Buying a boat nowadays couldn’t be easier! We suggest the following 6 tips to help you find the right boat. There are a few great websites where most “Boats For Sale” are listed. Yachtworld.com, boats.com, sailboatlistings.com, as well as all the free local classified sites linking to one source… your computer. Following these few steps will help you through the process of buying a boat and will help you figure out which boat will be best for you and your needs.
1.Start by asking yourself… “What is the purpose of my boating life? To live aboard, only for major vacation times, or weekend cruising? Where am I going to cruise? What layout/options are important to me? What important features or equipment am I looking for? What is my budget?” With this basic information answered, you can start a preliminary search for the type of boat, size and features that match your needs. Search online or ask a broker.
2.It is recommended that when you are buying a boat, that you find a broker to help you with the purchasing process. Buying through a broker costs you nothing!! Brokers are experts in this industry and will fully assist you with the comprehensive due diligence needed to provide you with all the information to make your final decision. Yacht brokers know boats and have detailed knowledge of systems, features, construction methods, performance and safety standards. Discuss your preference list with a broker as they have our fingers on the pulse and may know of other boats that are available which might check all the boxes for you that are not necessarily listed.
3.When you have your final option list compiled, your broker will go to work for you and set up viewings. They will continue working for you until you have all the information at your fingertips to make your final choice on which boat to buy.
4.Once you have found the boat you would like to buy, your broker will prepare a formal offer. Various contingency clauses may be included in order to protect you through the purchase process. The most common contingencies included in an offer are: Subject to Haul out and hull survey, Mechanical inspection, and Sea Trial. These are all subject to your satisfaction. Your broker will present the offer and negotiate on your behalf.
5.On the acceptance of your offer, your broker will start the comprehensive due diligence process. It is important to find the right surveyor. He will be the one to help you make an informed decision on the structure, safety and sea worthiness of the vessel. The mechanical inspection is typically done through a qualified or factory authorized dealer/ technician who has been trained in the specific brand of engine. It is fairly common to take an oil sample to be sent for analysis. This will give you a greater understanding and a full picture of the wear and tear of the engine. The sea trial allows you to take the boat out on the water to test all the systems and ensure that everything works to your satisfaction. If items need major attention, your broker can re-negotiate on your behalf.
6.Once all subjects are removed, closing documents are prepared and and the broker will ensure that all necessary legal processes are completed including the license transfer or new registration.