A guide to buying your first superyacht
Perhaps you have been a luxury boat owner or an avid charterer and now you want to consider owning your own superyacht. Whatever your motivation, we have compiled our top tips in considering which yacht is best for you.
How will you use your yacht?
It seems a little obvious to ask what you want to do with your yacht, but it is very important. Often, we are drawn to the aesthetics of a particular superyacht, yet it is the capacity of the vessel which will most impact your experience. After all, interiors, colours and aesthetics can be changed.
So, ask yourself how much time you expect to spend on your yacht. Are you more likely to have shorter trips? Therefore, a yacht with speed and superior handling will be important. Or will you be spending a great deal of time on the yacht exploring the far-flung corners of the world? In which case, an explorer yacht which is designed and built for some serious blue ocean cruising would be more appropriate. Will the yacht be a key asset in entertaining friends, family or business contacts? If so, look for a yacht with plenty of all-weather entertaining space and an ample galley.
Do all of this and then know within six months of cruising on your new yacht, you will have refined the requirements for your next and likely, larger, yacht.
Consider the crew
You don’t want to worry about itineraries, maintenance or operating the yacht. You want to focus on being a great host and enjoying the fruits of your labours. That is why you employ crew. They will make the most of your yachting experience and some consideration needs to be directed their way.
Firstly, consider finding the Captain before purchasing the yacht and making him or her part of the selection process. An experienced captain will know what to look for in a well-maintained superyacht as well as be able to advise on the optimal crew for that vessel. Also, consider the crew quarters. Good crew work incredibly hard and need their downtime and privacy. You want your space onboard your own yacht as well so look for ample space onboard for the crew.
Finally, crew are professionals all with their own specialisations. If you are keen on fishing, find crew who are equally interested. The same goes for diving, food and wine preferences, wellness and spa treatments, photography and the list goes on.
Get buy in
Chances are, in your professional life you are aware of the supreme importance of stakeholder buy in. Yachting is no different. Your nearest and dearest will spend a lot of time onboard with you and should be part of the process. Ask them what they see themselves doing onboard. Considering bringing them to see the short list of yachts. Ultimately, it is a family asset which will bring you all great joy and memories so start them early.
Your yacht is your asset
Clearly owning a superyacht can bring a great deal of benefits to you, personally. However, it doesn’t just need to be a personal asset. Many yachts are made available for private charter for a multitude of reasons. Firstly, it keeps the crew engaged and honing their skills for when you are onboard. It mitigates the costs of running the yacht for your own personal use and, in in the event, you choose to sell it for an upgrade, then it can improve the resale value.
Having said that, there are some intricacies and details concerning placing a superyacht on the charter market. Details which should be discussed and planned with a trusted advisor. Ocean Alliance has worked with many Owners to place and promote their superyacht on the charter market.
If you are considering purchasing a superyacht or chartering your existing yacht, contact the Ocean Alliance team who will guide you through the process of not only selecting your preferred yacht but negotiating on your behalf and providing guidance on its ownership structure and management.