The 6 factors to consider when purchasing a boat or yacht
1- The right boat/yacht suited to your needs
2- The right size
3- Do not underestimate post-purchase costs
4- Take the time to define your criteria
5- The right guidance/support
6- Resale value (how to avoid significant depreciation)
In detail.
1- The right boat or yacht suited to your needs.
This is the most important step: defining your needs. How many people do you expect on board—just as a couple, with family, and not forgetting friends—for use from morning to evening, often with overnight stays lasting a few days or several weeks; in short, this changes the characteristics of the boat you choose. Do you expect to be anchored or always at the dock (marina or port). Of course, depending on cruising locations, the boat’s strength and build quality must differ. Are you thinking about lakes and rivers or sometimes the ocean. How do you envision comfort on board. The location of the kitchen is important to you. Sleeping capacity, separate showers, etc.
2- The right size.
It is easy to fall in love with a yacht that is larger than necessary. You must always refer back to your needs and especially your planned cruising areas. Sometimes certain marinas will refuse access depending on your cruising zones; your boat may be too large, too heavy for the docks, or the dock electrical system may not be adapted to your needs. In addition, you must consider air draft if you sometimes need to pass under bridges or travel through certain canals (for example, the New York State Canals). The engine and propulsion system are also important. The boat may have a hydraulic platform and/or a garage for a dinghy or storage.
3- Do not underestimate post-purchase costs.
Indeed, this is too often the case. Certainly, the acquisition budget is important, but operating costs are also significant. Marina fees can vary greatly from $7,000 per year (Canada) to $7,000 USD per month in Florida, for example. Insurance can easily exceed $30,000 per year depending on cruising areas, especially if you plan to navigate in the United States during hurricane season. Annual maintenance, oil changes, and of course fuel costs must not be forgotten. There is also exterior cleaning (wax, compound, etc.). A rough estimate of costs can be around 10% of the purchase price, but this also depends on your marina choices. For example, in Florida, for a 50 ft boat, you can find marinas at $5,000 USD per month, and it can also go up to $10,000 USD per month. Battery replacement should be done every 5 years. Ideally, fluid testing in a laboratory every two years is recommended for proper monitoring. Normally, the engine manufacturer recommends inspections/maintenance according to a precise schedule: 100-hour, 300-hour, 1000-hour services, depending on the manufacturer’s guidelines. This varies greatly between manufacturers, outboard or inboard engines, not to mention propulsion systems: stern drive, shafts, PODS, or jet. PODS maintenance is more expensive than shafts, for example. You must also plan for replacement of covers and isinglass, typically every 10 years if well maintained. Exterior cushions must also be considered.
4- Take the time to define your criteria.
Therefore, in light of the above, it is essential to carefully consider your needs. There are many boats and yachts available to meet them at different price points. Making the wrong yacht choice can be costly if you need to resell quickly. Ideally, it is recommended to visit a few international boat shows where major manufacturers are present with almost their entire range. The Fort Lauderdale Boat Show is one of the events that presents the widest range of boats on display, as is the Cannes Boat Show. Both take place in the fall: Cannes in mid-September and Fort Lauderdale at the end of October. Cannes always presents the latest models for the following year. Sometimes they are not present in Fort Lauderdale due to timing (only 45 days separate the two events) and electrical configurations (220/110V, 60 Hz); indeed, boats for Europe and America differ. The important thing is to identify your preferences and especially what you do not like. Visiting boats will help you clearly define your criteria.
5- The right guidance/support.
A broker works similarly to a real estate broker. He connects a seller and a buyer, and assists either the seller or the buyer so that both achieve a successful transaction. Depending on their approach and ethics, a boat broker can represent both seller and buyer. But you must understand that they work in a way that ensures both parties are ultimately satisfied with the transaction. As mentioned, an offer should always be to the buyer’s advantage; otherwise, it is ideal to be represented. A professional broker never compromises on this. It is certain that when you are looking to purchase a boat outside Canada, it is ideal to be represented by your own broker familiar with this type of transaction.
In purchase mode.
An experienced and especially independent broker with excellent listening skills will be a valuable asset in helping you assess your needs and can offer a range of options from multiple manufacturers. For them, all options are possible, always considering the available budget. This refers to a pre-owned yacht, which has the advantage of being less expensive than a new one. In addition, a recent or very recent pre-owned yacht has the advantage of having been tested, with initial issues already resolved. In the boating industry, there is no comparison with the automotive sector regarding factory defects. Indeed, anomalies are much more significant in boats and yachts. Whether new or used, pre-purchase inspections are essential, using the best professionals. Sometimes, you may be able to afford a larger vessel thanks to the price of a pre-owned yacht, as depreciation in the boating industry is significant. A professional broker assists with yacht selection, negotiation, offer preparation, inspection follow-up, revising conditions if needed while the transaction continues (including cancellation options), and the final closing with necessary legal support. The important thing is that an offer should never be binding. It should allow you to exit the process without penalties. An offer should be seen as an entry point, not a final commitment.
In sales mode.
The broker lists your boat on all major websites such as YachtWorld, Boats.com, Boatdealers, Ita Yachts Canada, and ProprioBateau. The goal is to make your boat as visible as possible across all markets (Canadian, American, and international). They advise you on presenting your boat in the best possible condition for viewings. They also help you set the selling price using available comparables. A YachtWorld member broker has access to historical sales data for similar boats worldwide. Your broker works to secure the buyer so the transaction can ultimately be completed to everyone’s satisfaction. Ethics, professionalism, and experience help ensure a successful deal.
6- Resale value.
Of course, resale value must be considered. It is essential to have a boat with the right options, a strong market reputation, and one that is in demand now and will remain so in the coming years. You must assess whether the engine configuration is appropriate for the boat’s weight and technical characteristics. It is important to validate the boat’s weight in relation to its size and its propulsion system.
For example, two boats with excellent appearance, well-known names, and strong cosmetic condition may be very different technically.
Let’s take this example:
– A Prestige 52 Flybridge has an approximate dry weight of 30,000 lbs.
– A Sunseeker Manhattan 52 has an approximate dry weight of 60,000 lbs.
Depending on your needs and criteria, these differences must be carefully analyzed. A broker is there for that purpose. They will highlight certain characteristics based on your intended use.
A broker can also provide examples of past sales for this type of yacht and comparisons over several years. They can also explain fiscal considerations, flag selection based on your citizenship (registration), cruising areas depending on your flag, and applicable taxes based on your movements. In short, important decisions to determine the best strategy.
Conclusion.
Buying a boat or yacht is a major transaction that requires careful analysis before purchase. Whether for a boat from 25 to 59 ft, and of course for vessels over 60 ft, including 80 ft and above, a professional broker familiar with transactions in Canada, the United States, or Europe can be decisive and highly beneficial.
It is important not to fall in love at first sight during a viewing. Yes, you must like the exterior and interior appearance, but many technical characteristics must also guide your purchase. This includes navigation systems and aids (night vision cameras), stabilization systems (gyro and transom systems), dinghy transport solutions, air conditioning capacity, refrigeration (multiple units), solar panels, inverters, battery banks (lithium), watermakers (if needed), crew cabins, washers/dryers—many elements must be checked.
Taking your time helps avoid regrets. A professional broker can make a significant difference in helping you complete a successful transaction in every respect. Contact a broker from Ita Yachts Canada and its ProprioBateau division for any questions; we are here to assist you. Our office is located in Saint-Jean-sur-Richelieu. We have over 26 years of experience in boating transactions in Canada, the United States, and Europe.
DISCLAIMER
The article presented on this page is for information purposes only. This information is provided as editorial (i.e. opinion). The information presented in this article is presented in good faith and, while believed to be correct, is not guaranteed. Ita Yachts Canada does not warrant or assume any legal liability or responsibility for the accuracy, completeness or usefulness of the information and/or images displayed, as they do not suggest anything in relation to this article, indeed no association can be made with respect to the images and the article. All information in this article is subject to change without notice and is without warranty. It is the reader’s responsibility to verify the descriptions and statements contained in this article. The brokers at Ita Yachts Canada assume no responsibility for any conclusions the reader may draw. The purpose of this article is to promote boating in all its forms. It gives one point of view among many. Any reproduction of this article is prohibited.
