South Shore Road
The initial factors to consider are the size, budget, design, performances and general condition of the yacht.
How many people you would like to sleep on board will dictate how many cabins you will need, however do be aware that private or commercial yachts are only allowed to accommodate up to 12 guests, unless they have been built to the Passenger Yacht Code (PYC) standard which allows up to 36 guests.
Which water sports toys would you like on board? Most yachts have their own garage with a tender, and you may want to add jet skis, kayaks, stand-up paddleboards, or a giant inflatable slide…the options are endless!
This will largely determine the style of yacht you would like due to the fact that cruising in remote destinations such as Antarctica will require a different type of yacht to one that would cruise the Mediterranean in the summer.
You should look for a yacht that is fit for the purpose and these factors are key to ensuring you find the right kind of vessel to meet your needs.
Would you like a team of private chefs? A private masseuse or yoga instructor? The expertise of the crew you would like on board will determine the make-up and size of your crew.
Annual running costs are averaged at 10% of the purchase value of the yacht. These include insurance, maintenance, crew salaries and living costs, berthing fees, fuel costs, surveys and any additional legal requirements needed to keep the vessel up to regulatory standards.
Will you be advertising the yacht for charters? If so, what type of yacht appeals to the charter market?
Many owners charter their yacht for several weeks or months of the year to help recoup their costs and, if this is something you would be keen to do, factors such as cabin layout, size and crew become a key factor into a yacht’s commercial success.
Most importantly however, if you would like to charter you will need to check that it has been built to commercial class, as buying a privately classed yacht with the intention to convert may be extremely costly.
There are two options available for paying for a yacht: purchase outright or a mortgage. Again, this is something your Client Manager will be able to advise on, but it is something to consider in the early stages of purchase.