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1. Not Doing Any Research
Probably the most common mistake a prospective yacht owner will make, is not doing sufficient research on the vessel before purchasing. It’s imperative that you find out as much information about your preferred yacht as possible, including maintenance and mooring costs, number of crew needed to man the vessel etc. Consult a yacht buyer guide, and make sure a thorough inspection is carried out. All of this will help you make an informed decision before purchasing your dream yacht.

2. Buying On Impulse
Remember that this is a yacht, a purchase likely to cost you several millions of dollars or euros. This isn’t a pair of Italian shoes or a fashionable handbag that you can get away with buying on a whim. A yacht is an expensive investment, and so should be treated as such. It’s important not to rush into any purchase. Once you have done all your research, and are fairly confident of the vessel you want, take some additional time to think things through, speak to other yacht consultants and get as many opinions on the vessel as possible. The purchasing process should be a calm and calculated procedure.

3. Not Thinking About What The Yacht Will Be Used For
Another common mistake buy yacht buyers is not fully considering what the vessel will be used for. Is it wise to purchase a yacht needing a 10-man crew, when you are really just needing it for recreational sailing during the Summer months. Or purchasing a smaller yacht, when you plan on regularly entertaining a large number of guests. What you plan on doing with your yacht should help you determine the type of vessel you will need.

4. Not Making Use Of An Experienced Yacht Broker
It’s always best to play safe and make use of an experienced yacht broker when purchasing a vessel. Making use of their expertise will ensure that all the necessary documentation has been presented to you by the seller, such as manuals, service histories, Declaration of Conformity paperwork, as well as pre-sale surveys. Not making use of a broker greatly increases the chances of you getting badly burned during the buying process, so take heed.

5. Not Budgeting In The Additional Costs
It’s also important to remember that buying a yacht is not just a once-off purchase. There are various other additional costs to consider, including maintenance, repairs and mooring fees. With new yachts, additional fees such as spare parts, tools and additional sails are often not added to the base cost, so be wary of this. Older yachts will usually need regular maintenance and repairs after about 3 years of sailing. It’s also important to remember that yacht can quickly lose their resale value, and this should also be considered by buyers who may have been hoping to sell the vessel in a few years for a tidy profit.

Guest post from YPI Group, a yacht charter and brokerage company specialising in luxury yachts.