Decide to buy a yacht is an important decision and can be a complicated process for the uninitiated!
Here are a few questions to ask yourself before you take further steps.

Which boat to choose ?

First of all, define your project. Why do you want to do with your boat? Go around the world with your family? Go out fishing on weekends? …
Each boat has its uses and is adapted to a type of cruising.
How many cabins? What size? Classic or sporty? Autonomy and silence, or speed and simplicity?
Catamarans are renowned for the volume of living areas. Sailboats, on the other hand, allow navigation with sensations. Trimarans offer good compromises in terms of sailing performance and space.
Are more a Motoryacht type? Sport fisherman like a Bertram or a day trip and like the sensations of speed, more of a speed boat like a Pershing, classy Riva style ?

How to I define my Budget?

In addition to defining your project, you must evaluate your investment capacities. In addition to the boat price, you will have to evaluate the yearly additional costs that can be significant.
The harbour (often the most complicated depending on where you want to moor your boat), fuel, insurance, maintenance (engines, changing the sails) and winterization.
These expenses vary according to the size, age and type of boat you are considering.

The Broker’s word: For a round-the-world trip with your family, plan for plane tickets to visit your relatives regularly, accommodation, health insurance and some optional equipments to increase the autonomy of your boat…

Read also : How much does it cost to own a yacht

Where and How do I start to look?

Make a list of your priorities (I like, I don’t like), the essential elements and features you want to find on your yacht. Also note the “desirable” but not “mandatory” equipments which you would be willing to compromise (even if it means adding them later).
Then prepare a list of boats that interest you so the professionals who follow you can guide you better in what best suits you.

Do I Buy a new or a used boat?

Maybe you prefer to invest in a new boat, in this case take advantage of boat shows to visit several units from different shipyards and discuss with the professionals the advantages/disadvantages of each and ask for different quotations. In that ne case, be prepared to accept delivery times of several years depending on the shipyard.
You can also opt for a “second hand” which will have the advantage of being already run in and if you plan to put your yacht for charter, choose a model that is popular on the market.

Where can I visit the boats?

The ships are available for viewing either at the port or at the dry dock depending on the period. However, financial guarantees are required must be presented before a visit can be arranged. A visit by videoconference can also be organised if the chosen unit is located several thousand kilometers from your home. The advantage is that the vessel will already be available in a heavenly location for your next vacation!

Is a boat license required?

It all depends on the flag of the vessel and the navigation area. Many countries require the possession of a specific license and regulations can widely vary from one region to another. For example, in France, a pleasure boat license is required for a boat equipped with an engine of more than 6 horsepower, thus only for a motorboat, it is not necessary for a sailboat.

Will I need a crew?

It all depends on the size and the activity of the vessel retained, if you wish to do charter management, you will have to select a crew with an experienced captain, a cook and one or more sailors or hostesses.

What are the formalities related to the purchase of a boat?

The procedure is basically not complicated, but a certain formalism must be respected, especially for international transactions requiring a change of flag. WI Yachts can take care of all the administrative procedures for you and advise you on the legal structure for your future use of the vessel.

Does a notary have to validate the purchase or sale of a boat?

No, it is not necessary. The purchase or sale of a boat is a private deed which is generally accompanied by a provisional purchase or sale agreement with a deposit and signature under suspensive conditions (expertise, sea trial etc…). Your lawyer can assist you in these steps.

Should I ask for a survey if I am interested in a boat?

WI Yachts advises its clients to have a professional survey their future yacht as part of the purchase procedure. More importantly, this survey should be a condition precedent to the purchase. This expertise may also be requested by your bank and your insurance company.

Do I have to rely on the number of engine hours to evaluate the price of a used boat ?

Most engine can reach thousands of hours of use if the revisions recommended by the manufacturer have been carried out regularly. If in doubt or if the number of hours is high, do not hesitate to ask for an oil analysis which may reveal problems.

Will an insurance be mandatory?

For purely private use, insurance is not mandatory but if you wish to moor in a port or a yard, the harbour master’s office will require an insurance certificate.
For charter activities, specific insurances are mandatory. We advise you in all cases to insure your yacht in order to be covered in the event of a disaster.

Can I buy a boat with a “lease” ?

Yes, but it will depend on the age of the vessel as well as the flag and the navigation area which will influence the bank’s agreement.

Do I keep my yacht for private use or do I offer her for charter?

Our professionals are here to help you take the decision based on your project and the yacht chosen. Charter management can help reducing the cost of maintenance of a boat. However, revenue may vary with the destination and the type of yacht.

What paperwork will I need to prepare?

Once the negotiation has been agreed upon by both parties, a contract has to be drawn up. WI Yachts takes care of the paperwork of the boat and will propose a sale agreement for your review.
The seller has to provide you with the following list of documents: registration document, certificate of seaworthiness, certificate of conformity, navigation authorization, certificate of fitness for the installation of radio equipment, invoices for equipment, engines, auxiliaries, a copy of the seller’s identity card, application for authorization to install and/or dismantle radio equipment, owner’s manual and other manuals for the equipment on board and the trailer permit.

Can we buy a boat with more than one person?

Yes, this is called fractional yacht ownership. It helps reducing the cost of purchase and maintenance by sharing it among several co-owners. Thus, the happy owners share the use of their property thanks to a well defined schedule.