Buying a yacht can be a huge outlay. It is important to spend time deciding exactly what type of vessel you would like. Buy one that suits your purposes. When the time comes to sell it, you would hope to gain back some of your hard-earned capital.
Unless you are very clever with your hands, a yacht should be sea-worthy. Vessels must be registered with the appropriate authorities depending on where you live. Usually a marine surveyor’s report is required before the registration will be approved. With such an outlay, the report of a qualified surveyor will be reassuring. A report will also be necessary before an insurance company will give you cover.
Power may be supplied by sails or a motor (cruising yacht). Those powered by sail usually have a motor as well for emergency use and for those occasions where it is not possible to use sails. No one boat will suit all purposes so it is best to determine exactly what you need before rushing off to make a very expensive purchase. Buying a yacht is only the beginning of the expense. Unless the boat can come out of the water, there will be mooring or boat-pen charges.
There are racing, sailing and cruising vessels. Cruising types are from 7 to 14 metres and are the most commonly owned private yachts. A sea-going craft will be vastly different from something smaller used to travel up and down a quiet river.
The experiences of other owners will be useful in helping you decide the best type to purchase. You will probably have a choice of materials. Aluminium is becoming more popular. Wood is a traditional product while GRP (glass-reinforced plastic or fibreglass)is commonly used. Other options are steel and ferro-cement. Each has unique features.
While a new boat may be the ultimate dream, it may require extras which might be included as part of a used boat deal. Few boats are used every day so a second-hand boat may be a very attractive alternative. Boat share groups are another option which will reduce the initial investment. Ongoing maintenance and running costs will also be reduced but be sure to read any contracts carefully. Buying a yacht should not be rushed into.