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How to Buy a Used Yacht- Yacht Buyers Guide

How to Buy a Used Yacht- Yacht Buyers Guide

How to Buy a Used Yacht For Sale- Buyers Guide

Choosing Your Yacht Broker:

how to buy a used yacht: Choose the right yacht broker

Chances are if you are reading this, you have made the decision to buy a used yacht; Congratulations! You are on your way to enjoying the yachting way of life and creating many life long memories. With a decision this important, you are going to want the help of a trusted and knowledgeable yacht broker to guide you every step of the way.

Much like a real estate agent, a yacht broker is solely there to have your best interest in mind when it comes to buying a yacht. Our Galati Yacht Brokers, and many others are highly-trained specialists that have earned their designation from either the Certified Professional Yacht Broker Association or the International Yacht Brokers Association. Training and integrity are not the only reasons to enlist in the help of a yacht broker.

For instance, when you work with a Galati broker you are not just getting one person’s help with the yacht sale process. Instead, you are gaining access to a whole team of yachting specialists that will help you throughout the buying process. Team Galati stands behind you before, during and after the purchase of your used yacht.

Whether you choose to work with a Galati broker or another broker of choice, make sure that they have your best interest in mind when looking to buy a yacht. One way to know for sure is to interview your yacht broker; learn more about that here. After choosing the right yacht broker to help you in your yacht buying process you’ll need to determine your boating lifestyle.
 

Determine Your Yachting Lifestyle

Budget:

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Determining your budget is one of the most crucial steps when buying a used yacht. This will help you determine what size yacht you will be able to afford. Take into consideration that buying a pre-owned yacht will likely result in cost savings; compared to buying a new yacht. These cost savings will allow you to purchase a larger preowned vessel for the same price as a smaller brand new vessel.

The size of the average yacht varies from 40 feet to 200 feet or more. 80’ or more is considered to be a superyacht. The average first-time yacht buyer will usually fall in between the 40-60-foot range. However, your budget will help determine the size of the vessel you will be able to afford.
 

Lifestyle Preferences

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In addition, you will want to consider the boating lifestyle that you will engage in. Things such as travel time, how much time you plan on spending aboard, where you plan on keeping the vessel (dockage fees), how big your family is or the number of guests aboard at a time, and activities you plan on engaging in (i.e. sportfish or cruising). All of these factors will play a big part in which yacht best fits your needs. Your yacht broker will be able to help you determine what direction you will want to go in based on this information.

Also, another option to help offset expenses is to put your yacht into a charter fleet. Some used yachts have already been in charter programs and have earned a reputation. If chartering is of interest, your yacht broker will be able to assist you in finding a charter ready yacht. To view different types of used yachts, click here.
 

Comparative Analysis

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After you have determined what type of yacht best fits your needs, you can begin your search for a make and model that falls into your price range. Your yacht broker will be able to assist in this process. In addition, chances are you will find a handful of options to sort through.  This is where a competitive market analysis comes into play. Turn to your yacht broker for help with this and determine what yacht poses the best deal that fits your boating needs.
 

Showings & Sea Trials

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After narrowing your search down your yacht broker will be able to arrange showings for you to see the yacht. It’s always a smart idea to have your broker attend these as well. Usually, your yacht broker will be able to give you a good idea of the vessel’s overall condition and how well it has been maintained.

They may also be able to think of questions you might not have thought about. It’s best to get all the knowledge you can get when looking to buy a used yacht. In addition, it may be a smart idea to do a sea trial on the vessel. Sea trials will be able to help you determine power type, working marine electronics, minimum planning speed, passenger view, proper propeller, visibility from the helm and much more.
 

The Offer

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After completing a showing and sea trial, you should now have a pretty clear idea of the yacht that best suits your needs. Maybe you have 2 or 3 of your choice, and that’s fine as well. Start with the yacht at the top of the list and make an offer. Your yacht broker will work with you to ensure the vessel can be purchased at the right purchase price and terms. Typically, you will need to have a deposit of 10% of the purchase price. This will be safeguarded in an escrow account when working with a yacht broker. Three major items are included when making an offer which is the offer amount, contingencies and the timeline. Your yacht broker will help guide you through the offer process.
 

Yacht Survey

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Just like when buying a house, surveying a used yacht is a critical step you do not want to skip. Be sure to check with your yacht broker for a list of several trusted marine surveyors. With such an important purchase you want to be sure you’re in good hands. Plus, getting all the correct information you need to move forward on the purchase. Your broker will be able to identify some of the best surveyors in the area so you can arrange for the inspection to be completed. After the results are in, take your time to review them. When all is said and done you should now be ready to make an educated decision on whether you want to accept the vessel, conditionally accept the vessel, or reject the vessel.
 

Lenders & Insurance

If you have decided to move forward with the purchase, congrats you are almost through with the process of buying a used yacht. A few things to make sure are in order and ready for your new ownership is connecting with a marine lender and marine insurance providers. If you went through Galati Yacht Sales for financing, you are in good hands. We help find you the best boat loan to meet your financial situation. We also work with the most reputable and knowledgeable lenders in the marine industry. Our finance team provides extremely competitive rates and terms tailored to fit your needs.

In terms of insurance, Galati Yacht Sales entered into a joint venture with Baldwin Krystyn Sherman Insurance to offer marine insurance. Working together, we aggressively negotiate the best terms, conditions, and premiums for our clients. If you’re working with a Galati Yacht broker be sure to speak to them about these options.
 

The Closing Process

Once your lender and insurance options are in check, the rest of the closing process should be smooth sailing. Especially if you are working with a certified yacht broker. With the help of your broker, they will help you navigate through the paperwork and needed documents to ensure the purchasing deal goes smoothly.
 

Get Involved (Galati Rendezvous, Tournaments & Events)

Galati Yacht Sales’ annual Bahamas Rendezvous

Once you have closed on your yacht the last thing to do is get involved in all the fun. If you worked with Galati Yacht Sales on the purchase of your used yacht, you’re now a part of our boating family, and as a family, we’ll always be there for you. With that said, Galati Yacht Sales puts on many customers only events, such as our rendezvous. These events are reserved for customers that have purchased their current vessel from Galati Yachts. You can view a full schedule here. Other events include fishing tournaments, boat shows, and much more.

Don’t forget, if you work with Galati Yacht Sales on purchasing a new or used yacht, we service what we sell. We have invested heavily in the ability to support our customers in all aspects of yacht ownership. This includes having locations with yacht service yards to service vessels and the ability to provide full customer support after the sale. Learn more about our service yards here.