News 24 january 2025 Michael
lot of boats on river Holland

Buying the first yacht: how to avoid mistakes

Remember, buying a yacht is not a financial investment. A it is like a new car, loses its value as soon as it leaves the shipyard (well, almost). Yes, for some owners, owning a boat can bring passive income, but in this case, your it must be with basic options, or purchased after the charter company.

We at Bimbarent, as an yacht booking service in Ukraine, recommend that you decide on your goals and objectives even before purchase a vessel: do you buy a to rent it out, for partial rent, either do you need it for personal needs?

British company Towergate Insurance writes: “When buying a first boat, customers often make a mistake about how much time they will spend on board. Years 1-2 are the most busy with the yacht, but in the third year, the amount of time devoted to the vessel drops drastically. As a result, many people sell it – give up their nautical ambitions.”

Міжнародна виставка яхт

Most of the shipowners rent out their boats to offset the annual cost of owning the vessel. Usually it is on partial lease. After a couple of seasons, some of the owners get involved in the process and turn their hobby into work, that is, they rent out it daily.

When buying your first one, try not to focus on the newest models either with a very premium package. As a rule, the first two or three years you get acquainted with “life on the water”. You begin to understand what options you use, what you don’t, what is missing on the boat, what breaks, what is done inconveniently. Therefore, by the second purchase, you will definitely approach the issue from a practical point of view.

On average, annual losses for the maintenance per year are 5-15%. This includes payment for parking, fuel, minor repairs & maintenance, washing, paperwork (if it is under a foreign flag). By the way, the cost of repairing a boat will increase every year as the equipment and hull wear out.

Read what to look for when buying a used one. Now we will discuss how to choose your first one.

Міжнародна виставка яхт - велика яхта з флайбріджем і маленька моторна яхта

Step 1: Ask yourself

  • What is your ideal day on the water?
  • Do you plan to mostly ride during the day, either do you want overnight trips? Will there be longer trips on the water?
  • Do you plan the overnight? On weekend or a whole week?
  • What is your skipper experience? Some vessels require a minimum level of experience and skills.
  • Active recreation. Water skiing, surfing, fishing?
  • Do you already know where you plan to park the boat? Are there any restrictions on height, depth, draft?

How many guests will be on board?

You will not believe it, but this is the first most important question. In which company do you plan to go on the water? Is it friends, is it family, alone? Will there be children, animals on board? Are you planning to sail on your own or with a part-time crew? The answers to these questions will give you a guide to the desired level of comfort on board.

Party on a large catamaran at sea in the middle of the island

Sailing, motor yacht or a catamaran?

The eternal question, like “ski or snowboard”. Both that and that are wonderful. Compact boats are designed for fast, high-speed trips along the river either the sea – that’s all you need to know about them. Sailings, on the one hand, this is a leisurely “chilling”, on the other hand, a it requires more involvement during transitions (for example, between islands). The speed of a sailboat depends on the speed of the wind. With a 17 hp engine. you won’t get far, but you won’t use much fuel either. Also, obtaining a sailing license requires more effort, skills, knowledge. But a it is cheaper to maintain, it is also suitable for long passages.

Sailboat pier in the European marina

The most carefree owners buy superyachts. But this carelessness lies in the fact that there is almost always a crew on board. At least it’s a skipper and a couple of sailors. Of course, you can not hire anyone & personally stand at the helm. But then the meaning of the purchase is lost, because you want to spend time with guests, not steer. One more little observation: in Ukraine we love to buy boats open or semi-closed. Then it suddenly turns out that the yachting season is not 6 months, but three. Riding at temperatures below 20 degrees with comfort doesn’t work. The solution is simple: pay attention to the closed deck models, which are produced for the northern waters. They even have interior space heating.

Catamaran. This is the most comfortable option for a large company. If we are talking about catamarans 50-55 series, then you have 4 full rooms on board with 4 toilets & showers. Your women will carry you in their arms. But you will have to pay for super-comfort by the cost of overnight parking. In Europe, a guest overnight stay on a large catamaran can cost you 60-300 euros per night. It hurts. The thing is that the parking formula consists of the length, width of the catamaran and a special coefficient. For example, 15x7x1.2 = 126 euros. At the same time, a sailing of the same length can cost only 25 euros per night.

Where to park, where to ride?

In Ukraine, the most yacht clubs & boat-stations are on the Dnieper River, the Black Sea. On the river, when sailing, will be relevant issues of draft, hull type and mast height (you will have to walk under bridges). At sea, sailboat host pay attention to the Mediterranean or protected cockpit, certification, cruising range.

Парковка яхт та гідроциклів у яхт-клубі

In general, the cruising range is relevant for large motorboats, since this parameter indicates the maximum distance that it can travel without refueling. In what situations does this apply to Ukraine? Some of the yachts go from Kyiv to Odessa every year. Some people spend only one full tank to the Black Sea, some do not. By the way, expect that the road on Dnipro will take 1200 km (article written before 2022).

Step 2: Finding the best deal

When you start looking for a new boat, there is an obvious correlation between the size, its age and equipment. If you are a beginner sailor, it is more rational to choose smaller in size. This way, in the first two years of ownership, you won’t have to face a lot of problems during annual maintenance. For more experienced owners who are familiar with repairing, can take an older, larger.

Also, when considering a specific offer, consider the place of parking. It is inappropriate to pay $3,000 – $30,000 for the delivery of a yacht worth $30,000 – $300,000. Remember, a deal is only good if it makes sense.

Hong Kong harbor yachts

Step 3: The transaction process

Before making a formal offer to purchase, you will be asked to make a deposit of 10% of the final price into an escrow account and possibly provide proof of the balance (or pre-approval of purchase financing).

Step 4: Inspecting the yacht

After the preliminary agreement with the seller is concluded, the process of inspecting the vessel begins. This takes up to two weeks. If you are working with a broker, ask for a list of appraisers they recommend. Keep in mind that not all appraisers are equally good. Just because someone has the appropriate certification doesn’t mean he or she is the best candidate. Models vary greatly in terms of technology – it is important to hire an appraiser with experience on a particular vessel.

Осіння перевірка моторної яхти з флайбріджем під час прогулянки

After receiving the results of the inspection, discuss it with your broker. If additional questions arise, contact the appraiser again or contact an independent mechanic for detailed answers to specific concerns. Please note that usually the appraiser always finds problems on the vessel, regardless of how new / well maintained is. Therefore, be sure to ask any questions to the appraiser to properly understand the comments.

Step 5: Buy the yacht or reject the offer

After receiving the answers and fully understanding the condition of the boat, one question remains: are you ready to become the new owner?

As a rule, there are three options for answering this question, each of which involves its own procedure: acceptance of the vessel (pure purchase), conditional acceptance, rejection.

Acceptance occurs when no serious technical issues have been identified during the survey. Upon submitting the application for acceptance, the buyer’s deposit becomes non-refundable, – both parties proceed to conclude the transaction.

Прогуляна на моторному катері у компанії друзів

Conditional acceptance of the vessel occurs when the inspection of the yacht went well in general, but serious problems were found that the buyer did not expect. Please note that this usually refers to mandatory repairs, without which the further operation of the boat will deteriorate. In this case, the buyer requests an adjustment of the initial price to take into account the cost of the repair. If the seller agrees, the deposit is transferred to him, – both parties proceed to conclude the transaction at the new price.

Rejection of the vessel (refusal to buy) occurs when the number of problems identified during the inspection and the amount of potential repairs significantly exceeds the buyer’s initial expectations. After submitting an application for rejection, the buyer’s deposit is returned. Your losses are the costs of the boat inspection & time.

What’s next?

The best advice we can now give to those who are thinking about purchase their first vessel in Ukraine is not to rush. A yacht is not the case when you can save on a “burning” offer. After all, it often turns out that the price of repairs boat then exceeds the benefit that you can allegedly save when buying.

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