The buying process for an asset as large, complex and expensive as a superyacht is invariably going to take some time, especially for first-time buyers. Yes, there are those clients who know exactly what they want and who are furnished with enough experience to make strong snap decisions. However, for most, even with a crack team of professionals assembled, it pays to be patient, diligent and to check off the buyer checklist.
“The first point to consider in the buyer journey towards his or her superyacht purchase is a very clear understanding of what they want out of their superyacht,” explains Feargus Bryan, consultant and owner, Hydrosphere Studios. “Many owners embark on the process of purchasing a yacht without really having thought through how they want to use it. This is an important step in choosing a yacht.
“Divide the research and buying process into quantifiable tasks, avoid being sold the whole experience by one person or company. Impartial advice is the key takeaway from all these conversations and, in my experience, the only way to get impartial advice is to pay for each piece of that advice in isolation. And then piece together the whole picture at the end.”
"...avoid being sold the whole experience by one person or company."
One of the key considerations for any superyacht purchase, whether it is a new build or second-hand sale, is usage. How many people does the project need to berth? How many crew does it require? Where will it be used? How will it be used? Answering these simple questions will have a profound effect on which type of superyacht a client should buy and indeed on who they should have within their team of professionals.
The buyer checklist, however, is no mere compilation of basic considerations. The buyer checklist covers a variety of topics including broker selection, vessel research techniques, yard choice, management, budget, contracts and everything in between for both new build and second-hand sales.
The newly-published The Superyacht Buyer Report provides a comprehensive reference tool for any client and their advisory team throughout the buyer’s journey. The report features 16 sequential chapters that outline this journey, with respected experts from every sector advising on best practice at each stage of the ownership process. The third chapter – ‘The buyer checklist’ – provides a succinct ‘checklist’ of key considerations any client should make during the buying process.
To read the ‘The buyer checklist’ chapter in full, please click here
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