- Blog
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by Admin
You are a sailing enthusiast and now plan to own a yacht to fulfil your sailing dreams. You are aware of what you need to take your boating to the next level. However, when it comes to buying luxury yachts, you know you are not an expert. There are many like you dreaming of owning luxury yachts.
The global yacht industry is expected to reach $74.7 billion by 2022, and UAE is one of the fastest-growing countries in the marine industry. Many international yacht builders play a pivotal role in the flourishing Middle East yacht market, which is growing as a shipbuilding hub in its capacity. Today, UAE is one of the best yachting hubs in the world. As a result, there is a growing demand from local buyers for yachts. As the industry grows, an increasing number of sailing enthusiasts are searching for tips for buying a luxury yacht in the UAE.
Here, in this blog, we have compiled a list of information you can use as a yacht buying guide.
- Choose Your Make and Model
If this is your first time, you will be confused about where to start. There are hundreds of models and makes in the market, which one is right for you, you will need to find out first. Next, make a list of must-have features. Then, start with making a plan on how you want to use the yacht. Ask yourself, what will you do with your yacht? Where are you planning to go? Whom would you like to sail with? What will be the length of your trips? You may have the answer to a few or all the questions, and they will help you focus on your expectation from the vessel. A yacht is a home away from home, so you will want it to be comfortable.
- Fix Your Budget
Fixing a budget is very crucial while you plan to buy a yacht. It will help you in narrowing down your search quickly. You will focus only on the price range that falls within your budget. It will save much of your time. In addition, you will find, a fixed budget will also fix the size of your yacht that you are planning to purchase. Know what you can afford, and based on that, begin your search for yachts.
- Identify Necessary Equipment
You must know what all tools, equipment and features you might need during your tour. Some common features are:
- Air conditioning
- Blender
- Dryer
- Freezers
- Grill
- Generators
- Heating systems
- Refrigerators
- Washer
- Waste systems
Necessary equipment that falls into the electronic category and used to help you sail, move around and also provide entertainment:
- Audio-Video system
- Bluetooth integration
- GPS
- Headlight
- Night Vision camera
- Satellite TV system
- Satellite radio
- Underwater lighting
- Water Sports gears
However, before you include these in your essential list, do consider the length of your trip. If you have plans only for short trips, you may not need all the equipment mentioned above.
- Engage in Boat Show Hopping
Boat shows are a window to the global yacht market, offering an excellent opportunity to explore specific yacht makes and models. Searching for boats and yachts online and collecting brochures are exciting ways to know about the makes and models of the vessels, but visiting boat shows are unusually beneficial. At the boat shows, you can meet hundreds of boat exhibitors with a wide array of yachts for you, and you can explore them in person. Ensure you visit with all who will help you decide on the purchase. You will also find boats here that you may not have found online as manufacturers intend to exhibit their new vessels in boat shows for a global reach. When you are going to spend 100s of millions on this purchase, it is worth visiting as many shows as you can to find the boat of your dreams.
- Flip Through Yacht Reviews
Earlier it was word of mouth; in this digital age, we have online reviews. Whenever we want to purchase anything, whether offline or online, we explore online reviews of the products. It is the same when we are buying a yacht? You can find many media reports and customer reviews on new launches and also on existing ones. Though your decisions should not be based solely on online media reports and reviews, you must undoubtedly flip through the comments of other users and professional reviewers to understand all the opinions and take note of minute details which people may have observed after purchasing a specific yacht. Therefore, reading reviews is highly beneficial while searching for your perfect vessel.
- Consult with a Professional Broker
Yacht buying is not an easy job; hence it is recommended that you consult a professional broker to help you in the entire process. Experienced brokers are aware of the industry, market and trends, and hence one must consider consulting them before purchasing a new boat. Brokers also have strong industry connections and are well-informed about what type of yacht is suitable for a particular buyer. In addition, they are in association with other brokers, aggregators, traders, manufacturers, sellers, consultants and other industry professionals. This network helps increase your reach to the global market for better yacht options.
- Ask for a Professional Survey
A professional survey is very crucial for the inspection of your yacht. It is mandatory to inspect your yacht before you decide to buy one. The professional survey includes everything from technical, mechanical investigation to sea trials, test drives, performance testing, functionality testing of all yacht components, and also assessing comfortability. The surveyors also find out if the yacht is suitable for your needs. Seat trials are not as easy as getting a boat out in the water is not as easy as taking out a car for a test drive. However, if you are serious about your purchase, then some companies allow you a sea trial, but in most cases, it has to be at your expense. For payment of sea trial, you can talk to the seller as they accept different modes as per their convenience. Sea trials maximise the accuracy of the survey.
A registered yacht surveyor takes note of every inch of your boat that includes every single issue. A thorough survey is compulsory for a used and pre-owned yacht. Consulting a professional surveyor is good for your peace of mind, and it is also beneficial for the insurance purpose to prove your yacht is in great shape. Ensure you have hired a qualified and experienced surveyor for the purpose. Do a proper background check before hiring one.
- Sign a Contract
It is always good to have everything in writing. Putting every detail and every condition down on paper is beneficial for both parties. Make sure both you and your seller signs it to ensure everyone is on the same page.
