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Owning a yacht can be exciting. You get to embark on coastal adventures whenever you want and enjoy the freedom the ocean offers.
However, deciding to buy one impulsively is often not a great idea. A yacht is a floating asset with real responsibilities that you shouldn’t take lightly.
So, when do you know you’re ready to buy your first boat? A luxury yacht manufacturer shares the signs that can help you figure out if yacht ownership has a place in your life.
Below are these signs:
1. You have compelling reasons to buy a yacht.
When making a large investment, you need more than one reason to justify it. You must ensure you get the most out of the money you spend.
Think about your personal reasons for wanting to own a yacht. These may include the desire to explore the seas at your leisure in your own luxurious vessel.
A yacht gives you the perfect place to escape, unwind, and recharge. Even if you don’t take it out to sea, you can relax on the docks in a private, comfy place away from the daily grind.
If you have already chartered a yacht several times and enjoyed every minute of your experience, it’s a good indicator you’re ready for ownership.
Medium and large yachts are also the ultimate party venues. Even a small one can accommodate up to six people, which is suitable for intimate gatherings.
Buying a yacht can be a smart decision if you like hosting social events and do it regularly.
Chartering the vessel when you're not using it can give others the chance to experience all these and generate additional income, which is another great reason to buy one.
2. You have the time to spend on your yacht.
Although you have compelling reasons to buy a yacht, hold off on purchasing one if you’re unsure you can spend a lot of time on it.
If your schedule is packed with work, family commitments, and overseas travel, a yacht may end up being more stressful than enjoyable. But if you have the freedom to get out on the water regularly, even for long weekends or short breaks, you’re leaning towards a smart investment.
This investment is very different from some other options, such as real estate or stock investments; it’s a bit similar to the citizenship by investment program, because they both take dedication.
Also, unless you’re willing to hire service providers, spending time on the yacht involves doing some simple maintenance and cleaning tasks. If you can do these or at least supervise the people handling them regularly, you can consider owning a boat.
3. You can afford the full cost of owning a yacht.
Price tags matter when you’re buying a yacht. But even if you have the money ready or have a financing plan in place, it’s still not a good idea to buy a boat you’re interested in immediately.
Owning a yacht comes with a long list of expenses, which include fuel, docking fees, maintenance, insurance, cleaning, and repairs. You may even have to employ a crew during and after your voyages. These costs can add up faster than you may expect as a first-time buyer.
If covering these costs means stretching your budget or taking out loans you’ll have difficulties paying, you may want to rethink your plan or postpone it. But if you can comfortably manage all that without sacrificing other financial goals or peace of mind, it's a strong sign you’re prepared for the responsibility.
4. You understand the commitment.
Owning a yacht requires taking on plenty of responsibilities from the start. You need to shop for your potential boat, complete and submit several documents and find a suitable dockyard or marina.
In addition to financial responsibilities, you have to consider regular servicing, safety checks, seasonal maintenance, and upgrades as parts of owning a boat. You need to make timely decisions because you can’t postpone repairing or replacing parts that break, especially if you’re going on a voyage.
Even if you hire a management company or crew, you still need to make plenty of decisions regarding its upkeep and your journeys.
If you’re ready to take on these responsibilities, you can push through with your purchase.
5. You have a management plan.
A yacht doesn’t run itself, which is why even the most hands-on owners need support. In addition to managing its maintenance needs, you must consistently ensure your vessel and voyages comply with maritime regulations.
Whether you plan to hire a full crew to handle all tasks or outsource some to others, you need a solid plan for operations, maintenance, and logistics.
If you can create a schedule and budget for your yacht’s maintenance needs and have a good idea of who can help you, you’ll likely have an easier time being a boat owner.
A management plan also involves having strategies in place to ensure safety when out on the sea. You should know what to do when something breaks mid-trip and who should handle emergency servicing.
If you're cruising internationally, you must also know the port procedures and customs protocols.
As a potential yacht owner, you should have a proper management plan that anticipates and does not just react.
When you’ve ticked off every item on this list, you can confidently say you’re ready for the next step of owning a yacht.