When investing in a yacht, you are investing in a new kind of freedom, a luxury mobile hotel that can be situated wherever you wish, your own personal offshore sanctuary where all your problems are left ashore.
Obtaining a yacht should not be taken lightly, and before you join this exclusive global club and the opportunities that follow with it, there are many factors you must consider. This guide is here to help you on your way to luxury leisure.
When’s best to invest?
The most popular time to buy is summer, however due to the demand the price typically goes up. The recommended time to buy in terms of price is after October. Should you require the yacht for summer, the search should begin in March to ensure you acquire the yacht in time for when you want it. It’s best to start the search for your ideal yacht early as such a deal can take up to six weeks to complete. From the agreed deal, you should reach a memorandum of understanding, before a survey. The survey could trigger a discount or an agreed repair programme before the paperwork can be completed.
To buy, build or charter?
For short term, we would recommend chartering, as it is possible to charter a yacht for less than a week, making yacht chartering the perfect quick getaway or addition to a land based vacation. Not only is it great for short breaks away, there is the option to charter for up to a whole season, ideal if you’re wanting to get a taste of the yacht life.
If you want to invest long term, building or buying is the option for you. Building ensures your yacht is built from the get go as a reflection of you, a truly personalised space customised to meet you and your family’s requirements.
To create such bespoke luxury is tempting, a new yacht will be built to the very latest industry standards, which can often reduce running costs. Yacht brokers such as West Nautical, can ensure you have guidance from beginning to end of your yacht construction, and all the way up to the launching ceremony.
Purchasing a ready constructed yacht means the hard works been done, but should you find a brokerage yacht with some cosmetic features you would like to change, you can get assistance putting forward a realistic appraisal of what would and wouldn’t be possible to alter, including estimated costings of the desired altercations. Many yacht owners are amazed at the results of a refit, with the most popular changes including: – re -painting, new soft furnishings and upgrades to the audio and visual technology.
In terms of finance, owning the vessel is a tax efficient investment. Owning a yacht and registering it for charter can be effective, as the vessel should be kept running to keep the machinery working by the captain or engineer. Therefore, in purchasing and chartering your yacht you’re creating your own sustainable system of running it. This is where having an expert in yacht brokerage to provide knowledge and expertise is essential, as running a yacht means keeping track of;
- Running costs
- Eventual upgrades and refits
- Eventual re-sale
Where to base your yacht
When choosing a yacht location, consider the cost of airline access and how practical the location is to reach from your hometown to the yacht base. Should you need help and advice, West Nautical can create an itinerary that suits your travel needs and wishes, showing safe anchor points to get supplies. We’ve compiled a list of top 5 yacht destinations to help you with your decision;
Basing your yacht in the Caribbean can present sailing challenges. South of the Caribbean (Grenada, St. Lucia, Martinique) holds stronger winds than the North Caribbean (US and British Virgin), which holds a variety of sailing grounds and anchorages for a relatively small area. Thrill seekers can enjoy water sports and diving in the reefs and cays, or you can opt to relax on one of the secluded white-sand beaches. Visit Gustavia Harbour in St Barts for shopping, nightlife, and restaurants, or retreat to the deserted beached od Anegada surrounded by the native pink flamingos.
- Croatia and Montenegro
Rich in history, surrounded by ancient ruins, the remote beaches offer phenomenal views and experiences for those interested in luxury cruising. Its neighbouring country, Montenegro, also boasts plush marinas and resorts. Montenegro has received major investments in its hospitality sector recently, and now offers picturesque water front restaurants and lavish seaside accommodation, specially catered towards yachting enthusiasts.
- Amalfi Coast – Italy
Stretching from Naples to Positano, the Amalfi Coast is home to some of the most extravagant harbours and hidden coves. Its coastline is an especially quiet area of Italy where charter guests can enjoy the tranquil surroundings. If you’re into luxurious experiences, then head to the island of Capri, just off the Amalfi Coast.
Cuba is the ultimate yacht charter destination for those who want the serenity of the ocean waves paired with the hustle and bustle of city living. La Havana has a magnificent culture to explore, with its brightly coloured buildings and classic cars. If you want lively night life, then Cuba is the place for you. Havana is jam packed with bars and nightclubs where you can dance the night away, listening to live music, with a fresh mojito in hand! It’s the perfect location for young yachting enthusiasts.
- The French Riviera
The French Riviera is the heart of the superyacht network and is most popular during the summer months, with annual events such as the Monaco Grand Prix attracting charter guests. Each summer, the French Riviera showcases some of the most profound superyachts from around the world. It’s a great opportunity to socialize with other yacht enthusiasts.
Check out West Nautical’s exclusive charter itineraries for more information on yacht bases.