After deciding which type of boat would be the best purchase for you, it is important to look into all aspects involved in owning a boat, such as a yacht. Specifically, it is important to know how much it will initially cost to buy the yacht, before looking into insurance, restrictions and costs of running a yacht day-to-day.
Typically speaking, the price of the yacht is dependent on the size and condition, with a superyacht being the largest and most expensive.
Yachts are boats which can be used for competitive racing alongside casual cruising, and they are available to buy in a wide range of sizes, from approximately 20ft to around 100ft. Yachts can be propelled by either a motor or sails.
Sailing yachts are propelled by sails alone, and tend to be categorised by hull shape, rig and keel type.
Motor yachts are those which are not usually propelled by sails but by their motor, and are not used in competitions. Instead, these type of yachts are used for casual cruising.
Superyachts are viewed as a high-end, luxury yacht. They are the largest on the market at almost 100ft, and they usually require a crew to be on board at all times.
Prices of yachts depend on the type, size and condition of the actual boat. Smaller boats tend to cost around £50,000 and stand at about 30-35ft, or a slightly older 40ft yacht. Larger yachts can cost up to £1,000,000. In addition to this, yacht owners must consider the price of insurance, moorings and running the yacht as well as maintenance and cleaning.
Sailing yachts are one of the cheapest on the market, at just over £10,000. These models, unlike slightly larger ones, do not offer cabin space for washing, cooking and sleeping.
Slightly larger yachts, between 25-30ft, typically cost around £25,000, and can cost up to £50,000. The largest sailing yachts usually cost around £100,000.
There are some hidden charges to be aware of when buying a new yacht. The Royal Yachting Association advises that you have your boat surveyed before purchasing to avoid any unnecessary charges afterwards.
It is also important to check if the yacht comes with add-ons such as anchors, sails and rigging. These are essential and you should not purchase a yacht which does not have these features included. You should also consider that the value of the yacht depreciates after it’s purchase, so buying a yacht must be seen as an investment.
It is also possible to use a broker when buying a new boat of any kind. You should always consider the broker’s fee and choose a broker who can offer useful advice and has positive reviews. A broker can often advise well on buying a second-hand boat at a decent price and make suggestions on how to fix it up.
You should also closely examine the boat to see if there are any maintenance issues as replacing boat parts can be expensive.