the cheap yacht suddenly becomes very expensive.
Calling in a surveyor can save a lot of money here. BYSC can help you with this, and the cost of a survey is without a doubt more than recouped.
A BYSC surveyor will neatly submit all defects to you in a report and show that “in perfect condition” is usually not so perfect.
Be careful with new ships, there is also a lot of difference in quality. Cheap good quality does not exist. Expensive bad quality, however, is fairly common. Let BYSC advise you.
And especially with a new boat, it is like cars: as soon as it is bought, the boat loses part of its resale value
Important questions to ask before you buy a yacht
Which material is best? Polyester, steel, aluminium, others …
They are all ok, but not for all intents and purposes. Are you going around the world or is England the distant destination? Are you going to race or do you want comfortable cruises ? BYSC can also help you here.
Registration tax: the more recent, the more expensive. Check what the costs are to register in Belgium, France, etc.
Insurance: fully comprehensive or only civil liability? Be careful with comprehensive insurance: payment goes smoothly, reimbursement in the event of damage is a lot less smooth.
Berth: where is the possibility, is there space, and what does it cost?
Equipment: what do you want as equipment, especially electronics. This cost can also add up very quickly.
Fuel: what is the consumption per nautical mile, what does the fuel cost in Belgium, elsewhere, ..
Maintenance: in principle, a boat should be serviced every year. Of course this also costs a lot of money: tap work, antifouling paint, etc. And who is going to do it: yourself or let it be done.
Don’t get pressured in buying a yacht
Also, don’t be pressured: “We already have someone interested, so sign up as soon as possible.” Do not ! It is too much money to make decisions too quickly.
Another good advice: have an article included in the purchase / sale agreement whereby you have the right within a certain period (10 days for example) to have an expert carry out an inspection and where it is agreed who will compensate for the defects found. It is also best to mention that if the defects are too great (for example more than 10% of the asking price), you have the right to terminate the agreement unilaterally.
Do not forget to mention who pays the costs of inspection, drying out, etc.
Good model contracts that mention this can be found on the internet at HISWA, for example.
If you choose BYSC, we can very quickly organize an inspection so that you can also quickly finalize the purchase. Contact us here.