Unless you’re a millionaire, buying your first yacht is not something to be taken lightly. Yachts are synonymous with an extravagant lifestyle, but buying a yacht is likely to be one of the most important investments of your life, mainly due to financial aspects.
Apart from the cost, it’s also essential to buy a yacht that is in line with your demands and lifestyle. Before you purchase your dream yacht, here are some things you need to consider.
Budget
The financial outlay that a yacht requires is one of the primary reasons why most yachts are owned by millionaires and celebrities. However, the reason why the global yacht industry is projected to rise to nearly $75 billion in the coming years is that there are now more affordable yacht options available. That doesn’t mean that yachts are necessarily cheap, as the initial purchase price is not the only thing you need to keep in mind.
When setting your budget, remember to factor in the costs of fuel, insurance, and the ongoing maintenance that a yacht requires throughout the year. Be comprehensive with your calculations and choose a yacht accordingly, as failure to factor in these costs can quickly turn your excitement into stress.
Type of yacht
The type of yacht you buy can greatly impact how satisfied you are with the purchase. It’s essential to distinguish which yachts are perfect for which purpose. Plan and buy a yacht after taking into account whether you’ll use it for parties or solo sailing. Decide what you want your yacht to do for you and if you’ll be using it primarily for cruising or racing purposes.
Once you make these distinctions, you’ll be better placed to buy a yacht that is in line with your needs, increasing the chances of you being satisfied with the purchase.
New or Used
If you have enough money set aside for your yacht, we suggest buying a new yacht because they come with a warranty. You’ll find comfort in knowing that repair costs will be covered. However, as new yachts are an expensive option, the majority of people choose to purchase a pre-owned yacht, which is significantly cheaper.
Equipment and amenities
When you’re purchasing a yacht, remember that your yachting experience is often determined by the amenities and equipment available onboard. Consider what electronics and equipment you need to enhance your yachting experience and purchase a yacht that has common conveniences such as air conditioning and heating systems built-in.
If you’re thinking of taking your yacht out on long routes, it’s vital that you invest in a yacht that has a GPS, underwater lighting, and satellite radio. Yachts that are intended to be used for parties and other such events should ideally have a premium audio system and Bluetooth integration to provide entertainment.
Reviews
Once you’ve compiled a shortlist of your best options, be sure to check online for reviews by users and respected journalists. Research is vital when making purchases of such magnitude and it’s highly unlikely that you’ll have adequate knowledge about yachts if you’re a first-time buyer. Compare online reviews with reviews from professionals to determine which yacht is best suited for you.
If you’re looking for luxury yachts for sale in Cabo, reach out to Cabo Yacht World. We offer new and used yachts for sale in Cabo and also have a vast range of collection to choose from. Contact us today for more information!