For many, deciding to invest in a boat or yacht will be a once in a lifetime opportunity that opens up a new world on the water with friends and family, so it’s only right to ensure you have carried out extensive research and given your choice a lot of thought.
The Ibiza Access concierge team is on hand to help with this. Read on for our definitive guide in making the step toward your dreams coming true.
1. Choose the right boat type for your needs
With so many different types of boats and yachts available to buy, choosing which one is best for you can be a daunting decision. It’s best to ask yourself a few questions: how many people will you be taking out or hosting, what kind of activities you like, and of course, what is your budget. How often you plan to use the boat should also factor in the equation.
2. New or used?
Many people believe that you don’t need to spend thousands on a brand new boat – there are plenty of top quality second hand boats and yachts on the market that come with a host of benefits too. For instance, not only are they less expensive than their brand new counter-parts, they will also be less expensive to insure. On the other hand, there are many advantages to purchasing a new boat – for example, as with cars, they come with a warranty, and are a lot less likely to have problems that need fixing.
3. Research boat financing
One of the best pieces of advice when it comes to purchasing a boat or yacht is to decide on your budget, and stick to it. There are many marine financing options, but it’s important to do your research and make sure they are FSA authorised. Qualified brokers can help protect your money, help with any advice or direction, and assist with vital negotiations.
4. Conduct a marine survey
Before buying a boat or yacht, consult with a reputable surveyor that can verify the condition and quality of the vessel. A good, pre-purchase survey can offer protection, peace of mind, and help to identify any faults or issues with the boat that will require maintenance or repair. What’s more, a survey can often be a requirement of insurance policies, so better to be prepared. Be sure to check the professional status of a surveyor before handing over any money.
5. Close the deal
Before signing on the dotted line, make sure all parties are clear on exactly what is expected beyond completing – for instance, what is the delivery process? What is the schedule for maintenance, and staff? What accessories are included in the purchase? Once all the finer details are agreed, it is advisable to have a written contract drawn up for any boat or yacht purchase, which details the terms and conditions relating to the sale. Finally, be sure to research all the necessary steps regarding boat registration, insurance and taxes.
When all the hard work and negotiations are out the way, all that’s left is for you to step onto your new water home, and explore the oceans with your loved ones – is there any better way to spend the day?
If you’re considering making the purchase of a lifetime, and investing in a boat or yacht, the Ibiza Access team is on hand to help. From connections with brokers and surveyors, to access to some of the most luxury yachts in the Balearics, our team will do everything possible to ensure you find the perfect match.