Everything You Need to Consider When Choosing the Right Yacht for Your Needs

Yachts are much more affordable and diverse in form and function than most people think. In fact, most people can afford a yacht if they make an effort to do so. The trouble is, there are so many yachts for sale that it's hard to tell what will work best for your needs and your financial position.

What are all the considerations you need to bear in mind when shopping for a yacht of your own?

The Research Process

Before you can make an effective decision, you need to spend some time researching and thinking about the decision. This will likely unfold over a series of three phases, though there is no single “right" way to do things:

• Brainstorming. The brainstorming process can be formless and continue throughout the rest of your research. Initially, start by thinking about the types of activities you would like to participate in on the water and what type of yacht you would like to own. You don't have to have any existing knowledge about yachts, nor do you need to have firm plans about how you would use one. Instead, create an idea in your mind of how your boat might look and feel. It's important to be open minded about vessels you may not have otherwise considered, but this initial phase can help you rule out some possibilities.
• Research. After you've done some brainstorming on your own, jump into the research phase. These days, there are abundant resources where you can learn about different types of yachts that are available and compare and contrast them. Check out blogs, YouTube channels, social media profiles of people in the yacht industry, and any other resources you feel are appropriate. Your goal is to learn about all the different types of vessels that exist and the key features that distinguish them from each other. At this point in the process, you should be able to eliminate many possibilities and narrow down your list do a handful of standout options.
• Trial. At boat shows and other events, you'll have an opportunity to try piloting and relaxing on some of your final picks. You can even rent various types of yachts if you want more time on the water with them. This is a vital part of process, as some yachts feel different on the water than they look in photos. You might be surprised at how much you like the speed and power of performance motor yachts, or you might find that you don't need as much room as you expected. The more practical experience you have, the better, so consider making friends with boating enthusiasts in your area so you can continue trying out a wider range of vessels.

This is also an excellent opportunity to consider and plan around key elements of your own life.

• Consider your finances. Obviously, buying a yacht is a major financial decision, even though it's not as expensive as many people believe. When you are moving forward with any transaction in this area, it's important to analyse your finances. How much income do you have coming in? How much do you pay in regular expenses each month? How much do you have remaining, and how much of that remaining value could be allocated to boat-related expenses? How much do you have in savings and how much of those savings could be allocated to a down payment on a boat? If you don't have much in the way of savings, or if your income is insufficient to support a yacht, what changes could you make in your financial planning to accommodate one?
• Describe your purpose and goals. On a piece of paper, jot down your purpose and your goals. Why, exactly, are you interested in having a yacht? What value is this going to add to your life? What do you want to do with this vessel and how soon do you want to purchase it? As specific as possible here. If you get stuck during the buying process, or if you start second-guessing yourself, return to this document to reflect on your initial motivations. Have they changed? Have you forgotten them?
• Start conversations. Finding people who love boating isn’t especially hard, especially if you live in a city that loves boating. Once you find some, start striking up some conversations. Try to learn about others’ preferences and ask lots of questions about their previous experiences. Chances are, most of these enthusiasts will have firm recommendations for you – and some interesting stories to pique your interest as well.

Types of Yachts (broad categories)

Throughout your search, you'll likely see many types of yachts, including those in the following popular categories:

• Sailing yachts. As the name suggests, sailing yachts are designed to sail. But there are many different types of sailing yachts available, each of which offers different trade-offs in terms of comfort and performance. Cruising sailing yachts primarily focus on comfort, while racing sailing yachts primarily focus on performance – and are designed with competitions in mind.
• Cruisers. Cruisers are a type of motor yacht with a displacement hull for long-distance traveling and economical performance.
• Sports cruisers. Sports cruisers are similar to cruisers, but they have a semi-displacement or planing hull for faster speeds. Sports fisherman yachts are very similar, but they have onboard gear for recreational fishing as well.
• Expedition. Expedition yachts feature a displacement hull for efficient, long-distance travel – hence the name. Sometimes, they’re referred to as explorer yachts.
• Trawlers. Trawlers feature a displacement hull as well, but they’re more conservatively and traditionally designed. They’re ideal for medium-length trips.
• Catamarans. Catamarans are distinguished by their twin hulls, making them more stable than their monohulled counterparts. They can also be faster than monohulls under the right conditions.
• Superyachts and mega yachts. You’ll also hear about superyachts and mega yachts, which are primarily distinguished by their large size. A superyacht is typically between 79 and 197 feet long, while a mega yacht is typically 200 to 590 feet long (though they can be even larger).

Keep in mind that the categories on this list represent only a fraction of the diversity of yacht types currently available – and many yachts attempt to hybridise features from multiple types at once.

What to Consider

As you start doing more research and conducting more trials, thoughtfully consider at least the following:

• Primary purpose.  By this point, you should have a fair idea of what your primary purpose is going to be. There's no reason to buy a sailing vessel if you have no intention of sailing. There's no reason to buy a long-distance vessel if you're going to stay close to the shore. But not every yacht is going to be obvious in terms of its primary purpose or capabilities, so be ready to ask yourself regularly: is this vessel going to work for my primary need?
• Size. Aside from overall nature and structure, size is probably your next most important consideration. Not only will it dictate how many people you can carry and what you can do, but it will also play a major role in how much you spend on the vessel. Be careful not to overbuy, as too much space and size can also be a detriment.
• Budget. Obviously, you’ll need to think about your budget and available financing options. Hopefully, you already conducted a personal financial analysis, but you'll also need to explore the financing options available to you. Can you be prequalified for a boat loan? Which financial institutions offer the best rates and terms? What would your monthly boat payment look like and how much would you need for a down payment? Once you answer these questions, you'll know how much boat you can afford.
• Speed and power. If you're thinking of getting a sailing yacht, you'll need to think about how fast it can travel. If you're more interested in motor yachts, you'll need to think about engine size and capabilities. Greater speed and power are usually associated with higher costs, so find the right balance for your needs.
• Habitability. Many modern yachts come with a cabin where you can hypothetically spend the night or take a nap. This is especially important for long expeditions.
• Storage. Similarly, think about how much available space there is for storage. Will you be hauling lots of equipment? Is there room to put it all?
• Passengers. How many passengers do you plan to take on your vessel? If you’re going to throw lavish parties on your yacht, you’ll need a very different vessel than someone who exclusively plans to travel solo.
• Aesthetics. While it may seem superficial, you should also consider the aesthetics of your vessel. You'll feel more pride in your yacht and be more inclined to use it if you truly love how it looks.
• Comfort. Also consider comfort. This yacht may be powerful, but does it ride smoothly? And does it have comfortable accommodations for passengers as well?
• Age. It's an exciting idea to buy a new yacht, but used yachts offer most of the same benefits for a much lower price. Be open to all your options.
• Safety. Don't forget about safety. Some yachts are inherently more stable and more reliable than others, so review safety ratings carefully.
• Reviews. And, of course, you'll need to think about reviews. When you find a couple of yachts that seem to meet your needs across every other category, compare consumer reviews to see if they're as good as they seem – and compare them against each other.

Beginning Your Search

If you've done some initial brainstorming and you're not sure where to go next, these are some of the best available options for you:

• Online search. You can start with a basic online search for yachts. This should introduce you to a variety of articles, blogs, and other sources of content you can peruse to immerse yourself in this world and discover new things. The internet is full of boundless resources, and you should take advantage of it.
• Online marketplaces. In line with this, find and scope out online marketplaces, where you can find new and used yachts for sale. Even if you’re not ready to buy yet, these are great resources for comparing specs and prices.
• Conversations and networking. You should also spend time networking and having conversations with other people about their yachting experiences. Not only will it equip you with more information you can use to make a better decision, but these people could eventually become your boating friends.
• Boat shows. If you live in or near a big city by the coast, there will probably be a major boat show in your area. Plan to attend and see what yachts are available in person.
• Brokers. It may also be a good idea to connect with yacht brokers, who can help you sort out your boating priorities and potentially even introduce you to exciting deals when they become available.

Making the Final Decision

With all the consideration and work you've done, you should be in a position to make a final decision on the yacht you want to purchase. It's a big decision, and not one to be taken lightly, but keep in mind that if you don't like this vessel, you could always trade it in for something else. And besides, if you've done at least a few hours of research and consideration, you should be in a prime position to find a vessel that sufficiently serves all your needs.

We understand that buying a yacht can be confusing and a bit stressful – even if you’re excited to be on the water in a shiny new vessel! That’s why we’ve made the process easy with a vast selection of new and used boats for sale across the world If you’re ready to start shopping and reviewing, start with TheYachtMarket today!