As interest in the boating sector increases, many of us intend to purchase our first yacht. Although buying a large vessel might be scary, the route to acquiring your ideal yacht is undoubtedly an exciting and rewarding one.
Whether you are a yachting enthusiast or a novice learning about the business, here are six things you should know before browsing yacht sales in Singapore!
Consider Your Budget
It is essential to remember that financing a yacht involves much more than the amount you can afford. Here are some considerations you must make when investing in a yacht:
- Dockage and marina fees
- Fuel cost
- Administration and repair
- Insurance
- Crew earnings
- Equipment and accessories
It would be best if you had a spot to moor your boat, which is included in the berthing costs. The berthing fees vary according to the size of your vessel.
Your yacht’s maintenance costs will depend on how frequently you use it. If you intend to utilise your boat every weekend, you must provide between SG$1,500 and $2,000 per month for gasoline, maintenance, and replacements.
Costs for insurance will vary on yacht make and size and insurance coverages. A yearly premium of S$1,500 for a basic insurance plan with hull coverage is reasonable to include in your budget.
Find a Reliable Broker
After determining a reasonable budget for purchasing a boat, the next essential step is choosing a reputable yacht broker. A yacht broker can assist you in selecting the best boat and, more significantly, finding the right yacht at the right price.
The process of purchasing a boat through a broker will begin with evaluating the different yacht listings and their appropriateness. After narrowing down the alternatives, the buyer and broker will view the vessels that have been selected. You will then choose the boat you desire and make a bid. The crucial documentation, including contract signature and deposit, will follow the sea trial and inspection.
Determine What You Enjoy
The yachting and boating industry is vast, and choosing a yacht might not be easy without attempting to pilot it. We recommend beginning with chartering to get experience sailing various yachts and vessels.
By chartering a yacht first, you can test out various amenities, stateroom layouts, and sailing speeds. You also get to sample multiple sizes and shapes. Most importantly, chartering different boats will educate you on many yachts and help you narrow your search.
Perform a Sea Trial
A sea trial is the equivalent of a test drive for your boat. Typically, the sea trial for new yachts occurs at the time of delivery to the customer. It is often undertaken after the contract/agreement has been signed and a deposit has been obtained for pre-owned boats.
During a sea trial, novice yacht purchasers may not know what to look for exactly. Before your sea trial, read the following checklist:
- Bring a smartphone with a camera and a notebook to record observations or queries.
- Before departing a berth, examine the deck and hull for any damage or leaks.
- Check the battery voltage before starting the engine and after disconnecting from the power source.
- After the boat has started, observe the engine information (tachometer, oil pressure).
- Check the engine compartment for leaks, vibrations, and unusual sounds.
- Once the sails are set, inspect the condition of the helm, masthead, tracks, and winches.
- You should check the steering and quadrant. Ensure that they are all operating properly.
- Examine performance objectives with your broker on horsepower alternatives.
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