A Guide to Buying Luxury Yachts
Nothing screams “success” more than acquiring a yacht. If it is in your best interest to acquire a yacht, you should know the processes behind it for the sake of awareness. The good news is that there is a standard order to buying a Princess Yacht or any yacht. There might be slight variations depending on your location but generally, the process looks like this:
Search and select
Buying a yacht is time-consuming because there are many factors that you need to consider. Before you review the interior decoration of the yacht, you should decide whether to have a motor or sailing yacht. Next thing is to determine the high-speed performance – full-displacement and semi-displacement. For the speed performance, you should base on speed, fuel consumption, and engine maintenance.
For instance, the cruising speed of a full-displacement yacht is 10-12 knots while the semi-displacement yacht is 18-25 knots. Full-displacement is usually fuel-efficient compared to semi-displacement. Finally, crew engineers usually do the engine maintenance of full-displacement yachts while specialist engineers mostly do maintenance for semi-displacement yachts.
You should also consider the size and the price. The price will vary depending on the size and the features or luxuries. If it is your first yacht, it is better to start with a smaller yacht. Keep in mind that not all destinations can accommodate big-sized yachts.
Make a formal offer
As soon as you found the right yacht suitable for your needs or lifestyle, the next thing to do is to make a formal offer. The sales agreement will outline the survey, timing, acceptance, and closing. The broker will help you with this. Upon making an offer, it is normal to deposit at least 10% of the offer price.
Seller accepts the offer
As soon as the seller is amenable, the offer will be accepted. Keep in mind that it is rare for the first offer to be accepted right away. Knowing this, you have to be prepared to make a second offer. It will take a week or two to receive the final offer.
Survey will commence
The survey will commence as soon as the seller accepts the offer. However, this process can take from 1 to 14 days depending on the size of the yacht. The survey will include checking of electrical, mechanical and electrical equipment of the yacht. The aim of the survey is to determine the current condition of the vessel and how much it will cost to maintain it.
Expect sea trial
After the survey, sea trial should be considered. This is important because you can establish the performance of the yacht. The sea trial is usually limited to 4 hours at the expense of the seller. This is a good way to test the engines and verify the maximum speed and cruising including the noise levels.
Submit written acceptance
If things are in good condition, you should submit a written acceptance. In the letter, there is a conditional acceptance in terms of making repairs.
Exchange of signatures
The last step is the exchange of signatures or closing. It is the same with real estate. The acceptance should include the time of the ownership exchange and the location. At this time, you will have new registration including insurance.
