Try before you buy and other purchasing tips from Richard Donkin - Financial Times
If your heart is set on owning a yacht, where should you start? For most, the journey to ownership starts with a first encounter – an invitation to spend time on a friend’s yacht or a charter holiday.
Most brokers recommend a charter as a sensible course before committing to buying. Once you have sampled a few yachts, toured the yacht shows, thumbed the brochures, spoken with brokers and checked your bank account, what next?
A period of reflection would be wise, including discussions with other owners about the pros and cons of running a yacht. You will learn about the costs – mooring fees, fuel bills, maintenance, crewing bills, taxes, insurance, legal fees and broker commission, should you choose to use a broker.
For a first purchase, one option is to explore the second-hand market. Credible buyers can drive hard bargains in the market just now. But they must show some intent if they are to ensure a brokers’ goodwill.