Superyachts are definitely the ultimate toys and the best ways to spend holidays for the UHNWI. Infinite choices exist, from sizes to designs and performance. You can have a sporty, sleek, jet-powered 30-meter yacht, for instance, or an amazing two-masted sailing yacht, or an 80-meter-plus floating palace. Everyone’s dream yacht either already exists or can be built. Since buying your first superyacht is a huge decision, a trustworthy and knowledgeable client manager or broker can play an important role. He or she should have extensive experience in building, selling, and purchasing yachts. The charter, management, and sales specialists at West Nautical talk us through the process.
Each and every yacht is different, so it’s best to start with a list of your “must haves.” Some key considerations include:
- How many people would you like to sleep onboard? This will dictate how many cabins you’ll need. However, be mindful that private or commercial (charter) yachts are only allowed to accommodate up to 12 guests, unless they comply with the Passenger Yacht Code (PYC) standard, which allows up to 36 guests.
- How will you use your yacht, and where will you base her? For example, will you leisurely sail around the Mediterranean, discover remote places in Asia, or island hop in the Caribbean? It is imperative to find a yacht fit for purpose when buying your first superyacht.
- How do you choose the right crew? In addition to an experienced captain, you need a chef, stewardesses… maybe a masseuse, or other staff? Most commercially classed superyachts must operate with a minimum number of crew to comply with the flag state’s requirements. However, the number can increase depending on your requirements and the size of the yacht.
- Which watertoys would you like onboard? Most yachts have their own garage with a tender, and you may want to add PWCs, kayaks, stand-up paddleboards, or a giant inflatable slide.
- What’s your annual budget? Generally speaking, you’ll need to spend 10 percent of the purchase value to run the yacht each year.
- Would you like to generate income from your yacht to cover most expenses? If so, what yacht would most likely appeal to the charter market? Factors such as cabin layout, size, and crew are key to a yacht’s commercial success. Most importantly, however, the yacht must be built to commercial class. While you can buy a privately classed yacht with the intention to convert her, this could be extremely costly.
Ultimately, when buying your first superyacht, the process can take several months. Patience is key to ensure you define your requirements and undertake due diligence. A reputable client manager, plus maritime attorney and other strategic professionals, will check the relevant paperwork, legalities, and related needs to cover you. The process is fully worthwhile, opening up a world of possibilities.
West Nautical westnautical.com