Superyachts are definitely the ultimate toys for the UHNWI and for most part, they simply are the best homes to spend their holidays, whether with their family or friends.

There is an infinity of choice, from all sizes, designs, performances… From sportive sleek, jet powered 30m yachts, to amazing two masts sailing yachts or 80m+ floating palaces, everyone’s dream yacht already exists or can be built…

Purchasing your first superyacht is a huge decision and something that should always be undertaken under the guidance of an experienced, trustworthy and knowledgeable Client Manager or broker.

Leading charter, management and sales specialists West Nautical talked us through the process and their key considerations to take into account should you decide to enter the very exclusive club of superyacht owners.

There are many important factors to consider when making a purchase of this magnitude and it is important that you find the yacht that will meet all your expectations and will suit best your personal requirements, in order for it to provide you amazing enjoyment for years to come.

Each and every yacht is completely unique so it is best to start with a list of your ‘must haves’ to provide a good starting point and basis for your search. Some key considerations include:

• How many people would you like to sleep on board? This 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.
• How will you use your yacht and where would you like her to be based? For example, will she be used for leisurely sailing around the Mediterranean, discovering remote places in Asia or island hopping in the Caribbean? It is imperative to find a yacht that is fit for purpose and these factors are key to ensuring you find the right kind of vessel to meet your needs.
• How to choose the right crew? In addition to an experienced Captain, you will also need a private chef, stewardesses… Maybe a masseuse, etc?

Most commercially classed superyachts will have to operate with a minimum number of crew to comply with the flag state’s Minimum Safe Manning Document (MSMD), however this will increase depending on your requirements and the size of the yacht you purchase.

• 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 paddles, or a giant inflatable slide…
• What is your annual budget for the yacht? Most superyachts will cost around 10% of their purchase value to run each year so this is a very important factor to consider.
• Would you like to generate an income so that most of the expenses are paid? If so, what yacht would be most likely to appeal 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.

Taking all of the above factors into account will help you to define your requirements and find a yacht suitable for your needs, with the help of a reputable Client Manager. The legal requirements for yacht ownership can be very confusing so it is imperative that you find a broker with in-depth experience of yacht purchase and is knowledgeable about the legal implications for you as an owner. They will ensure that all of the relevant due diligence is undertaken, in addition to checking all surveys and ensuring you have all of the relevant paperwork, legalities and insurances to cover you going forward.

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.

The buying process can take several months; however, the process is fully worthwhile and will open you up to a world of endless possibilities. Rushing this process or skipping steps can prove costly down the line so patience is key.

Ownership of a superyacht will enable you to take to the seas and visit secluded alcoves and bays that are not accessible via any other means. Whether you are looking to cruise the coastline and visit some of a country’s most famous cities, island hop or simply sit at anchor and enjoy complete peace and tranquillity, a superyacht provides the ability to do this in complete privacy in your own unique way.

A yacht holiday is the only getaway where your five-star accommodation is also your transport, which is further benefitted by the ability to move between destinations at a moment’s notice and with no queues or traffic.

Our one key piece of advice would be to ensure you are dealing with a reputable Client Manager who has extensive experience of building, selling and purchasing yachts, as the initial steps are crucial to your future enjoyment. There will then be nothing holding you back!