How do you buy a yacht?

Before you even begin any of the processes listed below, all of our Ancasta professional brokers recommend that you gain as much boating experience as you possibly can before you buy.

• Our first piece of advice is not so much a ‘helpful tip’ as a  pre-requisite when making such an important purchase.  Please ensure you always employ the expertise of a reputable and professional Yacht Broker who is a member of the Association of Brokers and Yacht Agents (ABYA).  Read our next advice feature to find out the benefits of using a yacht broker to buy a boat.

• Always make sure you have somewhere to berth or store the boat following purchase.  Your broker may well be able to help you find somewhere suitable.

• Try to view the boat yourself as early in the boat-buying process as you can.

• When you are viewing the vessel with your broker and/or the owner, ask them to show you the engine, and check that all the electronics and systems are working if stated as so.

• Make sure your Broker runs a protected Client Account and holds Professional Indemnity before you place any funds in their client account.

• If you are ready to make an offer, we advise making it subject to survey and ensure you have that survey carried out by a professional who is a member of Yacht Designers and Surveyors Association (YDSA)

• Only pay purchase funds into the Broker’s Client Account who will generally ask for a 10% deposit upon agreement of your offer

• Following successful survey results and your ‘acceptance’ of the vessel ensure you take out insurance cover for the boat.

• Ask to see copies of all the original ownership paperwork.  Upon completion the previous owner must hand these over to the buyer – they must be originals (going back at least five years) and not copies.

• Finally…do as much research (through independent sources) as you can. This will prime you for any queries and give you the confidence and knowledge to question any potential anomalies before they occur.