Thinking about buying a yacht?
Sebastiano Pitasi – Yacht advisor at E&V Yachting in Nice, enjoys spending all his free time and vacations onboard sailing. He has a degree in Naval Architecture and always wanted to work in the maritime industry. Sebastiano has six years of experience in the brokerage business and is the expert when it comes to acquiring a yacht, regardless of size. Here is his list of ten things to pay attention to when buying. Of course it should be fun – but careful planning is also needed. Pitasi’s most important piece of advice is therefore: start by chartering …
FOLLOW YOUR EMOTIONS
The essence of yachting is pleasure. You should fall in love with a yacht, which will make every moment worthwhile. It is passion that drives yacht owners and it is essential that you act on the emotional reasons that arise when buying a yacht. Of course, there are other principal factors to consider, but you should make sure you listen to what you’re feeling.
WHICH REQUIREMENTS AND AMENITIES DO YOU NEED?
Yachts are ideal for escaping your daily routine and exploring new destinations. For some people, it is the best way to spend time with family and friends in absolute privacy. Yachts make the perfect venues for many types of events whether it be for business to entertain clients or to host an extravagant dinner party. Think about your lifestyle and how you see yourself using the yacht. This will determine your requirements.
TRY BEFORE YOU COMMIT: CHARTER
Buying a yacht is a big commitment, not just for your but for your whole family. Sometimes it is better to charter various yachts in different places to get the feel for it first. Once you know what you like and most importantly dislike, you will be able to make that commitment more confidently.
Buying a yacht can be a pleasurable experience, provided you have the right advice. Over 85% of people buying a superyacht use their own broker to take them through the process. Engel & Völkers Yachting has a great team of knowledgeable brokers who can ensure that you have an excellent buying experience.
BUYING & SELLING
There are two happy moments for yacht owners: when they buy their yacht and when they sell it again. Keep in mind that you may wish to sell your yacht again one day. A very specific design, colour or layout might work for you, but it could deter future buyers. We recommend asking your broker how easy it would be to resell the yacht after five years.
WHERE TO KEEP YOUR YACHT
There are many regions you can choose to berth your yacht. The easier it is to get your yacht, the more you will use her. Optimise the location for short visits such as weekend trips. Which places can you visit with just a few hours of cruising?
HAPPY CREW, HAPPY OWNER
Choosing the right crew is important for your experience onboard. It starts with finding a good captain who is hands-on and a real team builder. He will not only help you select the other crew, but also help to keep them.
COSTS OF OWNERSHIP
There is a common misunderstanding that the operational costs are a percentage of the value of the vessel. But as a yacht gets older, the value goes down while the running costs may go up. The operational costs depend on the size of the yacht, which determines the amount of crew, the size of the berth, fuel consumption and the maintenance costs.
PRIVATE OR COMMERCIAL?
One third of superyacht owners offer their yachts for charter for several reasons. The charter revenues can offset a part of the operational costs. It is also easier to get a good crew on a busy chartered yacht. And, finally, a European owner does not pay VAT on a commercial yacht while they have to pay VAT on a private yacht.
BEFORE CLOSING THE DEAL
Lastly, before you make the final decision of purchasing a yacht, you always need to make sure to check the yachts’ documents and VAT status. Conducting a professional survey on the yacht will allow you to better understand the yacht’s condition, which is useful for insurance purposes and which will help you to negotiate a better price. Once the survey has been concluded and the negotiations settles, you should receive the proof of ownership: Bills of Sale for the last 5 years, a Certificate of Registry and proof of the VAT status.
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