Buying A Used Yacht: Three Hidden Costs To Consider
Purchasing a used yacht can be a more affordable way to enjoy the luxurious lifestyle you want to lead, but it's important to understand the hidden costs associated with purchasing this type of vessel. You'll likely be able to enjoy a discount by purchasing used, which can help your pocketbook in the long run. However, budgeting for additional costs can help you determine just how much you can afford for a yacht.
Depending on where you plan to house your yacht in the offseason, you may find that storage costs can be considerable. J.D. Power estimates that the cost of storing a boat is one of the greatest expenses a boat owner will face. It's a good idea to determine where your boat will be stored ahead of time so you can research the costs at different marinas in the area. The size of your yacht may limit dry storage options, so you may need to consider year-round storage at a marina in a warm-weather locale. Storage at a marina does make it easier for you to access the vessel whenever you're ready to take to the water.
Just as with purchasing a pre-owned home or a used vehicle, purchasing a used yacht may mean you'll need to foot the cost of some repairs. It's a good idea to have any boat you are interested in purchasing inspected before closing the sale. You'll want to determine if repairs will be needed for the hull, deck, engine, or other essential components first. Once you have an idea about the necessary repairs, you can work those into the total cost of the yacht. Remember you'll also need to pay for regular upkeep as well. If you've never owned a yacht before, consider chatting with a few experts to determine how much work caring for a vessel similar to the one you want will cost.
The process of purchasing a used yacht can mirror that of purchasing a home. An experienced broker can help you narrow down the available choices to ensure you get the features you want, and they may also help you locate vessels around the globe to ensure you get the boat of your dreams. All of this work is wrapped up in the brokerage fees you pay at the time of purchase. As you begin your search for a used yacht, interview brokers to find the expert who can guide you through the process and ask about associated fees in advance. This will help you better determine your budget before you pull out your checkbook.
For more information, contact a company such as Lifestyle Marine.